Apex Office Building For
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1701 Center St, Apex, NC 27502
Two-story office building with high visibility and versatile space.
Property Size10,912 SF
Lot Size1.35 Acres
Price / SF$302.42
Days on Market624
Property Features for 1701 Center St
General Information
Standard status
Active
Size
10,912 SF
Class
A
Lot size
1.35 Acres
Property subtype
Office
Zoning
B1
Investment Type
Owner/User
Building Details
Year Built
2004
Buildings
1
Stories
2
Listing Agency:
INK Realty Group
Listed By:
Eddie Pershin · License #NC 218358
Source:
Crexi
Added: Dec 5, 2024
Changed: Aug 8
Last Checked: Aug 20 at 4:03AM
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 INK Realty Group
Investment Insights
Based on property information with market context.
This property features a 10,912 square foot, two-story office building situated on a 1.35-acre parcel. Constructed in 2004, the building is located at a traffic light intersection on heavily traveled Center Street, with traffic counts exceeding 22,385 vehicles per day. The location offers great visibility. The building is suited for neighborhood business use, including office, medical office, professional services, fitness club, and educational facilities. The versatile space is designed to accommodate a variety of business needs, providing an opportunity for businesses seeking a functional environment.
Key Highlights
- High‑visibility location at a traffic light intersection on heavily traveled Center St (22,385 vpd)
- Versatile 10,912 SF space suitable for various business types
- Modern construction (built in 2004)
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
$167,504
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
5.08%
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%
$3,350,080
$3.4M
Cap Rate 7%
$2,392,914
$2.4M
Cap Rate 9%
$1,861,156
$1.9M
Market Conditions
NOI Build-Up for 10,912 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
$268.4K $24.60/SF
− Vacancy
−$45.1K −$4.13/SF
EGI
$223.3K $20.47/SF
− OpEx
−$55.8K −$5.12/SF
NOI
$167.5K $15.35/SF
Area
Wake County, NC
Vacancy
16.80%
Lease Rate
$24.60 /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%
$3,350,080
Cap Rate 7%
$2,392,914
Cap Rate 9%
$1,861,156
Alternative Uses
Best Use
Office B
$2.39M
$2.09M – $2.79M
NOI $167,504 @ 7.0% cap · market cap 5.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.12M
$2.73M – $3.63M
NOI $218,095 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
356
Businesses Nearby
Explore this area
Business Placement
Demographics for 27502, NC
45,725
Population
17,607
Households
2.6
Avg Household Size
37
Median Age
66%
College-Educated
97%
High-School Grad
28.3 sq mi
ZIP Area
1,616
Density / Sq Mi
$137,088
Median Household Income
$73,848
Median Earnings
$1,786
Median Rent
$491,900
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 building - Two-story office building with high visibility and versatile space.
Where is this office building located?
The property is located at 1701 Center St Apex, NC.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: High‑visibility location at a traffic light intersection on heavily traveled Center St (22,385 vpd); Versatile 10,912 SF space suitable for various business types; Modern construction (built in 2004)
