First-Floor Office
For Sale
$290,000
Pending
4004 Barrett, Raleigh, NC 27609
First-floor office condo designed for a professional business setting with turn-key interior finishes.
Property Size1,008 SF
Days on Market487
Property Features for 4004 Barrett
General Information
Standard status
Pending
Size
1,008 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,667
Amenities
Central air
Central Air Cooling
Central Heating
Common Area
Electric Cooling
Forced Air Heating
Laminate Flooring
Near Public Transit
Shingle Roof
Tile Flooring
Building Details
Year Built
1986
Listing Agency:
LONG & FOSTER REAL ESTATE INC/RALEIGH
(919) 872-4450
Listed By:
MARK CONNOR
Source:
Corcoran
Added: Apr 10, 2025
Changed: Aug 8
Last Checked: Jul 23 at 8:51AM
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 LONG & FOSTER REAL ESTATE INC/RALEIGH
Investment Insights
Based on property information with market context.
This first-floor office condo offers a professional layout within an office condominium setting. The unit is described as having beautiful decor and details, creating a client-friendly environment from the start.
The property is located in Raleigh’s Midtown area, and the remarks note it is just minutes from North Hills. This positioning can be useful for businesses seeking convenient access for clients and day-to-day operations.
For prospective buyers, this unit presents a practical option for an office operator looking to establish or continue a business venture in an office condo format. It is also referenced as a starting point, with an additional nearby availability mentioned for anyone who may need more space through unit 101. As presented, the condo’s condition and ready interior presentation support immediate occupancy for a variety of professional office uses.
The property is located in Raleigh’s Midtown area, and the remarks note it is just minutes from North Hills. This positioning can be useful for businesses seeking convenient access for clients and day-to-day operations.
For prospective buyers, this unit presents a practical option for an office operator looking to establish or continue a business venture in an office condo format. It is also referenced as a starting point, with an additional nearby availability mentioned for anyone who may need more space through unit 101. As presented, the condo’s condition and ready interior presentation support immediate occupancy for a variety of professional office uses.
Key Highlights
- First‑floor office condo in a professional business setting
- Built in 1986
- Unit described as having interior finishes for client use
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
$13,964
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
4.82%
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%
$279,280
$279.3K
Cap Rate 7%
$199,486
$199.5K
Cap Rate 9%
$155,156
$155.2K
Market Conditions
NOI Build-Up for 1,008 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
$22.4K $22.20/SF
− Vacancy
−$3.8K −$3.73/SF
EGI
$18.6K $18.47/SF
− OpEx
−$4.7K −$4.62/SF
NOI
$14.0K $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%
$279,280
Cap Rate 7%
$199,486
Cap Rate 9%
$155,156
Alternative Uses
Best Use
Office B
$199.5K
$174.6K – $232.7K
NOI $13,964 @ 7.0% cap · market cap 4.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$277.0K
$242.4K – $323.2K
NOI $19,391 @ 7.0% cap · market cap 6.69%
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 - First-floor office condo designed for a professional business setting with turn-key interior finishes.
Where is this office units located?
The property is located at 4004 Barrett Raleigh, NC.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: First‑floor office condo in a professional business setting; Built in 1986; Unit described as having interior finishes for client use
