Three-Unit Office Condominium
For Sale
Contact for pricing
186 Wind Chime Court, Raleigh, NC 27615
Occupied office condominium units leased to an established occupational and speech therapy provider.
Property Size3,000 SF
Price / SF$314.33
Days on Market141
Property Features for 186 Wind Chime Court
General Information
Standard status
Active
Size
3,000 SF
Property subtype
Office
Additional Details
Office Units
3
Building Details
Tenancy
Single
Listing Agency:
Triangle Commercial Real Estate
Listed By:
Luke Beaver · License #349812
Source:
Crexi
Added: Apr 14
Changed: Aug 30
Last Checked: Aug 30 at 9:50AM
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 Triangle Commercial Real Estate
Investment Insights
Based on property information with market context.
This offering includes three office condominium units totaling 3,000 square feet at 186 Wind Chime Court in Raleigh, North Carolina. The space is occupied by Developmental Therapy Associates, Inc., an occupational and speech therapy provider serving both children and adults.
Founded in 1982, the tenant provides pediatric sensory integration, occupational, language, and related therapy services, with multiple clinic locations across the Raleigh-Durham-Cary Triangle. The condominium configuration combines three separately identified suites within an established office setting.
Founded in 1982, the tenant provides pediatric sensory integration, occupational, language, and related therapy services, with multiple clinic locations across the Raleigh-Durham-Cary Triangle. The condominium configuration combines three separately identified suites within an established office setting.
Key Highlights
- Three‑unit office condominium offering totaling 3,000 square feet
- Occupied by Developmental Therapy Associates, Inc.
- Tenant founded in 1982
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
$41,424
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
4.39%
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%
$828,480
$828.5K
Cap Rate 7%
$591,771
$591.8K
Cap Rate 9%
$460,267
$460.3K
Market Conditions
NOI Build-Up for 3,000 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
$77.4K $25.80/SF
− Vacancy
−$8.4K −$2.79/SF
EGI
$69.0K $23.01/SF
− OpEx
−$27.6K −$9.21/SF
NOI
$41.4K $13.81/SF
Area
ZIP 27615
Vacancy
10.80%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
40.00%
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%
$828,480
Cap Rate 7%
$591,771
Cap Rate 9%
$460,267
Alternative Uses
Best Use
Healthcare Medical
$591.8K
$517.8K – $690.4K
NOI $41,424 @ 7.0% cap · market cap 4.39%
Second Best
Office B
$561.9K
$491.7K – $655.5K
NOI $39,332 @ 7.0% cap · market cap 4.17%
Theoretical Best
Office A
$811.5K
$710.0K – $946.7K
NOI $56,802 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Office units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 27615, NC
43,010
Population
20,681
Households
2.1
Avg Household Size
43
Median Age
64%
College-Educated
97%
High-School Grad
18.9 sq mi
ZIP Area
2,276
Density / Sq Mi
$107,051
Median Household Income
$60,661
Median Earnings
$1,533
Median Rent
$441,100
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 units - Occupied office condominium units leased to an established occupational and speech therapy provider.
Where is this office units located?
The property is located at 186 Wind Chime Court Raleigh, NC.
What is the asking price?
The asking price for this property is $943,000.
What are key features of this property?
This property features: Three‑unit office condominium offering totaling 3,000 square feet; Occupied by Developmental Therapy Associates, Inc.; Tenant founded in 1982
