Ground-Floor Office
For Sale
$538,650
3624 Shannon Road, Durham, NC 27707
Ground-floor office space in an OI-zoned professional office park.
Property Size12,600 SF
Price / SF$244.29
Days on Market51
Property Features for 3624 Shannon Road
General Information
Standard status
Active
Size
12,600 SF
Class
B
Property subtype
OFC
Zoning
OI
Additional Details
Floor
Ground Floor
Asking Price
$538,650
Highway Access
Yes
Building Details
Building Size
12,600 SF
Year Built
2004
Stories
1
Tenancy
Single
Owner Occupied
No
Listing Agency:
Keller Williams Elite Realty
Listed By:
Vandan Gandhi · License ##247850
(919) 475-5769
Source:
Realnex
Added: Sep 10
Changed: Sep 14
Last Checked: Oct 28 at 4:37AM
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 Elite Realty
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Investment Insights
Based on property information with market context.
Suite 101 is a ground-level office condominium within Building B at Westover Place Office Park. The unit contains approximately 2,205 SF and sits on a 1.73-acre office park parcel. OI zoning, defined as Office & Institutional, supports professional, engineering, and institutional uses. The suite is occupied by an engineering firm, providing an existing-use profile for an owner-user or investor. A replacement roof was completed in February 2025.
The property is located at 3624 Shannon Road in Durham, near Martin Luther King Jr. Parkway. Regional access includes US 15-501, NC-147, and I-40, while Duke University and retail and commercial services are within a short drive.
The property is located at 3624 Shannon Road in Durham, near Martin Luther King Jr. Parkway. Regional access includes US 15-501, NC-147, and I-40, while Duke University and retail and commercial services are within a short drive.
Key Highlights
- Approximately 2,205 SF ground‑floor office condominium
- 1.73‑acre Westover Place Office Park parcel
- OI zoning for Office & Institutional uses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,054
Cap Rate
6.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$681,080
$681.1K
Cap Rate 7%
$486,486
$486.5K
Cap Rate 9%
$378,378
$378.4K
Market Conditions
NOI Build-Up for 2,205 SF
Gross rent
$55.0K $24.96/SF
− Vacancy
−$9.6K −$4.37/SF
EGI
$45.4K $20.59/SF
− OpEx
−$11.4K −$5.15/SF
NOI
$34.1K $15.44/SF
Area
Durham, NC
Vacancy
17.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$681,080
Cap Rate 7%
$486,486
Cap Rate 9%
$378,378
Alternative Uses
Best Use
Office B
$486.5K
$425.7K – $567.6K
NOI $34,054 @ 7.0% cap · market cap 6.32%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$712.0K
$623.0K – $830.7K
NOI $49,841 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
924
Businesses Nearby
Explore this area
Business Placement
Demographics for 27707, NC
49,787
Population
23,528
Households
2.1
Avg Household Size
34
Median Age
57%
College-Educated
92%
High-School Grad
20.7 sq mi
ZIP Area
2,405
Density / Sq Mi
$72,432
Median Household Income
$45,803
Median Earnings
$1,364
Median Rent
$371,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Ground-floor office space in an OI-zoned professional office park.
Where is this office unit located?
The property is located at 3624 Shannon Road Durham, NC.
What is the asking price?
The asking price for this property is $538,650.
What are key features of this property?
This property features: Approximately 2,205 SF ground‑floor office condominium; 1.73‑acre Westover Place Office Park parcel; OI zoning for Office & Institutional uses
