Two-Story Office
For Sale
$3,495,000
701 Mutual Court #100 200, Raleigh, NC 27615
OX-4 zoning supports office, medical, dental, health services and other permitted commercial uses.
Property Size8,068 SF
Price / SF$433.19
Days on Market63
Property Features for 701 Mutual Court #100 200
General Information
Standard status
Active
Size
8,068 SF
Total Parking Spaces
26
Elevators
Yes
Property subtype
Commercial
Zoning
OX-4
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
HOA Fee
$208.33
Office Units
2
Tenant in Place
Yes
Property Use
Office
Taxes and HOA fees
Annual Taxes
$27,878
Amenities
Elevator
Building Details
Building Size
8,068 SF
Year Built
2016
Buildings
1
Stories
2
Listing Agency:
Gillooly & Associates Realty
Listed By:
Steve Gillooly · License #NC 246861
(919) 612-9885
Source:
Dwellraleigh
Added: Aug 29
Changed: Oct 30
Last Checked: Oct 29 at 6:28PM
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 Gillooly & Associates Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 8,068-square-foot office property, built in 2016, has two floors of approximately 4,034 square feet each, with lobby areas and elevator access to the upper level. The first floor is fully leased through July 20, 2030, with one five-year renewal option and 3% annual rent escalations. The second floor is vacant and in vanilla-box condition. Its existing layout includes seven offices, a reception and waiting area, a conference room, and a break room; remaining work includes interior finishes, bathrooms, glass panels, and HVAC components. Bank use is prohibited until December 31, 2028.
At 701 Mutual Court in North Raleigh, the property is near Falls of Neuse Road and Strickland Road, with access to I-540 approximately 1 mile away. Downtown Raleigh is 9 miles away, RDU International Airport is 12.6 miles away, and Bent Tree Plaza is 0.1 mile away. Nearby GoRaleigh Route 2 service stops at Falls of Neuse Road and Strickland Road. Reported daily traffic is approximately 15,000 vehicles on Strickland Road and 32,000 on Falls of Neuse Road near the intersection. The property is zoned OX-4, Office Mixed Use.
At 701 Mutual Court in North Raleigh, the property is near Falls of Neuse Road and Strickland Road, with access to I-540 approximately 1 mile away. Downtown Raleigh is 9 miles away, RDU International Airport is 12.6 miles away, and Bent Tree Plaza is 0.1 mile away. Nearby GoRaleigh Route 2 service stops at Falls of Neuse Road and Strickland Road. Reported daily traffic is approximately 15,000 vehicles on Strickland Road and 32,000 on Falls of Neuse Road near the intersection. The property is zoned OX-4, Office Mixed Use.
Key Highlights
- 8,068‑square‑foot office building with two approximately 4,034‑square‑foot floors
- First floor fully leased through July 20, 2030, with one additional 5‑year renewal option and 3% annual escalations
- Vacant second floor has seven offices, a reception and waiting area, conference room, and break room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$105,776
Cap Rate
3.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,115,520
$2.1M
Cap Rate 7%
$1,511,086
$1.5M
Cap Rate 9%
$1,175,289
$1.2M
Market Conditions
NOI Build-Up for 8,068 SF
Gross rent
$181.0K $22.44/SF
− Vacancy
−$40.0K −$4.96/SF
EGI
$141.0K $17.48/SF
− OpEx
−$35.3K −$4.37/SF
NOI
$105.8K $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 Rate 5%
$2,115,520
Cap Rate 7%
$1,511,086
Cap Rate 9%
$1,175,289
Alternative Uses
Best Use
Office B
$1.51M
$1.32M – $1.76M
NOI $105,776 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.18M
$1.91M – $2.55M
NOI $152,760 @ 7.0% cap · market cap 4.37%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,078
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
Frequently Asked Questions
What type of property is this?
Office building - OX-4 zoning supports office, medical, dental, health services and other permitted commercial uses.
Where is this office building located?
The property is located at 701 Mutual Court #100 200 Raleigh, NC.
What is the asking price?
The asking price for this property is $3,495,000.
What are key features of this property?
This property features: 8,068‑square‑foot office building with two approximately 4,034‑square‑foot floors; First floor fully leased through July 20, 2030, with one additional 5‑year renewal option and 3% annual escalations; Vacant second floor has seven offices, a reception and waiting area, conference room, and break room
