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    Walnut Street Cary, NC 27511

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    For Lease
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    Office and retail spaces for lease in downtown Cary.

    Type:Retail, Office
    Added:
    Nov 28, 2019
    Days on Market:
    2333
    Last Refresh:
    Mar 17 at 1:16 pm

    Property Features for Walnut Street

    General Information

    Standard status
    Active
    Property subtype
    Retail, Office

    Spaces For Lease

    at Walnut Street Contact us

    Phase II - Suite 103 $32 /Mo

    Size
    2,181 SF
    Type
    Retail
    Contact us

    Fifth Floor Terrace $32 /Mo

    Size
    3,214 SF
    Type
    Retail
    Contact us

    Phase II - Suite 101 $32 /Mo

    Size
    4,000 SF
    Type
    Retail
    Contact us

    Phase II - Suite 104 $32 /Mo

    Size
    2,502 SF
    Type
    Retail
    Contact us

    Phase I - Suite 123 $32 /Mo

    Size
    5,908 SF
    Type
    Retail
    5,908 SF of retail for leasenBuilding signage availablenDirect access to ample parking...
    show more
    Contact us

    Phase II - Suite 100 $32 /Mo

    Size
    2,442 SF
    Type
    Retail
    Contact us

    Phase II - Suite 102 $32 /Mo

    Size
    3,884 SF
    Type
    Retail
    Contact us

    Phase II - Suite 511 $32 /Mo

    Size
    2,028 SF
    Type
    Retail
    Contact us
    Show more

    We can help!

    Listing Contact
    Brian Farmer
    Brian Farmer

    Listing agent Brian Farmer License #NC 183406

    Listing office Lee & Associates - Raleigh Durham

    Listing date Nov 28, 2019

    Source Crexi

    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 Lee & Associates - Raleigh Durham

    Overview

    New Office & Retail Development

    The Walker is a new office and retail development situated in downtown Cary, adjacent to the Town of Cary’s new seven-acre park and regional library. The property's location offers convenient access to various amenities. It is located 15 minutes from Research Triangle Park and Raleigh-Durham International Airport, and within walking distance of local restaurants, bakeries, parks, and art venues.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office properties & Spaces

    Similar Places Nearby

    • Office Depot Tech Services — 2011 Walnut St, Cary, NC 27518
    • CellXperts — 657 cary towne blvd, cary, nc 27511
    • Surazal Systems Inc. — 875 Walnut St, Cary, NC 27511
    • USmibn — 1601 Walnut St #101, Cary, NC 27511
    • Live Electronics and Services LLC — 1337 Buck Jones Rd, Raleigh, NC 27606

    Map

    City
    Cary
    County
    Wake
    State
    North Carolina
    Longitude
    -78.779238
    Latitude
    35.782142

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    FAQs

    What type of property is this?
    Office property - Office and retail spaces for lease in downtown Cary.
    Where is this office property located?
    The property is located at Walnut Street Cary, NC.
    What are key features of this property?
    This property features: Located in downtown Cary, adjacent to the Town of Cary’s new seven‑acre park and regional library.; New office & retail development.; 15 minutes from Research Triangle Park and Raleigh‑Durham International Airport.
    (919) 576-2503 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brian Farmer
    Brian Farmer
    Real Estate License ID: NC 183406
    Learn More
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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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