Building Details

Building Size 1,998 SF

Year Built 1998

Listing Agency: Keller Williams Select Show Phone

Listed By: Jay Ross Show Phone

Source: Blackstreaminternational

Added: Aug 12 Changed: Aug 19 Last Checked: Aug 18 at 5:31AM

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Investment Insights

Based on property information with market context.

This office property combines a building with the underlying land and is offered for sale with a lease currently in effect to Pet Passages. The property was built in 1998 and occupies a 1-acre corner parcel at the intersection of Plyler Road and Independence Boulevard in Indian Trail, North Carolina.

The corner placement provides a clearly defined position at two named roads, while the existing lease offers an established occupancy arrangement for the office building. The sale includes both the building and land at 14700 E Independence Boulevard.

Key Highlights

• Building and land offered for sale with a current lease in effect to Pet Passages
• 1‑acre corner lot at Plyler Road and Independence Boulevard
• Office building constructed in 1998

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

$31,178

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

4.47%

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%

$623,560 $623.6K

Cap Rate 7%

$445,400 $445.4K

Cap Rate 9%

$346,422 $346.4K

Market Conditions

NOI Build-Up for 1,998 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

$52.0K $26.04/SF

− Vacancy

−$10.5K −$5.23/SF

EGI

$41.6K $20.81/SF

− OpEx

−$10.4K −$5.20/SF

NOI

$31.2K $15.60/SF

Area

Union County, NC

Vacancy

20.10%

Lease Rate

$26.04 /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%

$623,560

Cap Rate 7%

$445,400

Cap Rate 9%

$346,422

Alternative Uses

Best Use

Office B

$445.4K

$389.7K – $519.6K (±1% cap)

NOI $31,178 @ 7.0% cap · market cap 4.47%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$617.1K

$540.0K – $720.0K (±1% cap)

NOI $43,200 @ 7.0% cap · market cap 6.19%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage Accounting Firm (Bike/Boat/Book/etc) Store Butcher Grocery & Convenience Store Florist

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

726

Businesses Nearby

Explore this area Business Placement

Demographics for 28079, NC

39,051

Population

14,354

Households

2.7

Avg Household Size

38

Median Age

41%

College-Educated

93%

High-School Grad

46.6 sq mi

ZIP Area

838

Density / Sq Mi

$97,602

Median Household Income

$47,483

Median Earnings

$1,895

Median Rent

$352,000

Median Home Value

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this office buildings located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Office building - Office building and land are leased to Pet Passages under a current lease.

Where is this office building located?

The property is located at 14700 E Independence Boulevard Indian Trail, NC.

What is the asking price?

The asking price for this property is $697,500.

What are key features of this property?

This property features: Building and land offered for sale with a current lease in effect to Pet Passages; 1‑acre corner lot at Plyler Road and Independence Boulevard; Office building constructed in 1998