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140 Iowa Ln 3,000 SF Office Condo Unit Offered at $924,000 in Cary, NC 27511
Investment Highlights
- Quiet location with ground floor entry. Signage on Facade Directory. Parking directly in front of entry. 3 suites offer owner flexibility with Tenants
Executive Summary
Three (3) contiguous, ground level suites for sale with 3 leases in place. Great opportunity for Investor or Owner. (1,500 SF Tenant vacating unit 104 Feb 28,2027) Sale price: $924,000.00 / $308 RSF Association Dues: $ 882.86 month for 3,000 RSF. PPM Property Management Co. Real Estate Taxes for 2027: $5,834.05 Constructed in 1999. One owner/broker. Zoning O & i\I. $20,000 in renovations to units 101 & 102 in July 2025. Foyer updated. Located in Central Cary across from Goodwill, close to intersection of Kildaire Farm Rd and SW Maynard Rds.
1 Unit Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment or Owner User | Sale Conditions | Bulk/Portfolio Sale |
| No. Parking Spaces | 12 |
| Sale Type | Investment or Owner User |
| No. Parking Spaces | 12 |
| Sale Conditions | Bulk/Portfolio Sale |
Description
Rare opportunity to acquire an entire first-floor level in the Kilmayne Office Center . Located in Central Cary (across from Goodwill, near Kildaire Farm & SW Maynard Roads) , this property offers 3,000 RSF across three contiguous, fully leased units with personal guaranties in place .
1031 Exchange Highlights:
Turnkey Cash Flow: With Units 101 and 102 leased through August 2028 under modified gross terms with annual escalation clauses , this asset provides ideal stability for replacement property identification in a 1031 tax-deferred exchange.
Flexible Strategy: Perfect for an investor seeking steady rental income or an owner-occupant aiming to defer capital gains taxes now while preparing to occupy Suite 104 in early 2027 .
Key Financial & Property Details:
Price: $924,000 ($308/RSF)
Total Size: 3,000 RSF (Suites 101, 102, and 104)
Association Dues: $882.86 / month (covers all units)
2027 Real Estate Taxes: $5,834.05
Building Specs: Built in 1999 | Zoned O&I | Single owner/broker since construction
Recent Updates: $20,000 in updates completed in July 2025 (Units 101 & 102 foyer updated) ; new carpet in Unit 104 (2024).
Suite Breakdown:
Suite 101 (544 RSF): Leased to a tutoring firm through 8/31/28 . Modified gross market rate ($23–$24/RSF) with annual increases, one renewal option .
Suite 102 (956 RSF): Leased to a financial planner through 8/31/28 . Modified gross market rate ($23–$24/RSF) with annual increases, one renewal option .
Suite 104 (1,500 RSF): Leased to a physical therapy practice through 2/28/27 (tenant vacating) . Ideal for an owner-occupant looking to move in early 2027!
1031 Exchange Highlights:
Turnkey Cash Flow: With Units 101 and 102 leased through August 2028 under modified gross terms with annual escalation clauses , this asset provides ideal stability for replacement property identification in a 1031 tax-deferred exchange.
Flexible Strategy: Perfect for an investor seeking steady rental income or an owner-occupant aiming to defer capital gains taxes now while preparing to occupy Suite 104 in early 2027 .
Key Financial & Property Details:
Price: $924,000 ($308/RSF)
Total Size: 3,000 RSF (Suites 101, 102, and 104)
Association Dues: $882.86 / month (covers all units)
2027 Real Estate Taxes: $5,834.05
Building Specs: Built in 1999 | Zoned O&I | Single owner/broker since construction
Recent Updates: $20,000 in updates completed in July 2025 (Units 101 & 102 foyer updated) ; new carpet in Unit 104 (2024).
Suite Breakdown:
Suite 101 (544 RSF): Leased to a tutoring firm through 8/31/28 . Modified gross market rate ($23–$24/RSF) with annual increases, one renewal option .
Suite 102 (956 RSF): Leased to a financial planner through 8/31/28 . Modified gross market rate ($23–$24/RSF) with annual increases, one renewal option .
Suite 104 (1,500 RSF): Leased to a physical therapy practice through 2/28/27 (tenant vacating) . Ideal for an owner-occupant looking to move in early 2027!
