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701 Mutual CT, Raleigh, NC 27615
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701 Mutual CT, Raleigh, NC 27615
701 Mutual CT, Raleigh, NC 27615
701 Mutual CT, Raleigh, NC 27615
701 Mutual CT, Raleigh, NC 27615
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Tamisha Lane

Tamisha Lane

+1(919) 866-9302
Listed by Gillooly & Associates Realty
$ 3,495,000
Est. payment /mo
Save
Active

701 Mutual CT Raleigh, NC 27615

8,068 SqFt

UPDATED:

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

Doorify MLS
Tamisha Lane
Tamisha Lane

Principal Broker | Broker-in-Charge | Owner License ID: 327561

+1(919) 866-9302 | tamishalane@auraliaresidential.com

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701 Mutual CT