Brick Office Condo with
For Sale
$370,000
Pending
7000 Harps Mill Road, Raleigh, NC 27615
Move-in ready office condo offering a bright reception area and four private, windowed offices.
Property Size1,182 SF
Days on Market125
Property Features for 7000 Harps Mill Road
General Information
Standard status
Pending
Size
1,182 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$2,122
Amenities
Central Air
3
Asphalt, Paved Road.
Building Details
Year Built
2000
Listing Agency:
Coldwell Banker HPW
(919) 632-1807
Listed By:
Kathy Beacham · License #163225
(919) 632-1807
Source:
Xome
Added: Apr 20
Changed: Aug 12
Last Checked: Aug 22 at 4:52AM
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 Coldwell Banker HPW
Investment Insights
Based on property information with market context.
This brick office condo unit features a large, bright, open reception area that welcomes clients and supports everyday workflow. The interior is laid out with four spacious offices, each with substantial natural light from oversized windows. A conference room includes French doors and a dramatic glass wall, providing a distinct meeting space. Additional conveniences include a kitchenette/break area with quartz counters, backsplash, refrigerator, sink, and cabinetry, along with a dedicated storage room with built-in file storage. The unit also includes a designer powder room with a tile floor, furniture vanity, and cork wallpaper. Solid commercial construction and concrete floors help support a durable, professional setting, and the roof is described as newer.
The property is located in North Raleigh near I-540, with dining and shopping nearby. The listing also notes plenty of onsite parking, which can support both tenant and visitor needs.
For tenants or buyers seeking a turn-key office environment, the combination of reception space, multiple private offices, and a dedicated conference room is well suited to professional services, administration, and team-based work. The listing also mentions an adjoining office condo option if additional space is needed.
The property is located in North Raleigh near I-540, with dining and shopping nearby. The listing also notes plenty of onsite parking, which can support both tenant and visitor needs.
For tenants or buyers seeking a turn-key office environment, the combination of reception space, multiple private offices, and a dedicated conference room is well suited to professional services, administration, and team-based work. The listing also mentions an adjoining office condo option if additional space is needed.
Key Highlights
- Move‑in ready brick office condo with a large, bright, open reception area
- 4 spacious, light‑filled private offices with huge windows
- Conference room with French entry doors and a dramatic glass wall
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
$15,497
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
4.19%
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%
$309,940
$309.9K
Cap Rate 7%
$221,386
$221.4K
Cap Rate 9%
$172,189
$172.2K
Market Conditions
NOI Build-Up for 1,182 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
$26.5K $22.44/SF
− Vacancy
−$5.9K −$4.96/SF
EGI
$20.7K $17.48/SF
− OpEx
−$5.2K −$4.37/SF
NOI
$15.5K $13.11/SF
Area
ZIP 27615
Vacancy
22.10%
Lease Rate
$22.44 /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%
$309,940
Cap Rate 7%
$221,386
Cap Rate 9%
$172,189
Alternative Uses
Best Use
Office B
$221.4K
$193.7K – $258.3K
NOI $15,497 @ 7.0% cap · market cap 4.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$319.7K
$279.8K – $373.0K
NOI $22,380 @ 7.0% cap · market cap 6.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
470
Businesses Nearby
Explore this area
Business Placement
Demographics for 27615, NC
43,010
Population
20,681
Households
2.1
Avg Household Size
43
Median Age
64%
College-Educated
97%
High-School Grad
18.9 sq mi
ZIP Area
2,276
Density / Sq Mi
$107,051
Median Household Income
$60,661
Median Earnings
$1,533
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 - Move-in ready office condo offering a bright reception area and four private, windowed offices.
Where is this office units located?
The property is located at 7000 Harps Mill Road Raleigh, NC.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Move‑in ready brick office condo with a large, bright, open reception area; 4 spacious, light‑filled private offices with huge windows; Conference room with French entry doors and a dramatic glass wall
