Brick Office Condo with
For Sale
$370,000
Pending
7000 Harps Mill Road, Raleigh, NC 27615
Commercial Sale, Raleigh, NC
Property Size1,176 SF
Days on Market112
Property Features for 7000 Harps Mill Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OX-3
Security features
Security System
Interior features
Bookcases, Built-in Features, Crown Molding, High Speed Internet, Quartz Counters, Recessed Lighting, Storage, Walk-In Closet(s), Wet Bar
Appliances
Bar Fridge, Water Heater
Lot features
City Lot
Standard status
Pending
APN
1717053471
Size
1,176 SF
Taxes and HOA fees
Tax Year
2023
Tax Description
7000 HARPS MILL OFFICE CONDO UN203
Tax Annual Amount
2135
Legal Description
7000 HARPS MILL OFFICE CONDO UN203
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2000
Flooring type
Tile, Carpet
Building materials
Brick
Additional Structures
Storage
Listing Agency:
Coldwell Banker HPW · Coldwell Banker Real Estate
(919) 847-6767
Listed By:
Kathy Beacham · License #163225
(919) 632-1807
Added: May 3
Changed: Aug 19
Last Checked: Aug 22 at 2:06PM
MLS# 10164563
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This brick office condo offers a bright, open reception area and well-defined work spaces designed for everyday client and team use. The layout includes three spacious light-filled work areas plus two private offices with large windows, along with a conference room featuring French entry doors and a dramatic glass wall. A kitchenette/break area includes a quartz counter and backsplash, refrigerator, sink, and cabinetry. The interior also features a storage room, a powder room with a tile floor and vanity, and concrete floors. The space is heated with electric heat and cooled with central air.
Built in 2000, the property is served by public water and public sewer and includes a newer roof. On-site parking is available, and the location is close to I-540, as well as nearby dining and shopping.
If additional space is needed, an adjoining office condo is also available.
Built in 2000, the property is served by public water and public sewer and includes a newer roof. On-site parking is available, and the location is close to I-540, as well as nearby dining and shopping.
If additional space is needed, an adjoining office condo is also available.
Key Highlights
- 1,176 SF office condo with an open reception area
- Brick construction with concrete floors
- OX‑3 zoning; built in 2000
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
$15,418
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
4.17%
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%
$308,360
$308.4K
Cap Rate 7%
$220,257
$220.3K
Cap Rate 9%
$171,311
$171.3K
Market Conditions
NOI Build-Up for 1,176 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
$26.4K $22.44/SF
− Vacancy
−$5.8K −$4.96/SF
EGI
$20.6K $17.48/SF
− OpEx
−$5.1K −$4.37/SF
NOI
$15.4K $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%
$308,360
Cap Rate 7%
$220,257
Cap Rate 9%
$171,311
Alternative Uses
Best Use
Office B
$220.3K
$192.7K – $257.0K
NOI $15,418 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$318.1K
$278.3K – $371.1K
NOI $22,266 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Yes
Highway access
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 - Single office condo featuring a bright reception area, central air, electric heat, and OX-3 zoning in Raleigh.
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: 1,176 SF office condo with an open reception area; Brick construction with concrete floors; OX‑3 zoning; built in 2000
