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    Property profile & analytics

    702 Oberlin Rd Raleigh, NC 27605-1102

    • Office buildings
    • 59,648 SF
    • 2.34 lot acres
    OFF-MARKET
    Last Sale
    Dec 30, 2021
    $12,750,000
    Value Estimations
    $11,955,000
    Show details
    Cap Rate Potential
    7.4%
    Office buildings
    Location Intelligence
    Property ID
    US53-2927757
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • The Patio at Oberlin / Hotel & Motel / Resort
    • OfficeFinder Raleigh / Real Estate Agency
    • Wilshire Insurance Co / Insurance Agency
    • UtilityInnovation Group / Production Facility
    • Halo Concierge Doctors Integrative Aesthetics & Wellness / Spa & Massage Center / Alternative Medicine Practice

    Property Details for 702 Oberlin Rd

    Year built
    1985
    Construction
    BRICK
    Lot size
    2.34 lot acres
    Property size
    59,648 SF
    Zone code
    OX-4
    Property type
    Office buildings
    APN
    1704.13-04-4011 0145743
    APU
    1704130440110145743

    Description

    This exceptional sublease opportunity presents a fully vacant 1,325 square foot Class A executive office suite at 702 Oberlin Road, Suite 200-B, in Raleigh, North Carolina, zip code 27605. The space is ideally situated near the Village District, offering unparalleled convenience and access to a vibrant array of shopping, dining, and entertainment options. The entire 1,325 square feet is available for immediate occupancy. This premium workspace boasts a full-service lease at a rate of $29.00 per rentable square foot. The property's Class A designation reflects its high-quality construction, modern amenities, and desirable location. The multiple tenancy structure within the building ensures a diverse and dynamic work environment. This is an excellent chance to secure a prime office space in a thriving Raleigh neighborhood. The property's location offers easy access to major transportation routes, making commuting a breeze. Don't miss this opportunity to establish your business in a prestigious and convenient location. Contact us today to schedule a viewing.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $11,980,000
      ML approach
      $10,195,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $14,690,000
      6.5%
      $13,560,000
      7%
      $12,590,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $10,504,000
      Market price range: $8.44M - $15.5M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $11,635,000
      Current use
      COMMERCIAL (GENERAL)
      $19,345,000
      Change: +66% Conversion: Easy
      MEDICAL BUILDING
      $18,810,000
      Change: +62% Conversion: Easy
      AUTO REPAIR, GARAGE
      $17,585,000
      Change: +51% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.6614
    Latitude
    35.7938
    CBSA code
    39580
    CBSA name
    RALEIGH-CARY, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $103,011
    $2,293,425
    $7,157,169
    $9,450,594
    -
    $2,293,425
    $7,157,169
    $9,450,594

    Comparable in this City

    • Value Estimation
      $2,080,000
      10,100 SF

      1506 Hillsborough St

      OFFICE BUILDING • 10,100 SF
      1506 Hillsborough St, Raleigh, NC 27605-1831
      View Details
    • Value Estimation
      $905,000
      5,540 SF

      1029 Wade Ave

      OFFICE BUILDING • 5,540 SF
      1029 Wade Ave, Raleigh, NC 27605-1158
      View Details
    • Value Estimation
      $1,165,000
      9,630 SF

      625 Oberlin Rd

      OFFICE BUILDING • 9,630 SF
      625 Oberlin Rd, Raleigh, NC 27605-1126
      View Details
    • Value Estimation
      $1,370,000
      6,424 SF

      1015 Wade Ave

      OFFICE BUILDING • 6,424 SF
      1015 Wade Ave, Raleigh, NC 27605-1158
      View Details
    • Value Estimation by Request
      2,430 SF

      1033 Wade Ave Ste, Unit 208

      OFFICE BUILDING • 2,430 SF
      1033 Wade Ave Ste, Raleigh, NC 27605-1155
      View Details
    • Value Estimation by Request
      1,350 SF

      875 Washington St, Unit B

      OFFICE BUILDING • 1,350 SF
      875 Washington St, Raleigh, NC 27605-3252
      View Details

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    • $800,000
      0.22 Acres

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      Rare redevelopment opportunity in historic Glenwood-Brooklyn neighborhood.
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    Similar Nearby for Lease

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      Prime Raleigh Executive Office Space

      12,784 SF Executive Office - Available Now
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      56,034 SF

      Raleigh Office Space for Rent

      Office spaces available within 30 days in Raleigh, NC.
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      Raleigh Office Space - St. Mary's St

      Prime Raleigh office/retail space available.
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    702 Oberlin Rd
    Raleigh, NC 27605-1102
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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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
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