Brick Office Condo with Reception
For Sale
$370,000
Pending
203-7000 Harps Mill Rd, Raleigh, NC 27615
Move-in-ready office condo with bright reception, multiple windowed workspaces, and private offices plus parking.
Property Size1,176 SF
Days on Market111
Property Features for 203-7000 Harps Mill Rd
General Information
Standard status
Pending
Size
1,176 SF
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$2,134
Listing Agency:
Coldwell Banker HPW
(919) 632-1807
Listed By:
Kathy Beacham · License #163225
(919) 632-1807
Source:
Exprealty
Added: May 3
Changed: Aug 20
Last Checked: Aug 21 at 12:48PM
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 Coldwell Banker HPW
Investment Insights
Based on property information with market context.
This brick office condo is fully furnished and move-in ready, offering a clean, professional layout supported by solid commercial construction and concrete floors. The interior features a large, bright, open reception area that flows into three spacious, light-filled work spaces and two private offices, each with substantial window presence. A conference room with French entry doors is paired with a dramatic glass wall, creating a distinct meeting environment. For day-to-day convenience, the suite includes a kitchenette/break area with a quartz counter and backsplash, along with a refrigerator, sink, and cabinetry. Additional functional space is provided by a storage room. A powder room with a tiled floor and a designer-style vanity completes the plan.
The property includes plenty of onsite parking and is located near I-540, with access to nearby dining and shopping.
Well suited for professional tenants seeking an immediately usable office environment, the combination of open collaboration areas, enclosed offices, and a conference space supports a range of workplace setups. It also presents an option for buyers who may want to expand, as an adjoining office condo is available if additional space is needed.
The property includes plenty of onsite parking and is located near I-540, with access to nearby dining and shopping.
Well suited for professional tenants seeking an immediately usable office environment, the combination of open collaboration areas, enclosed offices, and a conference space supports a range of workplace setups. It also presents an option for buyers who may want to expand, as an adjoining office condo is available if additional space is needed.
Key Highlights
- Brick office condo in North Raleigh with large, bright, open reception area
- Includes 3 light‑filled work spaces with huge windows plus 2 private offices
- Conference room features French entry doors and a dramatic glass wall
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
$15,418
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
4.17%
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%
$308,360
$308.4K
Cap Rate 7%
$220,257
$220.3K
Cap Rate 9%
$171,311
$171.3K
Market Conditions
NOI Build-Up for 1,176 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
$26.4K $22.44/SF
− Vacancy
−$5.8K −$4.96/SF
EGI
$20.6K $17.48/SF
− OpEx
−$5.1K −$4.37/SF
NOI
$15.4K $13.11/SF
Area
ZIP 27615
Vacancy
22.10%
Lease Rate
$22.44 /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%
$308,360
Cap Rate 7%
$220,257
Cap Rate 9%
$171,311
Alternative Uses
Best Use
Office B
$220.3K
$192.7K – $257.0K
NOI $15,418 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$318.1K
$278.3K – $371.1K
NOI $22,266 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
470
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 - Move-in-ready office condo with bright reception, multiple windowed workspaces, and private offices plus parking.
Where is this office units located?
The property is located at 203-7000 Harps Mill Rd Raleigh, NC.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Brick office condo in North Raleigh with large, bright, open reception area; Includes 3 light‑filled work spaces with huge windows plus 2 private offices; Conference room features French entry doors and a dramatic glass wall
