Brick Office Building with Fenced
New
For Sale
$2,100,000
232 High House Road, Cary, NC 27513
Commercial Sale, Cary, NC
Property Size7,230 SF
Lot Size1.05 Acres
Price / SF$290.46
Days on Market2
Property Features for 232 High House Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
OICU
Parking
22
Exterior features
Fenced Yard, Private Yard, Storage
Fencing
Fenced
Accessibility
Accessible Approach with Ramp
Standard status
Active
APN
075420709358000 0195729
Size
7,230 SF
Lot size
1.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lo1 & 2A Westley Manor Sub Bm1992-01096
Tax Annual Amount
7739
Legal Description
Lo1 & 2A Westley Manor Sub Bm1992-01096
Building Details
Year built
1993
Floors in Building
1
Building materials
Brick, Masonite
Roof type
Shingle
Additional Structures
Storage
Listing Agency:
Keller Williams Realty
(919) 676-0600
Listed By:
Paulina Bohorquez · License #222259
(919) 985-9416
Added: Sep 17
Last Checked: Sep 18 at 3:06AM
MLS# 10193190
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7,230-square-foot office building sits on a 1.05-acre parcel and was constructed in 1993. The property includes brick and Masonite exterior materials, a shingle roof, a fenced private yard, storage, and an accessible approach with ramp. OICU zoning supports medical, professional office, and institutional uses as stated in the property information.
Located at 232 High House Road in Cary, the building fronts a high-traffic corridor reporting approximately 9,000 vehicles per day. The site is in Wake County and includes parking that exceeds standard requirements. The combination of office improvements, outdoor storage area, accessibility features, and flexible zoning provides a practical configuration for a range of office-oriented users.
Located at 232 High House Road in Cary, the building fronts a high-traffic corridor reporting approximately 9,000 vehicles per day. The site is in Wake County and includes parking that exceeds standard requirements. The combination of office improvements, outdoor storage area, accessibility features, and flexible zoning provides a practical configuration for a range of office-oriented users.
Key Highlights
- 7,230‑square‑foot office building on a 1.05‑acre parcel
- OICU zoning supports medical, professional office, and institutional uses
- Approximately 9,000 vehicles per day on the surrounding high‑traffic corridor
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
Lease Details
Yes
Paved road access
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - OICU-zoned office property with accessible entry, private yard, storage, and parking exceeding standard requirements.
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 on a 1.05‑acre parcel; OICU zoning supports medical, professional office, and institutional uses; Approximately 9,000 vehicles per day on the surrounding high‑traffic corridor
