Cary Office Condo For
For Sale
Contact for pricing
135 Parkway Office Ct, Cary, NC 27518
2,616 SF office condo in Parkway Professional Park.
Property Size2,616 SF
Price / SF$375
Days on Market661
Property Features for 135 Parkway Office Ct
General Information
Standard status
Active
Size
2,616 SF
Class
B
Property subtype
Office
Zoning
OICU
Investment Type
Owner/User
Building Details
Year Built
2007
Listing Agency:
Lee & Associates - Raleigh Durham
Listed By:
Russell Stewart · License #NC
(910) 783-6399
Source:
Crexi
Added: Nov 13, 2024
Changed: Aug 24
Last Checked: Sep 1 at 6:07PM
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 Lee & Associates - Raleigh Durham
Investment Insights
Based on property information with market context.
A 2,616 SF office condo is available for sale in the Parkway Professional Park in Cary, North Carolina. The property benefits from full access to SE Cary Parkway and is located near the US Hwy 1/US 64 Hwy interchange. Its location offers proximity to WakeMed Cary Hospital, Waverly Place Shopping Center, and downtown Cary.
Key Highlights
- Prime location with full access to SE Cary Parkway.
- Convenient proximity to US Hwy 1/US 64 Hwy interchange.
- 2,616 SF office condo suitable for various business needs.**
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
$46,011
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
4.69%
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%
$920,220
$920.2K
Cap Rate 7%
$657,300
$657.3K
Cap Rate 9%
$511,233
$511.2K
Market Conditions
NOI Build-Up for 2,616 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
$78.5K $30.00/SF
− Vacancy
−$17.1K −$6.55/SF
EGI
$61.3K $23.45/SF
− OpEx
−$15.3K −$5.86/SF
NOI
$46.0K $17.59/SF
Area
Cary, NC
Vacancy
21.83%
Lease Rate
$30.00 /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%
$920,220
Cap Rate 7%
$657,300
Cap Rate 9%
$511,233
Alternative Uses
Best Use
Office B
$657.3K
$575.1K – $766.9K
NOI $46,011 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$732.0K
$640.5K – $854.0K
NOI $51,238 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,234
Businesses Nearby
Explore this area
Business Placement
Demographics for 27518, NC
21,807
Population
9,211
Households
2.4
Avg Household Size
43
Median Age
72%
College-Educated
97%
High-School Grad
9.9 sq mi
ZIP Area
2,203
Density / Sq Mi
$121,242
Median Household Income
$66,460
Median Earnings
$1,537
Median Rent
$594,900
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?
Office units - 2,616 SF office condo in Parkway Professional Park.
Where is this office units located?
The property is located at 135 Parkway Office Ct Cary, NC.
What is the asking price?
The asking price for this property is $981,000.
What are key features of this property?
This property features: Prime location with full access to SE Cary Parkway.; Convenient proximity to US Hwy 1/US 64 Hwy interchange.; 2,616 SF office condo suitable for various business needs.**
