Second-Floor Office
For Sale
$274,900
Pending
4002 Barrett Drive, Raleigh, NC 27609
COMMERCIAL - Raleigh, NC
Property Size1,016 SF
Days on Market105
Property Features for 4002 Barrett Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Standard status
Pending
Size
1,016 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
see tax records
Tax Annual Amount
1661
Legal Description
see tax records
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1986
Building materials
Brick, Vinyl Siding
Roof type
Shingle
Listing Agency:
Keller Williams Elite Realty · Keller Williams Realty
(984) 244-5830
Listed By:
Michelle Edwards Mitchell · License #121569
(919) 484-2280
Added: May 1
Changed: Aug 4
Last Checked: Aug 13 at 12:06PM
MLS# 10164321
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 professional second-floor office condo provides a focused layout for a small team. The suite includes four offices, a reception area, a kitchen area, a storage room, and a restroom, creating separate workspaces alongside a dedicated front-facing entry. The building is operated as a quiet-use environment, with restrictions in place against odor- or noise-producing businesses, supporting an office-appropriate setting.
Located near Midtown Raleigh at 4002 Barrett Drive, the property offers extra parking for occupants and visitors. The address provides convenient access for daily business operations, and the office configuration is designed to support client-facing professionals.
For attorneys, real estate professionals, and other service-oriented businesses, the combination of multiple private offices and reception space supports both day-to-day work and client meetings. The quiet-use rules help maintain a professional atmosphere, while the condo format can fit owner-users looking to occupy a manageable office footprint rather than continue leasing. Showings are available by contacting the listing agent.
Located near Midtown Raleigh at 4002 Barrett Drive, the property offers extra parking for occupants and visitors. The address provides convenient access for daily business operations, and the office configuration is designed to support client-facing professionals.
For attorneys, real estate professionals, and other service-oriented businesses, the combination of multiple private offices and reception space supports both day-to-day work and client meetings. The quiet-use rules help maintain a professional atmosphere, while the condo format can fit owner-users looking to occupy a manageable office footprint rather than continue leasing. Showings are available by contacting the listing agent.
Key Highlights
- Excellent location near Midtown Raleigh.
- Ideal for owner‑user to build equity and stop leasing.
- Features four offices, reception area, kitchen, storage, and restroom.
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
$14,074
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
5.12%
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%
$281,480
$281.5K
Cap Rate 7%
$201,057
$201.1K
Cap Rate 9%
$156,378
$156.4K
Market Conditions
NOI Build-Up for 1,016 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
$22.6K $22.20/SF
− Vacancy
−$3.8K −$3.73/SF
EGI
$18.8K $18.47/SF
− OpEx
−$4.7K −$4.62/SF
NOI
$14.1K $13.85/SF
Area
Raleigh, NC
Vacancy
16.80%
Lease Rate
$22.20 /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%
$281,480
Cap Rate 7%
$201,057
Cap Rate 9%
$156,378
Alternative Uses
Best Use
Office B
$201.1K
$175.9K – $234.6K
NOI $14,074 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$279.2K
$244.3K – $325.8K
NOI $19,545 @ 7.0% cap · market cap 7.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,216
Businesses Nearby
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - Second-floor condo with four offices and reception area, suited for professional service firms in a quiet-use building.
Where is this office units located?
The property is located at 4002 Barrett Drive Raleigh, NC.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Excellent location near Midtown Raleigh.; Ideal for owner‑user to build equity and stop leasing.; Features **four offices, reception area, kitchen, storage, and restroom.**
