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    3020 Carrington Mill Blvd Morrisville, NC 27560

    Sponsored
    For Lease
    $32 SF/Yr

    Prestigious Morrisville Office Space Available

    Lot size:
    209,657 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    399
    Perimeter Two, a Class A, five-story office building in Morrisville, NC, offers 209,657 square feet of executive office space. Built in 2014, this stunning property boasts a park-like setting with walking trails and is conveniently located off I-40 and I-540, providing easy access to Raleigh-Durham International Airport, Chapel Hill, Durham, and Raleigh. Currently, 151,478 square feet of space is available, with options ranging from 5,491 square feet to a maximum contiguous space of 42,658 square feet. The building features multiple tenancies, allowing for flexibility in space requirements. The property is situated in Wake County, at 3020 Carrington Mill Blvd, Morrisville, NC 27560, and is surrounded by hotels, retail, and restaurants, with further amenities planned for future development. Significant renovations are currently underway, including expansive lobby upgrades and a patio refresh, enhancing the already impressive aesthetic and functionality of this prime office location. This exceptional property presents a unique opportunity for businesses seeking a modern, well-located, and amenity-rich workspace in a thriving area. The minimum divisible space is 5,491 square feet.

    Property Features for 3020 Carrington Mill Blvd

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    209,657 SF
    Class
    A
    Total Rate
    559085.33

    Building Details

    Year Built
    2014
    Stories
    5

    Unit(s) available at that property

    Space
    Suite 100
    Size
    20,714 SF
    Rate per SF
    $32
    Space
    Suite 150
    Size
    11,853 SF
    Rate per SF
    $32
    Space
    Suite 185
    Size
    5,545 SF
    Rate per SF
    $32
    Space
    2nd Floor
    Size
    42,658 SF
    Rate per SF
    $32
    Space
    Suite 400
    Size
    22,050 SF
    Rate per SF
    $32
    Space
    Suite 450
    Size
    5,491 SF
    Rate per SF
    $32
    Space
    5th Floor -
    Size
    43,167 SF
    Rate per SF
    $32

    HighLights

    • Highly efficient floor plans with high ceilings.
    • Modern glass facade.
    • On‑site wellness center.
    • Extensive landscaping and ample parking.
    • Convenient proximity to park amenities.
    • Abundant nearby retail and dining.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Hair Salon Clothing Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Morrisville
    County
    Wake
    State
    North Carolina
    Longitude
    -78.83378
    Latitude
    35.8633344

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    FAQs

    What type of property is this?
    Office Property / Space - Prestigious Morrisville Office Space Available
    Where is this office property / space located?
    The property is located at 3020 Carrington Mill Blvd Morrisville, NC.
    What is the lease rate?
    The lease rate is $32 SF/Yr.
    What are key features of this property?
    This property features: Highly efficient floor plans with high ceilings.; Modern glass facade.; On-site wellness center.
    Request Owner's contact information
    3020 Carrington Mill Blvd Morrisville, NC 27560
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3020 Carrington Mill Blvd Morrisville, NC 27560
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