Building Details

Building Size 24,465 SF

Year Built 2016

Listing Agency: Synergy Commercial Properties j***@ccim.net Show Phone

Listed By: Janice M. Dixon, CCIM · License #108248

Source: Commercialcafe

Added: May 19 Changed: Aug 8 Last Checked: Jul 16 at 11:53AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Synergy Commercial Properties

Investment Insights

Based on property information with market context.

Located in Seven Lakes, this property offers a setting suitable for investors. The area provides a community with access to Lake Auman for recreational activities. Nearby amenities include the Seven Lakes Business Village and the Seven Lakes West community, which features a golf club and other leisure facilities. The property is in proximity to major roadways and offers access to dining, retail, and professional services. The office investment features architecture and tenant accommodations. Suites are designed to accommodate professional firms seeking efficient layouts, with natural light and updates to mechanical systems. The lobby and common corridors reflect a professional tone. A maintenance program preserves curb appeal, and structured parking simplifies access for tenants and visitors. The building is designed to attract stable, service-oriented tenants.

Key Highlights

• Prime location in Seven Lakes with access to Lake Auman for recreation and scenic views.
• Suites adaptable to professional firms seeking efficient layouts.
• Abundant natural light and updated mechanical systems for tenant comfort.

Financial Insights

Estimated NOI and Cap Rate

NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).

NOI / Yr

$180,332

Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.

Cap Rate

3.06%

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$3,606,640 $3.6M

Cap Rate 7%

$2,576,171 $2.6M

Cap Rate 9%

$2,003,689 $2.0M

Market Conditions

NOI Build-Up for 24,465 SF Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent. EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs. OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements. NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.

Gross rent

$687.0K $28.08/SF

− Vacancy

−$446.5K −$18.25/SF

EGI

$240.4K $9.83/SF

− OpEx

−$60.1K −$2.46/SF

NOI

$180.3K $7.37/SF

Area

Moore County, NC

Vacancy

65.00%

Lease Rate

$28.08 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates Cap rates vary significantly by property type, market, and asset quality. Typical U.S. stable-market ranges: Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+) Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand) Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically) Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher) Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk) Self-Storage — 5.5% to 7.5% Medical Office — 6.0% to 7.5% Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term Rules of thumb: Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%). Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C. Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI. Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.

Cap Rate 5%

$3,606,640

Cap Rate 7%

$2,576,171

Cap Rate 9%

$2,003,689

Alternative Uses

Best Use

Office B

$2.58M

$2.25M – $3.01M (±1% cap)

NOI $180,332 @ 7.0% cap · market cap 3.06%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$4.66M

$4.08M – $5.44M (±1% cap)

NOI $326,323 @ 7.0% cap · market cap 5.53%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Real Estate Agency Restaurant Big Box & Wholesale Store Law Firm Auto Repair Shop Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

304

Businesses Nearby

Explore this area Business Placement

Demographics for 27376, NC

9,317

Population

4,598

Households

2

Avg Household Size

48

Median Age

33%

College-Educated

96%

High-School Grad

68.6 sq mi

ZIP Area

136

Density / Sq Mi

$74,891

Median Household Income

$37,147

Median Earnings

$984

Median Rent

$314,700

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Office investment in Seven Lakes with tenant accommodations.

Where is this office building located?

The property is located at 185 Grant Street Seven Lakes, NC.

What is the asking price?

The asking price for this property is $5,900,000.

What are key features of this property?

This property features: Prime location in Seven Lakes with access to Lake Auman for recreation and scenic views.; Suites adaptable to professional firms seeking efficient layouts.; Abundant natural light and updated mechanical systems for tenant comfort.