7-Unit Retail Strip
For Sale
$3,500,000
34 Oleander Dr, Clayton, NC 27527
Fully occupied neighborhood retail center with multiple storefronts and a planned-unit-development designation.
Property Size14,895 SF
Price / SF$234.98
Days on Market68
Property Features for 34 Oleander Dr
General Information
Standard status
Active
Size
14,895 SF
Property subtype
Retail
Zoning
PUD
Occupancy
100%
Building Details
Building Size
14,895 SF
Year Built
2003
Buildings
1
Tenancy
Multi
Listing Agency:
eXp Commercial | California
(970) 846-2105
Listed By:
Kris McGee · License #NC #338462
(970) 846-2105
Source:
7s
Added: Jun 25
Changed: Aug 31
Last Checked: Aug 31 at 1:29AM
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 eXp Commercial | California
Investment Insights
Based on property information with market context.
This retail strip center contains 14,895 square feet across 7 units and was constructed in 2003. The property is zoned PUD and is reported at 100% occupancy, providing an established multi-tenant configuration for neighborhood retail use.
Located at 34 Oleander Dr in Clayton, the center sits at the entrance to Flowers Plantation, a master-planned community in Johnston County. The property has visibility from Hwy 42 East and is positioned within the Triangle MSA, with access to the broader Raleigh-Durham area.
Located at 34 Oleander Dr in Clayton, the center sits at the entrance to Flowers Plantation, a master-planned community in Johnston County. The property has visibility from Hwy 42 East and is positioned within the Triangle MSA, with access to the broader Raleigh-Durham area.
Key Highlights
- 14,895 SF retail strip center with 7 units
- 100% occupancy across the retail center
- Constructed in 2003
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
$182,860
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
5.22%
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%
$3,657,200
$3.7M
Cap Rate 7%
$2,612,286
$2.6M
Cap Rate 9%
$2,031,778
$2.0M
Market Conditions
NOI Build-Up for 14,895 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
$282.4K $18.96/SF
− Vacancy
−$21.2K −$1.42/SF
EGI
$261.2K $17.54/SF
− OpEx
−$78.4K −$5.26/SF
NOI
$182.9K $12.28/SF
Area
Johnston County, NC
Vacancy
7.50%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$3,657,200
Cap Rate 7%
$2,612,286
Cap Rate 9%
$2,031,778
Alternative Uses
Best Use
Retail
$2.61M
$2.29M – $3.05M
NOI $182,860 @ 7.0% cap · market cap 5.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.51M
$3.94M – $5.26M
NOI $315,426 @ 7.0% cap · market cap 9.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
142
Businesses Nearby
36k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 79%
Dining 21%
Food Lion Grocery Store
Groceries
28,455 visits/mo
0.1 miles
Dunkin' Donuts
Dining
7,689 visits/mo
0.2 miles
Demographics for 27527, NC
33,827
Population
13,179
Households
2.6
Avg Household Size
36
Median Age
45%
College-Educated
97%
High-School Grad
44.1 sq mi
ZIP Area
767
Density / Sq Mi
$111,011
Median Household Income
$53,357
Median Earnings
$1,617
Median Rent
$360,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Strip mall - Fully occupied neighborhood retail center with multiple storefronts and a planned-unit-development designation.
Where is this strip mall located?
The property is located at 34 Oleander Dr Clayton, NC.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: 14,895 SF retail strip center with 7 units; 100% occupancy across the retail center; Constructed in 2003
