Second-Floor Office
For Sale
$274,900
Pending
4002 Barrett, Raleigh, NC 27609
Flexible second-floor suite with four offices, reception, kitchen, restroom, and storage in a quiet-use building.
Property Size1,016 SF
Days on Market101
Property Features for 4002 Barrett
General Information
Standard status
Pending
Size
1,016 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,661
Amenities
Central air
Central Air Cooling
Central Heating
Shingle Roof
Building Details
Year Built
1986
Listing Agency:
KELLER WILLIAMS ELITE REALTY
(984) 244-5830
Listed By:
MICHELLE EDWARDS MITCHELL · License #121569
Source:
Corcoran
Added: May 1
Changed: Aug 8
Last Checked: Jul 23 at 8:11AM
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
Investment Insights
Based on property information with market context.
Unit 202 is a professional second-floor office condo configured for day-to-day operations of a small firm. The space includes four separate offices, a reception area, a kitchen area, a storage room, and a restroom, providing a practical mix of client-facing and workroom space. The building is maintained as a quiet-use environment.
The property is located near Midtown Raleigh at 4002 Barrett Drive. Extra parking is available for the convenience of clients and staff. The building also restricts odor- or noise-producing businesses, supporting a more professional office setting.
This condo is well suited for owner-users such as attorneys, real estate professionals, and other professional service businesses looking to stop leasing. With an efficient layout that supports both reception and multiple private offices, it can accommodate a small team and offers room to organize work and client interactions. Contact Bryson Mitchell for showings.
The property is located near Midtown Raleigh at 4002 Barrett Drive. Extra parking is available for the convenience of clients and staff. The building also restricts odor- or noise-producing businesses, supporting a more professional office setting.
This condo is well suited for owner-users such as attorneys, real estate professionals, and other professional service businesses looking to stop leasing. With an efficient layout that supports both reception and multiple private offices, it can accommodate a small team and offers room to organize work and client interactions. Contact Bryson Mitchell for showings.
Key Highlights
- Second‑floor office condo available at 4002 Barrett Drive, Unit 202, near Midtown Raleigh
- Includes four offices plus a reception area for client‑facing workflow
- Kitchen area, storage room, and restroom included within the suite
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
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Frequently Asked Questions
What type of property is this?
Office units - Flexible second-floor suite with four offices, reception, kitchen, restroom, and storage in a quiet-use building.
Where is this office units located?
The property is located at 4002 Barrett 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: Second‑floor office condo available at 4002 Barrett Drive, Unit 202, near Midtown Raleigh; Includes four offices plus a reception area for client‑facing workflow; Kitchen area, storage room, and restroom included within the suite
