Office Building with Ample
New
For Sale
$2,100,000
232 High House Road, Cary, NC 27513
Professional office property with OICU zoning and access to a high-traffic Cary corridor.
Property Size7,230 SF
Lot Size1.05 Acres
Days on Market4
Property Features for 232 High House Road
General Information
Standard status
Active
Size
7,230 SF
Lot size
1.05 Acres
Property subtype
Business
Zoning
OICU
Building Details
Building Size
7,230 SF
Year Built
1993
Listing Agency:
Keller Williams Realty
Listed By:
Paulina Bohorquez · License #222259
(919) 985-9416
Source:
Dustinbennett
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 19 at 9:48AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 7,230-square-foot office building was constructed in 1993 on a 1.05-acre parcel. OICU zoning supports medical, professional office, and institutional uses, providing flexibility for a range of office-oriented occupants. The property also includes parking that exceeds standard requirements.
Located at 232 High House in Cary, the building fronts a high-traffic corridor serving approximately 9,000 vehicles per day. Its setting in West Cary places the property within Wake County and the Cary Triangle market.
Located at 232 High House in Cary, the building fronts a high-traffic corridor serving approximately 9,000 vehicles per day. Its setting in West Cary places the property within Wake County and the Cary Triangle market.
Key Highlights
- 7,230‑square‑foot office building constructed in 1993
- 1.05‑acre parcel at 232 High House, Cary, NC 27513
- OICU zoning supports medical, professional office, and institutional uses
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
$127,163
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
6.06%
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%
$2,543,260
$2.5M
Cap Rate 7%
$1,816,614
$1.8M
Cap Rate 9%
$1,412,922
$1.4M
Market Conditions
NOI Build-Up for 7,230 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
$216.9K $30.00/SF
− Vacancy
−$47.3K −$6.55/SF
EGI
$169.6K $23.45/SF
− OpEx
−$42.4K −$5.86/SF
NOI
$127.2K $17.59/SF
Area
Cary, NC
Vacancy
21.83%
Lease Rate
$30.00 /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%
$2,543,260
Cap Rate 7%
$1,816,614
Cap Rate 9%
$1,412,922
Alternative Uses
Best Use
Office B
$1.82M
$1.59M – $2.12M
NOI $127,163 @ 7.0% cap · market cap 6.06%
Second Best
Healthcare Medical
$1.09M
$952.6K – $1.27M
NOI $76,210 @ 7.0% cap · market cap 3.63%
Theoretical Best
Office A
$2.02M
$1.77M – $2.36M
NOI $141,609 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
457
Businesses Nearby
Explore this area
Business Placement
Demographics for 27513, NC
46,526
Population
21,204
Households
2.2
Avg Household Size
39
Median Age
68%
College-Educated
97%
High-School Grad
16.4 sq mi
ZIP Area
2,837
Density / Sq Mi
$119,458
Median Household Income
$66,584
Median Earnings
$1,491
Median Rent
$468,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Professional office property with OICU zoning and access to a high-traffic Cary corridor.
Where is this office building located?
The property is located at 232 High House Road Cary, NC.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 7,230‑square‑foot office building constructed in 1993; 1.05‑acre parcel at 232 High House, Cary, NC 27513; OICU zoning supports medical, professional office, and institutional uses
