Multi-Tenant Neighborhood Strip
For Sale
$5,600,000
1001 Davis Dr, Apex, NC 27523
Built in 2006, the center is fully occupied by multiple retail tenants.
Property Size15,535 SF
Lot Size2.41 Acres
Price / SF$360.48
Days on Market109
Property Features for 1001 Davis Dr
General Information
Standard status
Active
Size
15,535 SF
Lot size
2.41 Acres
Property subtype
Shopping Strip
Occupancy
100%
Additional Details
Cap Rate
6.3%
Amenities
Multi Tenant Retail Center | 15,535 Sq Ft | 2006 Construction
53% of GLA Has NO Renewal Options | 5-Year CAGR: 4+%
36% Food/Beverage, 45% Services, and 19% Niche Grocery
Triple-Net (NNN) Leases | Annual Rent Increases
Signalized Intersection with +/- 19,800 Vehicles Per Day
Near Historic Downtown Apex and Hwy-64 Interchange
Apex, NC: High Growth Suburb of Raleigh: $168,163 Avg HHI in 3-Mile Radius
Building Details
Building Size
15,535 SF
Year Built
2006
Tenancy
Multi
Listing Agency:
Charleston Office
(919) 674-1108
Listed By:
Andrew Margulies · License #License(s): NC: 264059, IL: 475.147606
(919) 674-1108
Source:
Marcusmillichap
Added: May 14
Changed: Aug 29
Last Checked: Aug 29 at 8:49PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Charleston Office
Investment Insights
Based on property information with market context.
This multi-tenant neighborhood retail center contains 15,535 square feet of rentable building area on a 2.41-acre site. Completed in 2006, the property is reported as fully occupied and is configured for multiple retail users.
The center occupies a signalized intersection at 1001 Davis Drive in Apex, North Carolina, near the Davis Drive and Old Jenks Road corridor. Its setting places the property within Wake County and near residential growth areas identified in the property information.
The center occupies a signalized intersection at 1001 Davis Drive in Apex, North Carolina, near the Davis Drive and Old Jenks Road corridor. Its setting places the property within Wake County and near residential growth areas identified in the property information.
Key Highlights
- 15,535 square feet of rentable building area
- 2.41‑acre retail center site
- 100% occupied multi‑tenant configuration
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$275,642
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.92%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,512,840
$5.5M
Cap Rate 7%
$3,937,743
$3.9M
Cap Rate 9%
$3,062,689
$3.1M
Market Conditions
NOI Build-Up for 15,535 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$419.4K $27.00/SF
− Vacancy
−$25.7K −$1.65/SF
EGI
$393.8K $25.35/SF
− OpEx
−$118.1K −$7.60/SF
NOI
$275.6K $17.74/SF
Area
Wake County, NC
Vacancy
6.12%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,512,840
Cap Rate 7%
$3,937,743
Cap Rate 9%
$3,062,689
Alternative Uses
Best Use
Retail
$3.94M
$3.45M – $4.59M
NOI $275,642 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.44M
$3.88M – $5.17M
NOI $310,494 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
133
Businesses Nearby
374
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 100%
Ewing Outdoor Supply
Apparel
374 visits/mo
0.4 miles
Demographics for 27523, NC
17,320
Population
7,730
Households
2.2
Avg Household Size
37
Median Age
68%
College-Educated
98%
High-School Grad
38.5 sq mi
ZIP Area
450
Density / Sq Mi
$122,401
Median Household Income
$79,228
Median Earnings
$1,805
Median Rent
$585,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Built in 2006, the center is fully occupied by multiple retail tenants.
Where is this strip mall located?
The property is located at 1001 Davis Dr Apex, NC.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: 15,535 square feet of rentable building area; 2.41‑acre retail center site; 100% occupied multi‑tenant configuration
