Move-In Ready Office
For Sale
Contact for pricing
5540 McNeely Drive, Raleigh, NC 27612
Condo suite offers five private offices plus reception, storage, and an in-suite kitchenette.
Property Size1,141 SF
Price / SF$325
Days on Market68
Property Features for 5540 McNeely Drive
General Information
Standard status
Active
Size
1,141 SF
Class
B
Property subtype
Office
Zoning
OX-3
Investment Type
Owner/User
Listing Agency:
Atlas Stark Holdings, LLC
Listed By:
Trent Ragland · License #NC
Source:
Crexi
Added: Jun 15
Changed: Aug 10
Last Checked: Aug 20 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 Atlas Stark Holdings, LLC
Investment Insights
Based on property information with market context.
Move-in ready office condo measuring 1,141 SF, currently configured with five private offices, a reception area, built-in storage, and an in-suite kitchenette. The space is presented as an office suite within a condo structure and is suitable for an owner-occupant or tenant seeking a turn-key layout.
The property is located at 5540 McNeely Drive in Raleigh, NC. The listing notes OX-3 zoning.
This suite’s interior layout supports client-facing reception space alongside multiple enclosed offices, with kitchenette amenities in-unit for day-to-day use.
The property is located at 5540 McNeely Drive in Raleigh, NC. The listing notes OX-3 zoning.
This suite’s interior layout supports client-facing reception space alongside multiple enclosed offices, with kitchenette amenities in-unit for day-to-day use.
Key Highlights
- 1,141 SF office condo suite in West Raleigh listed for $370,825 ($325/SF)
- Suite layout includes five private offices plus a reception area
- Built‑in storage and an in‑suite kitchenette
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
$15,806
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
4.26%
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%
$316,120
$316.1K
Cap Rate 7%
$225,800
$225.8K
Cap Rate 9%
$175,622
$175.6K
Market Conditions
NOI Build-Up for 1,141 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
$25.3K $22.20/SF
− Vacancy
−$4.3K −$3.73/SF
EGI
$21.1K $18.47/SF
− OpEx
−$5.3K −$4.62/SF
NOI
$15.8K $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%
$316,120
Cap Rate 7%
$225,800
Cap Rate 9%
$175,622
Alternative Uses
Best Use
Office B
$225.8K
$197.6K – $263.4K
NOI $15,806 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$313.6K
$274.4K – $365.8K
NOI $21,950 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
779
Businesses Nearby
Explore this area
Business Placement
Demographics for 27612, NC
39,576
Population
21,582
Households
1.8
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
16.6 sq mi
ZIP Area
2,384
Density / Sq Mi
$95,565
Median Household Income
$57,216
Median Earnings
$1,544
Median Rent
$481,500
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 - Condo suite offers five private offices plus reception, storage, and an in-suite kitchenette.
Where is this office units located?
The property is located at 5540 McNeely Drive Raleigh, NC.
What is the asking price?
The asking price for this property is $370,825.
What are key features of this property?
This property features: 1,141 SF office condo suite in West Raleigh listed for $370,825 ($325/SF); Suite layout includes five private offices plus a reception area; Built‑in storage and an in‑suite kitchenette
