Single-Story Medical Office
For Sale
$900,000
3396 Six Forks, Raleigh, NC 27609
Leased medical office condo with four exam rooms and dedicated procedure/lab space within a professionally managed office complex.
Property Size3,128 SF
Price / SF$287.72
Days on Market642
Property Features for 3396 Six Forks
General Information
Standard status
Active
Size
3,128 SF
Property subtype
Commercial
Additional Details
Highway Access
Yes
Building Details
Year Built
1986
Stories
1
Listing Agency:
ELMORE REALTY, LLC
(910) 892-6900
Listed By:
DOUGLAS GODWIN · License #294888
Source:
Corcoran
Added: Nov 4, 2024
Changed: Jul 10
Last Checked: Aug 7 at 2:55AM
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 ELMORE REALTY, LLC
Investment Insights
Based on property information with market context.
This single-story medical office condo totals 3,128 SF and is designed for exam-based care. The layout includes four exam rooms, a spacious waiting area, a receptionist’s desk, a procedure/lab room, a lunch area, and a private provider’s office. The property was built in the 1980s and is described as meticulously maintained, supporting long-term usability.
The condo is located within a professionally managed and well-maintained office complex just off Six Forks Road. It is positioned for convenient access to the surrounding retail and business destinations mentioned in the offering, including North Hills, Creekside Crossing, and Midtown East, with access to I-440 nearby.
For investors or owner-occupants, the property is currently leased and is described as generating consistent cash flow. The configuration supports a medical practice that needs exam rooms, an on-site procedure/lab function, and a reception-and-waiting flow for patients. As part of a maintained office complex, it offers an established setting for continuing medical use.
The condo is located within a professionally managed and well-maintained office complex just off Six Forks Road. It is positioned for convenient access to the surrounding retail and business destinations mentioned in the offering, including North Hills, Creekside Crossing, and Midtown East, with access to I-440 nearby.
For investors or owner-occupants, the property is currently leased and is described as generating consistent cash flow. The configuration supports a medical practice that needs exam rooms, an on-site procedure/lab function, and a reception-and-waiting flow for patients. As part of a maintained office complex, it offers an established setting for continuing medical use.
Key Highlights
- 3,128 SF single‑story medical office condo leased and generating consistent cash flow
- Layout includes four exam rooms, waiting area, receptionist's desk, procedure/lab room, lunch area, and private provider's office
- Condo is located just off Six Forks Road within a professionally managed, well‑maintained office complex
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
$48,427
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
5.38%
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%
$968,540
$968.5K
Cap Rate 7%
$691,814
$691.8K
Cap Rate 9%
$538,078
$538.1K
Market Conditions
NOI Build-Up for 3,128 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
$88.2K $28.20/SF
− Vacancy
−$7.5K −$2.40/SF
EGI
$80.7K $25.80/SF
− OpEx
−$32.3K −$10.32/SF
NOI
$48.4K $15.48/SF
Area
Raleigh, NC
Vacancy
8.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
40.00%
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%
$968,540
Cap Rate 7%
$691,814
Cap Rate 9%
$538,078
Alternative Uses
Best Use
Healthcare Medical
$691.8K
$605.3K – $807.1K
NOI $48,427 @ 7.0% cap · market cap 5.38%
Second Best
Office B
$619.0K
$541.7K – $722.2K
NOI $43,332 @ 7.0% cap · market cap 4.81%
Theoretical Best
Specialty Retail
$859.6K
$752.2K – $1.00M
NOI $60,175 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,474
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27609, NC
36,218
Population
19,740
Households
1.8
Avg Household Size
38
Median Age
61%
College-Educated
93%
High-School Grad
10.9 sq mi
ZIP Area
3,323
Density / Sq Mi
$81,538
Median Household Income
$53,670
Median Earnings
$1,393
Median Rent
$441,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Leased medical office condo with four exam rooms and dedicated procedure/lab space within a professionally managed office complex.
Where is this medical office space located?
The property is located at 3396 Six Forks Raleigh, NC.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: 3,128 SF single‑story medical office condo leased and generating consistent cash flow; Layout includes four exam rooms, waiting area, receptionist's desk, procedure/lab room, lunch area, and private provider's office; Condo is located just off Six Forks Road within a professionally managed, well‑maintained office complex
