Furnished Office
For Sale
$370,000
7000 Harps Mill Rd Unit 203, Raleigh, NC 27615
Brick office condo with furnished work areas, conference room, kitchenette, storage, and on-site parking.
Property Size1,176 SF
Price / SF$314.63
Days on Market32
Property Features for 7000 Harps Mill Rd Unit 203
General Information
Standard status
Active
Size
1,176 SF
Additional Details
Furnished
Yes
Highway Access
Yes
Building Details
Year Built
2000
Construction
brick
Listing Agency:
Coldwell Banker HPW
(919) 632-1807
Listed By:
Kathy Beacham · License #163225
Source:
Rubyhenderson
Added: Jul 30
Changed: Aug 29
Last Checked: Aug 29 at 5:41PM
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 1,176-square-foot brick office condo offers a furnished, functional layout with an open reception area, three workspaces, two private offices, and a conference room enclosed by French entry doors and a glass wall. A kitchenette and break area include quartz counters, backsplash, refrigerator, sink, and cabinetry. The suite also has a storage room and a powder room with tile flooring and a furniture-style vanity. Concrete floors and a newer roof add to the property’s commercial construction profile.
The office is located at 7000 Harps Mill Rd Unit 203 in Raleigh, with access to I-540, dining, and shopping. On-site parking is provided, and the adjoining office condo is also available for users requiring additional space.
The office is located at 7000 Harps Mill Rd Unit 203 in Raleigh, with access to I-540, dining, and shopping. On-site parking is provided, and the adjoining office condo is also available for users requiring additional space.
Key Highlights
- 1,176 SF brick office condo
- Furnished layout with reception, 3 workspaces, 2 private offices, and conference room
- Kitchenette with quartz counters, refrigerator, sink, and cabinetry
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
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
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Frequently Asked Questions
What type of property is this?
Office units - Brick office condo with furnished work areas, conference room, kitchenette, storage, and on-site parking.
Where is this office units located?
The property is located at 7000 Harps Mill Rd Unit 203 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 brick office condo; Furnished layout with reception, 3 workspaces, 2 private offices, and conference room; Kitchenette with quartz counters, refrigerator, sink, and cabinetry
