New Retail Strip Center
For Sale
Contact for pricing
947 West Chatham Street, Cary, NC 27511
7,920 SF multi-tenant building in a thriving commercial market.
Property Size7,920 SF
Price / SF$75.76
Days on Market199
Property Features for 947 West Chatham Street
General Information
Standard status
Active
Size
7,920 SF
Property subtype
Retail, Office, Land
Zoning
OI
Investment Type
Redevelopment
Listing Agency:
CityPlat LLC
(919) 868-2007
Listed By:
Nikita Zhitov · License #NC 251529
Source:
Crexi
Added: Jan 24
Changed: Aug 11
Last Checked: Aug 11 at 7:05PM
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 CityPlat LLC
Investment Insights
Based on property information with market context.
Located in Cary, NC, this 7,920 SF multi-tenant building is a new retail strip center featuring 4 units, ideal for retail or office space. The property promises high visibility and steady foot traffic. The versatile layout provides flexibility for a range of businesses. The land is fully entitled and permit ready. The property is situated in one of Cary's most desirable commercial areas, placing businesses in the heart of a dynamic and fast-growing community. The surrounding area features an impressive mix of shopping, dining, and service destinations that draw steady foot and vehicle traffic. Nearby retail hubs such as Crossroads Plaza and Waverly Place offer additional customer attraction and visibility. With close proximity to major thoroughfares including US-1, 1-40, and Cary Parkway, the property is convenient for customers from across the Triangle. The property is surrounded by established neighborhoods with strong demographics, ensuring a reliable and engaged audience for a wide range of retail concepts. Continuous residential and commercial growth in Cary adds momentum to the area's increasing demand for quality retail and service offerings. High visibility and accessibility further enhance the property's appeal, making it ideal for businesses seeking a standout location. The nearby mix of entertainment venues, parks, and community amenities contributes to a lively atmosphere throughout the day.
Key Highlights
- Prime investment opportunity in the heart of Cary, NC.
- 7,920 SF new retail strip center featuring 4 units, ideal for retail or office space.**
- High visibility and steady foot traffic due to strategic location.
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
$50,590
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
8.43%
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%
$1,011,800
$1.0M
Cap Rate 7%
$722,714
$722.7K
Cap Rate 9%
$562,111
$562.1K
Market Conditions
NOI Build-Up for 7,920 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
$77.0K $9.72/SF
− Vacancy
−$4.7K −$0.59/SF
EGI
$72.3K $9.13/SF
− OpEx
−$21.7K −$2.74/SF
NOI
$50.6K $6.39/SF
Area
Cary, NC
Vacancy
6.12%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$1,011,800
Cap Rate 7%
$722,714
Cap Rate 9%
$562,111
Alternative Uses
Best Use
Retail
$722.7K
$632.4K – $843.2K
NOI $50,590 @ 7.0% cap · market cap 8.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,123 @ 7.0% cap · market cap 25.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,064
Businesses Nearby
10k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
6,515 visits/mo
0.4 miles
Napa Auto Parts
Shops & Services
2,192 visits/mo
0.4 miles
U-Haul
Shops & Services
1,695 visits/mo
0.5 miles
Demographics for 27511, NC
32,786
Population
14,359
Households
2.3
Avg Household Size
42
Median Age
58%
College-Educated
93%
High-School Grad
11.7 sq mi
ZIP Area
2,802
Density / Sq Mi
$104,072
Median Household Income
$50,778
Median Earnings
$1,436
Median Rent
$416,600
Median Home Value
Market
Vacancy Rate% for Retail 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?
Strip mall - 7,920 SF multi-tenant building in a thriving commercial market.
Where is this strip mall located?
The property is located at 947 West Chatham Street Cary, NC.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Prime investment opportunity in the heart of Cary, NC.; 7,920 SF new retail strip center featuring 4 units, ideal for retail or office space.**; High visibility and steady foot traffic due to strategic location.
