Second-Floor Office
For Sale
$1,650,000
701 Mutual, Raleigh, NC 27615
Available Suite 200 offers a large, open-plan foundation with offices and a conference room for build-out.
Property Size4,034 SF
Price / SF$409.02
Days on Market254
Property Features for 701 Mutual
General Information
Standard status
Active
Size
4,034 SF
Property subtype
Commercial
Zoning
OX-4
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$27,878
Amenities
Central air
Accessible Approach with Ramp
Accessible Common Area
Accessible Elevator Installed
Accessible Hallway(s)
Central Air Cooling
Concrete Flooring
Corner
Cul-de-sac
Few Trees
Forced Air Heating
Near Public Transit
Open Lot
Paved
Building Details
Year Built
2016
Listing Agency:
GILLOOLY & ASSOCIATES REALTY
(919) 612-9885
Listed By:
STEVE GILLOOLY
Source:
Corcoran
Added: Dec 2, 2025
Changed: Aug 7
Last Checked: Aug 12 at 7:45AM
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
Investment Insights
Based on property information with market context.
Suite 200 is the second-floor office portion available for sale in a multi-tenant building totaling 8,068 square feet. The suite comprises 4,034 square feet and is delivered in “vanilla box” condition, requiring a full interior build-out. The space needs sheetrock repair and interior paint, completion of a framed conference room including sheetrock and doors, and installation of two bathrooms in the rear center of the suite. Additional work includes adding interior glass to several offices facing the waiting area and finishing HVAC distribution such as ductwork.
The existing layout includes a spacious open lobby and waiting area at the entrance, with a large conference room behind the waiting area. Office configuration is supported by four large offices on the right side and three large offices on the left side, along with a framed break room located on the left-center of the space. The building provides large lobbies and elevator access.
The property is located in North Raleigh just off Falls of Neuse Road and Strickland Road, with easy access to Highway 540, Downtown Raleigh, and RDU International Airport. The parcel is zoned OX-4 (Office Mixed Use). Bank use is restricted until December 18, 2028, which may be relevant for prospective occupancies given the suite’s prior use. Suite 200 is well suited for an owner-user looking to customize from the ground up or an investor seeking a second-floor office space that can be finished to tenant specifications.
The existing layout includes a spacious open lobby and waiting area at the entrance, with a large conference room behind the waiting area. Office configuration is supported by four large offices on the right side and three large offices on the left side, along with a framed break room located on the left-center of the space. The building provides large lobbies and elevator access.
The property is located in North Raleigh just off Falls of Neuse Road and Strickland Road, with easy access to Highway 540, Downtown Raleigh, and RDU International Airport. The parcel is zoned OX-4 (Office Mixed Use). Bank use is restricted until December 18, 2028, which may be relevant for prospective occupancies given the suite’s prior use. Suite 200 is well suited for an owner-user looking to customize from the ground up or an investor seeking a second-floor office space that can be finished to tenant specifications.
Key Highlights
- 2016‑built office building at 701 Mutual Court; Suite 200 (2nd floor) is the only space for sale
- Suite 200 offers 4,034 SF available for customization and build‑out; currently in vanilla box condition
- Existing layout includes open lobby and waiting area, large conference room, four large offices (right), three large offices (left), and a framed break room
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
$52,888
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
3.21%
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%
$1,057,760
$1.1M
Cap Rate 7%
$755,543
$755.5K
Cap Rate 9%
$587,644
$587.6K
Market Conditions
NOI Build-Up for 4,034 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
$90.5K $22.44/SF
− Vacancy
−$20.0K −$4.96/SF
EGI
$70.5K $17.48/SF
− OpEx
−$17.6K −$4.37/SF
NOI
$52.9K $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%
$1,057,760
Cap Rate 7%
$755,543
Cap Rate 9%
$587,644
Alternative Uses
Best Use
Office B
$755.5K
$661.1K – $881.5K
NOI $52,888 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$954.8K – $1.27M
NOI $76,380 @ 7.0% cap · market cap 4.63%
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
831
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 - Available Suite 200 offers a large, open-plan foundation with offices and a conference room for build-out.
Where is this office units located?
The property is located at 701 Mutual Raleigh, NC.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: 2016‑built office building at 701 Mutual Court; Suite 200 (2nd floor) is the only space for sale; Suite 200 offers 4,034 SF available for customization and build‑out; currently in vanilla box condition; Existing layout includes open lobby and waiting area, large conference room, four large offices (right), three large offices (left), and a framed break room
