Multi-Unit Office
For Sale
$1,900,000
141 Technology Drive Unit 141, Garner, NC 27529
Commercially zoned property with central air, electric service, and onsite parking near I-40 E.
Property Size9,479 SF
Price / SF$200.44
Days on Market370
Property Features for 141 Technology Drive Unit 141
General Information
Standard status
Active
Size
9,479 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$7,404
Amenities
Central Air, Electric
3
20 Parking Spaces.
135x278x138x280
Asphalt, Public Roads, 2-Lane Road, Clear lot.
Building Details
Year Built
1997
Listing Agency:
Northside Realty Inc.
(910) 527-0948
Listed By:
Tip Iuliucci · License #255763
(910) 527-0948
Source:
Xome
Added: Aug 28, 2025
Changed: Aug 30
Last Checked: Aug 31 at 2:06PM
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 Northside Realty Inc.
Investment Insights
Based on property information with market context.
The 9,479-square-foot office property at 141 Technology Drive was built in 1997 and contains 10 units. Eight units are leased and two are vacant, while one tenant has combined four units into a larger operating space. Interior features include central air and electric service, with 20 parking spaces on an asphalt lot.
The property sits near exit 312 at Veteran's Parkway, formerly identified as 40/42, with access to I-40 E. It is positioned in a busy commercial area on the Wake and Johnston County border. Existing tenant uses include a restaurant, counseling center, home builder, and home staffing agency. The property is zoned for commercial business.
The property sits near exit 312 at Veteran's Parkway, formerly identified as 40/42, with access to I-40 E. It is positioned in a busy commercial area on the Wake and Johnston County border. Existing tenant uses include a restaurant, counseling center, home builder, and home staffing agency. The property is zoned for commercial business.
Key Highlights
- 9,479‑square‑foot office property built in 1997
- 10 units; 8 currently leased and 2 vacant
- One tenant has combined 4 units into one operating space
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
$168,189
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
8.85%
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%
$3,363,780
$3.4M
Cap Rate 7%
$2,402,700
$2.4M
Cap Rate 9%
$1,868,767
$1.9M
Market Conditions
NOI Build-Up for 9,479 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
$255.9K $27.00/SF
− Vacancy
−$15.7K −$1.65/SF
EGI
$240.3K $25.35/SF
− OpEx
−$72.1K −$7.60/SF
NOI
$168.2K $17.74/SF
Area
Wake County, NC
Vacancy
6.12%
Lease Rate
$27.00 /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%
$3,363,780
Cap Rate 7%
$2,402,700
Cap Rate 9%
$1,868,767
Alternative Uses
Best Use
Retail
$2.40M
$2.10M – $2.80M
NOI $168,189 @ 7.0% cap · market cap 8.85%
Second Best
Office B
$2.08M
$1.82M – $2.43M
NOI $145,506 @ 7.0% cap · market cap 7.66%
Theoretical Best
Specialty Retail
$2.71M
$2.37M – $3.16M
NOI $189,454 @ 7.0% cap · market cap 9.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
698
Businesses Nearby
Explore this area
Business Placement
Demographics for 27529, NC
54,250
Population
22,089
Households
2.5
Avg Household Size
39
Median Age
41%
College-Educated
93%
High-School Grad
57.7 sq mi
ZIP Area
940
Density / Sq Mi
$86,426
Median Household Income
$47,686
Median Earnings
$1,379
Median Rent
$325,600
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 building - Commercially zoned property with central air, electric service, and onsite parking near I-40 E.
Where is this office building located?
The property is located at 141 Technology Drive Unit 141 Garner, NC.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 9,479‑square‑foot office property built in 1997; 10 units; 8 currently leased and 2 vacant; One tenant has combined 4 units into one operating space
