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    223 S West St Raleigh, NC 27603

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    For Lease
    Contact for pricing

    Creative working space in Raleigh's vibrant Warehouse District.

    Type:Office
    Added:
    Mar 27, 2025
    Days on Market:
    376
    Last Refresh:
    Mar 17 at 1:17 pm

    Property Features for 223 S West St

    General Information

    Standard status
    Active
    Property subtype
    Office

    Spaces For Lease

    at 223 S West St Contact us

    Coworking Non Reserve $1.90 /Mo

    Size
    Type
    Office
    Total Monthly Rent: 129
    Contact us

    Coworking dedicated $2 /Mo

    Size
    Type
    Office
    Total Monthly Rent: 235
    Contact us

    Private office for 2 people $9 /Mo

    Size
    Type
    Office
    Total Monthly Rent: 1,029
    Contact us

    Private office for 3 people $8 /Mo

    Size
    Type
    Office
    Total Monthly Rent: 2,089
    Contact us

    Open plan office space for + 15 people $5 /Mo

    Size
    Type
    Office
    Contact us

    Open plan office space for + 10 people $7 /Mo

    Size
    Type
    Office
    Contact us

    Private office for 4 people $9 /Mo

    Size
    Type
    Office
    Total Monthly Rent: 3,029
    Contact us

    Private office for 1 person $7 /Mo

    Size
    Type
    Office
    Total Monthly Rent: 689
    Contact us

    Private office for 5 people $7 /Mo

    Size
    Type
    Office
    Total Monthly Rent: 3789
    Contact us
    Show more

    We can help!

    Listing Contact
    North & South Carolina Spaces US

    Listing agent North & South Carolina Spaces US License #FLBO

    Listing office Spaces

    Listing date Mar 27, 2025

    Source Crexi

    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 Spaces

    Overview

    Creative Workspace in Downtown Raleigh

    This creative working space is located in The Dillon, situated in downtown Raleigh’s up-and-coming Warehouse District. The property's historic design, combined with a fresh contemporary style, provides an innovative and exciting working environment for professionals. The location offers access to Raleigh’s vibrant, amenity-rich community. Nash Square Park is nearby. Museums and art studios are within walking distance, and a multitude of dining and entertainment options are within a few blocks. The property is suitable for creative space, office properties and spaces, coworking space, and general commercial real estate use.
    Location Intelligence

    Current Use by Public Records

    Mo’elle Photography & Video Photography Service Jennifer Reiner Real ... Real Estate Agency Tyler Technologies (Bike/Boat/Book/etc) Store The Car Park Parking Lot & Garage

    Suggested Use

    Real Estate Agency Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Accounting Firm Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.646022
    Latitude
    35.783319

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    FAQs

    What type of property is this?
    Creative space - Creative working space in Raleigh's vibrant Warehouse District.
    Where is this creative space located?
    The property is located at 223 S West St Raleigh, NC.
    What is the lease rate?
    The lease rate is $22 SF/Yr.
    What are key features of this property?
    This property features: Prime location in downtown Raleigh's up‑and‑coming Warehouse District.; Creative workspace within The Dillon, blending historic design with contemporary style.; Access to Raleigh’s vibrant, amenity‑rich community.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    North & South Carolina Spaces US
    Real Estate License ID: FLBO
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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