Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1500 Perimeter Park Dr Morrisville, NC 27560

    • Office buildings
    • 80,374 SF
    • 5.47 lot acres
    For Lease
    View listing
    $26 SF/Yr
    Last Sale
    Nov 18, 2020
    $11,909,500
    Value Estimations
    $17,040,000
    Cap Rate Potential
    9.9%
    Office buildings
    Location Intelligence
    Property ID
    US53-2104079
    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

    • Office buildings

    Property Details for 1500 Perimeter Park Dr

    Year built
    1995
    Construction
    BRICK
    Lot size
    5.47 lot acres
    Property size
    80,374 SF
    Zone code
    OI
    Property type
    Office buildings
    APN
    0756.01-05-9486 0219492
    APU
    756010594860219492

    Description

    This exceptional Class A office building, situated in the desirable RTP/I-40 Corridor of Wake County, offers multiple executive office suites for lease. The three-story building, constructed in 1996, boasts a total of 80,067 square feet, with a significant 57,656 square feet currently vacant. Spaces range from a minimum of 12,486 square feet to a maximum contiguous area of 28,103 square feet, providing flexibility for businesses of various sizes. The property features an upscale lobby and common areas, designed for efficiency and functionality. Its corporate park setting offers a professional and appealing environment. Conveniently located off I-40 and I-540, it's just three minutes from Raleigh-Durham International Airport, ensuring easy access for clients and employees. On-site amenities include a fitness center, a conference center, and walking trails, enhancing the workplace experience. The building's location also benefits from the proximity of over 50 restaurants and retailers, providing ample dining and shopping options. The property is managed by a responsive and proactive on-site team, ensuring a seamless and positive experience for tenants. This is a prime opportunity to secure high-quality office space in a thriving business community.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $15,245,000
      ML approach
      $12,200,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $25,130,000
      6.5%
      $23,200,000
      7%
      $21,540,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $16,659,000
      Market price range: $12.6M - $22.4M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $17,130,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Morrisville
    County
    Wake
    State
    North Carolina
    Longitude
    -78.8281
    Latitude
    35.8529
    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
    $145,195
    $1,906,184
    $11,875,175
    $13,781,359
    -
    $1,906,184
    $11,875,175
    $13,781,359

    Comparable in this City

    • Value Estimation
      $295,000
      10,164 SF

      2950 Gtwy Ctr Blvd

      OFFICE BUILDING • 10,164 SF
      2950 Gtwy Ctr Blvd, Morrisville, NC 27560-9615
      View Details
    • Value Estimation
      $875,000
      215,612 SF

      7301 Kit Crk Rd

      OFFICE BUILDING • 215,612 SF
      7301 Kit Crk Rd, Morrisville, NC 27560
      View Details
    • Value Estimation
      $765,000
      124,326 SF

      7025 Kit Crk Rd, Unit 5

      OFFICE BUILDING • 124,326 SF
      7025 Kit Crk Rd, Morrisville, NC 27560-9741
      View Details
    • Value Estimation
      $160,000
      301 SF

      251 Airgate Dr

      OFFICE BUILDING • 301 SF
      251 Airgate Dr, Morrisville, NC 27560-8494
      View Details
    • Value Estimation
      $480,000
      2,914 SF

      902 Church St

      OFFICE BUILDING • 2,914 SF
      902 Church St, Morrisville, NC 27560-9322
      View Details
    • Value Estimation
      $410,000
      38,540 SF

      5000 Davis Dr

      OFFICE BUILDING • 38,540 SF
      5000 Davis Dr, Morrisville, NC 27560
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      73,614 SF

      Class A Office Building

      Three-story office building convenient to RTP, Raleigh, Durham, and RDU.
      101 J Morris Commons Ln, Cary, NC 27560
      View Details
    • $4,500,000
      19,600 SF

      Gateway Centre Blvd Office Building

      Morrisville, NC Office/Lab Space - $4.5M
      3500 Gateway Centre Blvd, Morrisville, NC 27560
      View Details
    • Contact for pricing
      4.59 Acres

      NC Hwy 54 Mixed-Use Opportunity

      Prime Morrisville location, 33,000 SF, 4.58 acres
      5802 Miami Blvd, Morrisville, NC 27560
      View Details
    • Contact for pricing
      33 SF

      Retail and Office Development Site

      Approved site for 33,000 SF retail and office development.
      5802 S Miami Blvd, Morrisville, NC 27560
      View Details
    • $2,150,000
      8,000 SF

      Dominion Drive Office Building

      8,000 SF Flex Office Space in Morrisville, NC
      250 Dominion Dr, Morrisville, NC 27560
      View Details
    • Contact for pricing
      35,350 SF

      Morrisville Office Building - Class A

      35,350 SF Office, Prime Location, Vacant
      703 Slater Rd, Morrisville, NC 27560
      View Details

    Similar Nearby for Lease

    • $30 SF/Yr
      97,893 SF

      Class A Office Building

      Three-story office building near Raleigh-Durham International Airport.
      3300 Paramount Pkwy, Morrisville, NC 27560
      View Details
    • Contact for pricing
      200,000 SF

      Modern Office Space for Lease

      Up to 200,000 SF available in Perimeter Park.
      1015 Sync St, Morrisville, NC 27560
      View Details
    • $26 SF/Yr
      80,067 SF

      Perimeter Park Executive Suites

      Class A Office Space, RTP Corridor
      1500 Perimeter Park Dr, Morrisville, NC 27560
      View Details
    • $32 SF/Yr
      209,657 SF

      Perimeter Two Executive Offices

      Prestigious Morrisville Office Space Available
      3020 Carrington Mill Blvd, Morrisville, NC 27560
      View Details
    • $27 SF/Yr
      57,757 SF

      Prime Morrisville Executive Suites

      Class A Office Space, Newly Renovated
      630 Davis Dr, Morrisville, NC 27560
      View Details
    • $16 SF/Yr
      4,608 SF

      Morrisville Executive Office Space

      Modern Flex Space, 2310 sq ft Available
      0 1101Aviation Pkwy, Morrisville, NC 27560
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1500 Perimeter Park Dr
    Morrisville, NC 27560
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.