Sale Notes
Great 1031 or Owner Occupant property under a Million dollars.Three adjacent units allowing for tenant growth. Locally managed by professional property management company. All leases have personal guarantees and Tenants vetted by the Owner/Broker.
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit 100 | 3,000 SF | Office | $924,000 ($308.00/SF) | - |
Unit 100
| Unit Size |
| 3,000 SF |
| Condo Use |
| Office |
| Price |
| $924,000 ($308.00/SF) |
| NOI |
| - |
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Unit 100
| Unit Size | 3,000 SF |
| Condo Use | Office |
| Price | $924,000 ($308.00/SF) |
| NOI | - |
| Sale Type | Investment or Owner User |
| No. Parking Spaces | 12 |
| Sale Conditions | Bulk/Portfolio Sale |
| Description | |
|
Rare opportunity to acquire an entire first-floor level in the Kilmayne Office Center . Located in Central Cary (across from Goodwill, near Kildaire Farm & SW Maynard Roads) , this property offers 3,000 RSF across three contiguous, fully leased units with personal guaranties in place . 1031 Exchange Highlights: Turnkey Cash Flow: With Units 101 and 102 leased through August 2028 under modified gross terms with annual escalation clauses , this asset provides ideal stability for replacement property identification in a 1031 tax-deferred exchange. Flexible Strategy: Perfect for an investor seeking steady rental income or an owner-occupant aiming to defer capital gains taxes now while preparing to occupy Suite 104 in early 2027 . Key Financial & Property Details: Price: $924,000 ($308/RSF) Total Size: 3,000 RSF (Suites 101, 102, and 104) Association Dues: $882.86 / month (covers all units) 2027 Real Estate Taxes: $5,834.05 Building Specs: Built in 1999 | Zoned O&I | Single owner/broker since construction Recent Updates: $20,000 in updates completed in July 2025 (Units 101 & 102 foyer updated) ; new carpet in Unit 104 (2024). Suite Breakdown: Suite 101 (544 RSF): Leased to a tutoring firm through 8/31/28 . Modified gross market rate ($23–$24/RSF) with annual increases, one renewal option . Suite 102 (956 RSF): Leased to a financial planner through 8/31/28 . Modified gross market rate ($23–$24/RSF) with annual increases, one renewal option . Suite 104 (1,500 RSF): Leased to a physical therapy practice through 2/28/27 (tenant vacating) . Ideal for an owner-occupant looking to move in early 2027! |
|
| Sale Notes | |
| Great 1031 or Owner Occupant property under a Million dollars.Three adjacent units allowing for tenant growth. Locally managed by professional property management company. All leases have personal guarantees and Tenants vetted by the Owner/Broker. |
Property Facts
The following property facts and amenities apply to the entire building. Details for individual condo units may vary and are listed in the unit information above.
| Total Building Size | 5,216 SF | Year Built | 1999 |
| Property Type | Office (Condo) | Lot Size | 4.58 AC |
| Building Class | B | Parking Ratio | 6.67/1,000 SF |
| Floors | 2 | Opportunity Zone |
Yes
|
| Typical Floor Size | 3,000 SF | ||
| Zoning | OI - Office/Industrial | ||
| Total Building Size | 5,216 SF |
| Property Type | Office (Condo) |
| Building Class | B |
| Floors | 2 |
| Typical Floor Size | 3,000 SF |
| Year Built | 1999 |
| Lot Size | 4.58 AC |
| Parking Ratio | 6.67/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | OI - Office/Industrial |
Amenities
- 24 Hour Access
- Controlled Access
- Signage
- Storage Space
- Air Conditioning
- Fiber Optic Internet
- Smoke Detector
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Major Tenant Information Click Here to Access
| TENANT | SF Occupied | LEASE END DATE |
|---|---|---|
| Carolina Partners in Mental Health Care PLLC |
-
|
Jan 0000
|
| Team Care Manual & Physical Therapy Company, Inc. |
99,999 SF SF
|
Jan 0000
|
| Banyan LLC |
99,999 SF SF
|
Jan 0000
|
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Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
Contact the Sale Advisor
140 Iowa Ln