Office/Retail Condo in Developing
For Sale
$1,900,000
141 Technology, Garner, NC 27529
Office/retail condo in rapidly developing area near I-40.
Property Size9,479 SF
Lot Size0.85 Acres
Price / SF$200.44
Days on Market302
Property Features for 141 Technology
General Information
Standard status
Active
Size
9,479 SF
Lot size
0.85 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$7,404
Amenities
Central air
Carpet Flooring
Central Air Cooling
Central Heating
Cleared
Electric Cooling
Electric Heating
Lighting
Multi Units Cooling
Shingle Roof
Varies Flooring
Building Details
Year Built
1997
Listing Agency:
NORTHSIDE REALTY INC.
(919) 784-0101
Listed By:
TIP IULIUCCI · License #255763
Source:
Corcoran
Added: Oct 21, 2025
Changed: Aug 17
Last Checked: Aug 18 at 5:51AM
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.
This is an opportunity to purchase an office/retail condo in a rapidly developing area. Located on Technology Drive adjacent to exit 312 at Veteran's Parkway, also known as 40/42, 'Tech II' is visible to thousands of vehicles that pass by it daily on I 40 E. This location is a busy commercial area on the border of Wake and Johnston County. The building has 10 units. Eight of the units are currently leased, and two are currently vacant. One of the current tenants has converted four units into one unit. The property is zoned for commercial business, and opportunity exists at this location with the ability to expand. Current businesses that are leasing space in Tech II include a restaurant, counseling center, a home builder, and a home staffing agency. The property contains 9479 square feet. The property is suitable for mixed-use, office, and retail purposes.
Key Highlights
- High‑visibility location on Technology Drive, adjacent to exit 312 at Veteran's Parkway (I‑40 E), exposed to high traffic volume.
- Located in a rapidly developing commercial area on the border of Wake and Johnston County.
- Commercial zoning with expansion potential.
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
$130,810
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
6.88%
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%
$2,616,200
$2.6M
Cap Rate 7%
$1,868,714
$1.9M
Cap Rate 9%
$1,453,444
$1.5M
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
$227.5K $24.00/SF
− Vacancy
−$18.2K −$1.92/SF
EGI
$209.3K $22.08/SF
− OpEx
−$78.5K −$8.28/SF
NOI
$130.8K $13.80/SF
Area
Wake County, NC
Vacancy
8.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,616,200
Cap Rate 7%
$1,868,714
Cap Rate 9%
$1,453,444
Alternative Uses
Best Use
Mixed Use
$1.87M
$1.64M – $2.18M
NOI $130,810 @ 7.0% cap · market cap 6.88%
Second Best
—
—
no second resolved use
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office/retail condo in rapidly developing area near I-40.
Where is this mixed-use property located?
The property is located at 141 Technology 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: High‑visibility location on Technology Drive, adjacent to exit 312 at Veteran's Parkway (I‑40 E), exposed to high traffic volume.; Located in a rapidly developing commercial area on the border of Wake and Johnston County.; Commercial zoning with expansion potential.
