Medical Office
For Sale
$4,700,000
3521 Haworth Dr, Raleigh, NC 27609
Established medical office setting near Midtown Raleigh amenities and I-440 access.
Property Size19,322 SF
Days on Market195
Property Features for 3521 Haworth Dr
General Information
Standard status
Active
Size
19,322 SF
Class
B
Property subtype
Medical/Healthcare
Additional Details
Highway Access
Yes
Building Details
Building Size
19,322 SF
Year Built
1986
Properties For Sale
at 3521 Haworth Dr Contact us- Size
- 19,322 SF
- Lease Type
- NNN
3521 Haworth Drive
Listing Agency:
Tri Properties
(919) 880-0284
Listed By:
Gray Creech
(919) 880-0284
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 6:50PM
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 Tri Properties
Investment Insights
Based on property information with market context.
Medical office space constructed in 1986, positioned near Raleigh’s Midtown area and the North Hills neighborhood. The surrounding area includes dining, shopping, and residential amenities that support an established professional setting.
The property is located less than 1 mile from I-440, providing convenient access to the regional roadway network. Its medical office configuration and Midtown-area location support continued use as a professional healthcare property.
The property is located less than 1 mile from I-440, providing convenient access to the regional roadway network. Its medical office configuration and Midtown-area location support continued use as a professional healthcare property.
Key Highlights
- Medical office space near Raleigh’s Midtown area
- Built in 1986
- Less than 1 mile from I‑440
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
$299,139
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
6.36%
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%
$5,982,780
$6.0M
Cap Rate 7%
$4,273,414
$4.3M
Cap Rate 9%
$3,323,767
$3.3M
Market Conditions
NOI Build-Up for 19,322 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
$544.9K $28.20/SF
− Vacancy
−$46.3K −$2.40/SF
EGI
$498.6K $25.80/SF
− OpEx
−$199.4K −$10.32/SF
NOI
$299.1K $15.48/SF
Area
Raleigh, NC
Vacancy
8.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
40.00%
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%
$5,982,780
Cap Rate 7%
$4,273,414
Cap Rate 9%
$3,323,767
Alternative Uses
Best Use
Healthcare Medical
$4.27M
$3.74M – $4.99M
NOI $299,139 @ 7.0% cap · market cap 6.36%
Second Best
Office B
$3.82M
$3.35M – $4.46M
NOI $267,664 @ 7.0% cap · market cap 5.69%
Theoretical Best
Specialty Retail
$5.31M
$4.65M – $6.20M
NOI $371,707 @ 7.0% cap · market cap 7.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,837
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27609, NC
36,218
Population
19,740
Households
1.8
Avg Household Size
38
Median Age
61%
College-Educated
93%
High-School Grad
10.9 sq mi
ZIP Area
3,323
Density / Sq Mi
$81,538
Median Household Income
$53,670
Median Earnings
$1,393
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?
Medical Office Space - Established medical office setting near Midtown Raleigh amenities and I-440 access.
Where is this medical office space located?
The property is located at 3521 Haworth Dr Raleigh, NC.
What is the asking price?
The asking price for this property is $4,700,000.
What are key features of this property?
This property features: Medical office space near Raleigh’s Midtown area; Built in 1986; Less than 1 mile from I‑440
