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Listed by Gillooly & Associates Realty
$ 3,495,000
Est. payment | /mo
8,068 SqFt
$ 3,495,000
Est. payment | /mo
8,068 SqFt
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Square Footage 8,068 sqft
Price per Sqft $433
MLS Listing ID 10189819
HOA Y/N No
Year Built 2016
Annual Tax Amount $27,878
Lot Size 1.790 Acres
Acres 1.79
Lot Dimensions 397 x 40 x 165 x 436
Property Sub-Type Office
Source Doorify MLS
Land Area 8068
Property Description
Prime commercial opportunity to acquire the entire two-story, 8,068 SF office building at 701 Mutual Court in North Raleigh. The property combines immediate income from the fully leased first floor with substantial owner-user and value-add potential through completing and leasing up the vacant second floor. The building consists of two approximately 4,034 SF floors with spacious entry lobbies and elevator access to the second floor. Suite 100 encompasses the entire 4,034 SF first floor and is fully leased to Alpha Male Wellness, LLC. The initial lease term runs through July 20, 2030, with one additional 5-year renewal option. Current scheduled base rent is approximately $10,906.93/month, or $130,883.13 annually, with 3% annual rent escalations. In addition to base rent, the tenant is responsible for a 50% proportionate share of applicable taxes, insurance, and common area/property operating expenses, subject to annual reconciliation. The lease originally estimated these reimbursements at approximately $1,176.58/month. Suite 200 encompasses the entire 4,034 SF second floor and is vacant and ready for customization, offering an excellent opportunity for a new tenant, owner-user, or investor seeking additional rental income. The space is in vanilla-box condition. Remaining work includes sheetrock repairs and interior painting; completing the center conference room using existing steel studs; installing two full bathrooms; installing glass panels in several offices facing the waiting area; and completing HVAC ductwork and related components. The existing Suite 200 layout includes four large offices along the right side, a large open reception/waiting area at the front lobby entrance, a large conference room behind the waiting area, three additional offices along the left side, a centrally located break room, and designated space for two bathrooms in the rear center. Suite 200 was previously occupied by Union Bank. Bank use is prohibited until December 31, 2028. Excellent North Raleigh location just off Falls of Neuse Road and Strickland Road with convenient access to I-540 and major Triangle destinations. Approximately 1 mile to I-540, 9 miles to Downtown Raleigh, 12.6 miles to RDU International Airport, and 0.1 mile to Bent Tree Plaza for grocery, restaurants, retail, and services. GoRaleigh Route 2 bus service is located nearby at Falls of Neuse Road and Strickland Road. The surrounding corridor carries approximately 15,000 vehicles per day on Strickland Road and approximately 32,000 vehicles per day on Falls of Neuse Road near the intersection. Area demographics include approximately 68,972 residents and 31,015 households within a 3-mile radius, with a median home value of approximately $401,515 within a 2-mile radius. Wake County tax value for the entire building is $3,196,680. Parcel ID 1708908294. Zoned OX-4, Office Mixed Use, offering flexibility for professional office, medical, dental, health services, and other permitted commercial uses. Annual HOA dues are $2,500 for the entire building. Electricity averages approximately $1,073/month, and Wake County property taxes are approximately $27,878.24 annually. 701 Mutual Court offers existing income, built-in rental growth, and significant upside through occupancy or lease-up of the vacant second floor. Ideal for an investor, owner-user, or hybrid owner-user strategy in a high-growth North Raleigh and Research Triangle location. Schedule your showing today.
Location
State NC
County Wake
Area 1.79
Zoning OX-4
Interior
Interior Features Elevator
Cooling Central Air
Flooring Concrete
Fireplace No
Exterior
Garage Spaces 26.0
Utilities Available Electricity Connected, Sewer Connected, Water Connected
Roof Type Rubber, Membrane
Total Parking Spaces 26
Garage No
Building
Lot Description Cul-De-Sac, Landscaped, Near Public Transit, Paved
Water Public
New Construction No
Others
Tax ID 170820908294000 0214098
Acceptable Financing Cash, Conventional, 1031 Exchange
Listing Terms Cash, Conventional, 1031 Exchange
Schools and Properties Nearby
Learn More About LPT Realty
Meagan Black
License ID: 334577