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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1500 Sunday Dr Raleigh, NC 27607

    • Office buildings
    • 62,916 SF
    • 2.95 lot acres
    For Lease
    View listing
    $27 SF/Yr
    Last Sale
    Jul 20, 2022
    $14,600,000
    Value Estimations
    $14,450,000
    Cap Rate Potential
    6.5%
    Office buildings
    Location Intelligence
    Property ID
    US53-5419340
    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

    • Dr. Megan Webster / Physician
    • Dylan Proctor - Mutual of Omaha Advisor / Insurance Agency
    • Cory Walker - Mutual of Omaha / Insurance Agency
    • Anatomical Pathology Patient Interest Association / Medical Clinic
    • HCM Society / Charitable Organization / Social Service Agency

    Property Details for 1500 Sunday Dr

    Year built
    2000
    Construction
    BRICK
    Lot size
    2.95 lot acres
    Property size
    62,916 SF
    Zone code
    IX-3
    Property type
    Office buildings
    APN
    0774.12-96-6087 0243021
    APU
    774129660870243021

    Description

    Sunday Drive in Raleigh, NC, offers exceptional Class A executive office space within a well-established office park. This prestigious building, constructed in 2000, boasts a total of 61,227 square feet and currently has 9,176 square feet of vacant space available for lease. Multiple tenancy options are available, with spaces ranging from a minimum of 1,975 square feet to a maximum contiguous space of 4,567 square feet, providing flexibility for businesses of various sizes. The property is located at 1500 Sunday Dr, Raleigh, NC 27607, in Wake County, offering convenient access to the city's amenities and transportation networks. The building's "A" classification signifies its high-quality construction, modern amenities, and desirable location. This presents a unique opportunity for businesses seeking a prestigious and functional workspace in a thriving area. The available space is ideal for companies looking to establish a strong presence in Raleigh's dynamic business environment. Interested parties are encouraged to inquire about lease terms and availability for these exceptional executive office suites.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $14,305,000
      ML approach
      $9,675,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $15,495,000
      6.5%
      $14,305,000
      7%
      $13,280,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $11,274,000
      Market price range: $7.94M - $18.0M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $13,005,000
      Current use
      COMMERCIAL (GENERAL)
      $20,405,000
      Change: +57% Conversion: Easy
      MEDICAL BUILDING
      $19,840,000
      Change: +53% Conversion: Easy
      AUTO REPAIR, GARAGE
      $18,550,000
      Change: +43% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Raleigh
    County
    Wake
    State
    North Carolina
    Longitude
    -78.7313
    Latitude
    35.7991
    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
    $105,307
    $1,538,169
    $8,122,983
    $9,661,152
    -
    $1,538,169
    $8,122,983
    $9,661,152

    Comparable in this City

    • Value Estimation
      $6,150,000
      26,858 SF

      250 Hospice Cir

      OFFICE BUILDING • 26,858 SF
      250 Hospice Cir, Raleigh, NC 27607-6372
      View Details
    • Value Estimation
      $42,340,000
      211,080 SF

      5438 Wade Park Blvd

      OFFICE BUILDING (MULTI-STORY) • 211,080 SF
      5438 Wade Park Blvd, Raleigh, NC 27607-3648
      View Details
    • Value Estimation
      $2,950,000
      12,850 SF

      4600 Trinity Rd

      OFFICE BUILDING • 12,850 SF
      4600 Trinity Rd, Raleigh, NC 27607-3924
      View Details
    • Value Estimation
      $1,135,000
      10,483 SF

      7424 Chapel Hl Rd

      OFFICE BUILDING • 10,483 SF
      7424 Chapel Hl Rd, Raleigh, NC 27607-5032
      View Details
    • Value Estimation
      $1,555,000
      6,793 SF

      6505 Chapel Hl Rd

      OFFICE BUILDING • 6,793 SF
      6505 Chapel Hl Rd, Raleigh, NC 27607
      View Details
    • Value Estimation
      $905,000
      3,944 SF

      4005 District Dr

      OFFICE BUILDING • 3,944 SF
      4005 District Dr, Raleigh, NC 27607-6471
      View Details

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      Historic Brick Warehouse Near I-440

      Historic brick warehouse near I-440, walkable amenities, and universities.
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    • $1,250,000
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      Prime Land Near NC State

      Investment opportunity near NC State University with redevelopment potential.
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      Residential Land in Prime Location

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    Similar Nearby for Lease

    • $18 SF/Yr
      6,375 SF

      Raleigh Executive Office Suite

      Prime Raleigh location, 6,375 sq ft.
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      View Details
    • $29 SF/Yr
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      Arena Centre Executive Suites

      Raleigh, NC Class A Office Space Available
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      View Details
    • $35 SF/Yr
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      Rexwoods V Medical Office Space

      Raleigh, NC medical office building with 15,870 SF available.
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      View Details
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      Raleigh Medical Office Space for Lease

      Class A medical office suites in prime Raleigh location.
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      Rexwoods III Medical Office Space

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      Medical Office Space, Raleigh, NC

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      View Details
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    1500 Sunday Dr
    Raleigh, NC 27607
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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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