Flex Space with Gym
For Sale
$4,899,000
B-4400 Old Poole Rd, Raleigh, NC 27610
Flexible commercial facility with offices, rooms, kitchen, storage, and restroom areas.
Property Size25,500 SF
Price / SF$192.12
Days on Market962
Property Features for B-4400 Old Poole Rd
General Information
Standard status
Active
Size
25,500 SF
Taxes and HOA fees
Annual Taxes
$62,143
Building Details
Buildings
1
Listing Agency:
Grason Realty, LLC
(919) 801-9662
Listed By:
Beverly Robinson · License #212379
(919) 801-9662
Source:
Exprealty
Added: Jan 11, 2024
Changed: Aug 29
Last Checked: Aug 29 at 8:44PM
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 Grason Realty, LLC
Investment Insights
Based on property information with market context.
Building B is a 25,500-square-foot flex facility in a rural setting, with a varied interior layout suited to multiple commercial applications. The property includes 3 single offices, 1 triple-sized room, 3 double-sized rooms, and 4 single-sized rooms, along with kitchen space, a storage room, and multi-stall and single-stall restrooms.
Approximately 10,000 square feet is configured as gym area. Potential uses identified for the facility include workout space, a photo studio, flex workspace, private events, after-school programs, and school operations. The offering includes Building B only; the campus contains two buildings. Rooms and the full building are available for lease, while Building B is offered for sale.
Approximately 10,000 square feet is configured as gym area. Potential uses identified for the facility include workout space, a photo studio, flex workspace, private events, after-school programs, and school operations. The offering includes Building B only; the campus contains two buildings. Rooms and the full building are available for lease, while Building B is offered for sale.
Key Highlights
- 25, 000 sq ft facility with approximately 10, 000 sq ft of gym area
- Building B is the sole building included in the sale
- Interior includes 3 single offices, 1 triple‑sized room, 3 double‑sized rooms, and 4 single‑sized rooms
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
$376,160
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
7.68%
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%
$7,523,200
$7.5M
Cap Rate 7%
$5,373,714
$5.4M
Cap Rate 9%
$4,179,556
$4.2M
Market Conditions
NOI Build-Up for 25,500 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
$602.8K $23.64/SF
− Vacancy
−$101.3K −$3.97/SF
EGI
$501.5K $19.67/SF
− OpEx
−$125.4K −$4.92/SF
NOI
$376.2K $14.75/SF
Area
ZIP 27610
Vacancy
16.80%
Lease Rate
$23.64 /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%
$7,523,200
Cap Rate 7%
$5,373,714
Cap Rate 9%
$4,179,556
Alternative Uses
Best Use
Office B
$5.37M
$4.70M – $6.27M
NOI $376,160 @ 7.0% cap · market cap 7.68%
Second Best
Industrial
$3.36M
$2.94M – $3.92M
NOI $235,016 @ 7.0% cap · market cap 4.80%
Theoretical Best
Specialty Retail
$7.48M
$6.54M – $8.72M
NOI $523,260 @ 7.0% cap · market cap 10.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
249
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
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?
Flex space - Flexible commercial facility with offices, rooms, kitchen, storage, and restroom areas.
Where is this flex space located?
The property is located at B-4400 Old Poole Rd Raleigh, NC.
What is the asking price?
The asking price for this property is $4,899,000.
What are key features of this property?
This property features: 25, 000 sq ft facility with approximately 10, 000 sq ft of gym area; Building B is the sole building included in the sale; Interior includes 3 single offices, 1 triple‑sized room, 3 double‑sized rooms, and 4 single‑sized rooms
