Ground-Floor Office
For Sale
$538,650
3624 Shannon Road Suite 101, Durham, NC 27707
OI zoning accommodates professional, engineering, and institutional office uses.
Property Size12,600 SF
Price / SF$280.55
Days on Market49
Property Features for 3624 Shannon Road Suite 101
General Information
Standard status
Active
Size
12,600 SF
Property subtype
Office
Zoning
Office and Institutional (OI)
Occupancy
100%
Additional Details
Floor
Ground Floor
Asking Price
$538,650
Highway Access
Yes
Building Details
Building Size
12,600 SF
Year Built
2004
Tenancy
Single
Abandoned
No
Listed By:
Vandan Gandhi, CCIM · License #NC #247850
(919) 475-5769
Source:
Vgrealty
Added: Sep 12
Changed: Oct 26
Last Checked: Oct 28 at 5:26AM
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 Vandan Gandhi, CCIM
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Investment Insights
Based on property information with market context.
Suite 101 is a ground-floor office condominium within Building B of Westover Place Office Park. The unit is occupied by an engineering firm and is situated on a 1.73-acre office park parcel. The property was built in 2004, and the building received a new roof in February 2025.
The office park is located at 3624 Shannon Road in Durham, with access to US 15-501, NC-147, and I-40. Zoning is Office and Institutional (OI), supporting professional, engineering, and institutional uses. Shared parking is available within Westover Place Office Park.
The office park is located at 3624 Shannon Road in Durham, with access to US 15-501, NC-147, and I-40. Zoning is Office and Institutional (OI), supporting professional, engineering, and institutional uses. Shared parking is available within Westover Place Office Park.
Key Highlights
- Ground‑floor office condominium in Westover Place Office Park, Building B
- Located on a 1.73‑acre office park parcel
- New roof installed in February 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,652
Cap Rate
5.50%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$593,040
$593.0K
Cap Rate 7%
$423,600
$423.6K
Cap Rate 9%
$329,467
$329.5K
Market Conditions
NOI Build-Up for 1,920 SF
Gross rent
$47.9K $24.96/SF
− Vacancy
−$8.4K −$4.37/SF
EGI
$39.5K $20.59/SF
− OpEx
−$9.9K −$5.15/SF
NOI
$29.7K $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%
$593,040
Cap Rate 7%
$423,600
Cap Rate 9%
$329,467
Alternative Uses
Best Use
Office B
$423.6K
$370.7K – $494.2K
NOI $29,652 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$620.0K
$542.5K – $723.3K
NOI $43,399 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
100%
Occupancy
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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - OI zoning accommodates professional, engineering, and institutional office uses.
Where is this office unit located?
The property is located at 3624 Shannon Road Suite 101 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: Ground‑floor office condominium in Westover Place Office Park, Building B; Located on a 1.73‑acre office park parcel; New roof installed in February 2025
