Downtown Raleigh Commercial
405 Morson, Raleigh, NC 27601
For Sale
$845,000
Commercial building near Downtown Raleigh with redevelopment potential.
Property Size2,025 SF
Lot Size0.08 Acres
Price / SF$417.28
Days on Market246
Property Features for 405 Morson
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Taxes and HOA fees
Annual Taxes
Building Details
Year Built
Listing Agency:
CENTURY 21 TRIANGLE GROUP
(919) 720-4217
Listed By:
JOSE CRUZ LABRADA · License NC #312455
(984) 239-8452
Source:
Corcoran
Added: Mar 9
Changed: Sep 4
Last Checked: Aug 14 at 6:04AM
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 CENTURY 21 TRIANGLE GROUP
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Investment Insights
Based on property information with market context.
Located near Downtown Raleigh, the commercial building at 405 Morson St, Raleigh, NC, offers an opportunity for office users, investors, or future redevelopment. The property, with a size of approximately 2,025 SF, is zoned OX-3 (Office Mixed Use - up to 3 stories), which allows for various commercial and mixed-use applications. The OX-3 zoning permits building heights of up to three stories, creating potential for future expansion or redevelopment in one of Raleigh's rapidly growing urban areas. The property is suitable for professional offices, creative studios, small business headquarters, or live-work concepts, depending on permitted uses. Situated just minutes from Downtown Raleigh, the location provides convenient access to major employment centers, restaurants, retail, and surrounding residential neighborhoods. The area continues to see steady growth and redevelopment, making this property attractive for both owner-users and investors.
Key Highlights
- Prime location near Downtown Raleigh, offering convenient access to employment, restaurants, and retail.
- OX‑3 zoning allows for a variety of commercial and mixed‑use applications, including office, studio, and live‑work spaces.
- Redevelopment potential with zoning allowing for building heights up to three stories.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,052
Cap Rate
3.32%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$561,040
$561.0K
Cap Rate 7%
$400,743
$400.7K
Cap Rate 9%
$311,689
$311.7K
Market Conditions
NOI Build-Up for 2,025 SF
Gross rent
$45.0K $22.20/SF
− Vacancy
−$7.6K −$3.73/SF
EGI
$37.4K $18.47/SF
− OpEx
−$9.4K −$4.62/SF
NOI
$28.1K $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 Rate 5%
$561,040
Cap Rate 7%
$400,743
Cap Rate 9%
$311,689
Alternative Uses
Best Use
Office B
$400.7K
$350.7K – $467.5K
NOI $28,052 @ 7.0% cap · market cap 3.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$556.5K
$487.0K – $649.3K
NOI $38,956 @ 7.0% cap · market cap 4.61%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
4,117
Businesses Nearby
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Business Placement
Demographics for 27601, NC
9,965
Population
4,874
Households
2
Avg Household Size
32
Median Age
49%
College-Educated
88%
High-School Grad
1.8 sq mi
ZIP Area
5,536
Density / Sq Mi
$70,433
Median Household Income
$51,443
Median Earnings
$1,499
Median Rent
$572,600
Median Home Value
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Market
Properties on Market for Office buildings in Raleigh
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Commercial building near Downtown Raleigh with redevelopment potential.
Where is this office building located?
The property is located at 405 Morson Raleigh, NC.
What is the asking price?
The asking price for this property is $845,000.
What are key features of this property?
This property features: Prime location near Downtown Raleigh, offering convenient access to employment, restaurants, and retail.; OX‑3 zoning allows for a variety of commercial and mixed‑use applications, including office, studio, and live‑work spaces.; Redevelopment potential with zoning allowing for building heights up to three stories.
