Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Waverly Place Retail Center Outparcel Title is generated by Realmo AI

    309 Colonades Way, Cary, NC 27518

    View on Map
    Claim this Listing
    For Sale
    $4,644,445

    3,211 SF building in Waverly Place retail center.

    Type:Retail
    Property size:
    3,211 SF
    Price / SF:
    $1,446/SF
    Added:
    May 20, 2026
    Days on Market:
    12
    Last Refresh:
    May 20 at 8:07 pm

    Property Features for 309 Colonades Way

    General Information

    Standard status
    Active
    Size
    3,211 SF
    Property subtype
    Retail

    We can help!

    Listing Contact
    Joe Graham
    Joe Graham

    Listing agent Joe Graham

    Listing office

    Listing date May 20, 2026

    Source Cbre

    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 Joe Graham

    HighLights

    • Located in the vibrant Waverly Place retail center anchored by Whole Foods.
    • Across from WakeMed’s Cary Campus.
    • Chase Bank Ground Lease with 15+ Years Remaining.
    • 3,211 SF building.
    • Surrounded by some of the strongest demographics in the region.
    • Outparcel of Waverly Place.

    Overview

    This 3,211 SF building is located in the Waverly Place retail center. The retail center is anchored by Whole Foods and is located across from WakeMed’s Cary Campus. The property is surrounded by strong demographics. The property is a Chase Bank ground lease with 15+ years remaining.
    Location Intelligence

    Current Use by Public Records

    Chase ATM Atm Chase Bank Bank

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7794357
    Latitude
    35.7391018

    Nearby Similar for Sale

    • $500,000
      2,051 SF

      Move-in Ready Cary Office Condo

      Updated office condo in Cary's bustling midtown commercial corridor.
      106 Brady Court, Cary, NC 27511
      View Details
    • $455,000
      984 SF

      Cary Commercial Property Opportunity

      Remodeled commercial property near downtown Cary Park.
      8704 Chapel Hill Road, Cary, NC 27513
      View Details
    • $545,000
      2,610 SF

      Cary Duplex Investment Opportunity

      Duplex in excellent location near I-40 and downtown Cary.
      110 Misty Court, Cary, NC 27513
      View Details
    • $615,000
      2,456 SF

      Versatile Duplex in Growing Cary

      Duplex near Downtown Cary with income potential and flexible layouts.
      109 Rainbow, Cary, NC 27511
      View Details
    • $345,000
      1,078 SF

      Updated Office Condo in Cary

      Cozy, updated office condo near downtown Cary and Fenton.
      107 Fountain Brook Circle, Cary, NC 27511
      View Details
    • $299,900
      900 SF

      Cary Office Condo For Sale

      Well-appointed office condo in a sought-after Cary location.
      101 Brady Court, Cary, NC 27511
      View Details
    • $810,000

      Cary Medical Condo For Sale

      Turnkey medical condo in Cary's premier medical district.
      251 Keisler Dr Ste 100, Cary, NC 27518
      View Details
    • $850,000
      7,920 SF

      New Retail Strip Center ForSale

      7,920 SF multi-tenant building in a thriving commercial market.
      947 West Chatham Street, Cary, NC 27511
      View Details
    • $759,000
      2,045 SF

      Move-in Ready Medical Suite

      Turnkey medical suite in Cary's premier medical corridor.
      3731 NW Cary #100, Cary, NC 27513
      View Details
    • $4,250,000
      14,634 SF

      Class A Office Building For Sale

      Fully leased Class A office building in west Cary.
      100 Connemara Dr, Cary, NC 27519
      View Details
    • $25
      14,000 SF

      Cary Office Space Near Amenities

      Located near Park West Village with abundant nearby amenities.
      1616 Evans Road, Cary, NC 27513
      View Details
    • $345,000
      1,078 SF

      Updated Office Condo in Cary

      Move-in ready office condo near downtown Cary and Fenton.
      107 Fountain Brook #C, Cary, NC 27511
      View Details

    FAQs

    What type of property is this?
    Bank - 3,211 SF building in Waverly Place retail center.
    Where is this bank located?
    The property is located at 309 Colonades Way Cary, NC.
    What is the asking price?
    The asking price for this property is $4,644,445.
    What are key features of this property?
    This property features: Located in the vibrant Waverly Place retail center anchored by Whole Foods.; Across from WakeMed’s Cary Campus.; Chase Bank Ground Lease with 15+ Years Remaining.
    (919) 831-8196
    We can help!
    Listing Contact
    Joe Graham
    Joe Graham
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    309 Colonades Way, Cary, NC 27518
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!