Corner Retail
For Sale
Contact for pricing
101 & 103 West Main Street, Durham, NC 27701
For sale retail condo with updated roof and HVAC and a prominent corner location for walk-in oriented concepts.
Property Size4,574 SF
Price / SF$256.01
Days on Market57
Property Features for 101 & 103 West Main Street
General Information
Standard status
Active
Size
4,574 SF
Property subtype
Retail
Occupancy
100%
Investment Type
Net Lease
Additional Details
Highway Access
Yes
Building Details
Units
2
Tenancy
Multi
Listing Agency:
Lee & Associates - Raleigh Durham
(919) 576-2503
Listed By:
Brian Farmer · License #NC 183406
Source:
Crexi
Added: Jun 15
Changed: Aug 9
Last Checked: Aug 8 at 5:59AM
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 Lee & Associates - Raleigh Durham
Investment Insights
Based on property information with market context.
This offering is a commercial condo totaling approximately 4,574 SF, comprising units at 101 & 103 West Main Street. The property is configured as retail space within a building set up for a storefront-style presentation. Recent owner investments include a new roof and HVAC, supporting continued operational reliability.
The location is prominently positioned on the corner of Main Street and Mangum Street, placing it within walking distance of restaurants, shops, and parking decks. The immediate downtown Durham setting provides an established mix of retail and dining options that can support retail tenants seeking convenient street-level access.
This space can be a practical fit for businesses looking to establish or expand a downtown retail presence in a walkable environment. With the recent roof and HVAC improvements already in place, prospective buyers and tenants can focus on customizing the space for their concept within a well-frequented retail corridor. The corner positioning further supports visibility and accessibility for foot traffic drawn to nearby amenities.
The location is prominently positioned on the corner of Main Street and Mangum Street, placing it within walking distance of restaurants, shops, and parking decks. The immediate downtown Durham setting provides an established mix of retail and dining options that can support retail tenants seeking convenient street-level access.
This space can be a practical fit for businesses looking to establish or expand a downtown retail presence in a walkable environment. With the recent roof and HVAC improvements already in place, prospective buyers and tenants can focus on customizing the space for their concept within a well-frequented retail corridor. The corner positioning further supports visibility and accessibility for foot traffic drawn to nearby amenities.
Key Highlights
- Commercial condo for sale totaling approx 4,574 SF
- Prominent corner location on Main Street and Mangum Street
- Recently invested in a new roof and HVAC
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
$52,734
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
4.50%
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%
$1,054,680
$1.1M
Cap Rate 7%
$753,343
$753.3K
Cap Rate 9%
$585,933
$585.9K
Market Conditions
NOI Build-Up for 4,574 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
$82.3K $18.00/SF
− Vacancy
−$7.0K −$1.53/SF
EGI
$75.3K $16.47/SF
− OpEx
−$22.6K −$4.94/SF
NOI
$52.7K $11.53/SF
Area
Durham, NC
Vacancy
8.50%
Lease Rate
$18.00 /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%
$1,054,680
Cap Rate 7%
$753,343
Cap Rate 9%
$585,933
Alternative Uses
Best Use
Retail
$753.3K
$659.2K – $878.9K
NOI $52,734 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,390 @ 7.0% cap · market cap 8.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,126
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 91%
Beauty & Spa 9%
State Employees Credit Union
Shops & Services
9,259 visits/mo
0.5 miles
Truist
Shops & Services
2,310 visits/mo
0.4 miles
Rock Paper Scissors
Beauty & Spa
1,491 visits/mo
0.1 miles
Mr. Tire
Shops & Services
1,263 visits/mo
0.2 miles
Extra Space Storage
Shops & Services
996 visits/mo
0.5 miles
Demographics for 27701, NC
25,208
Population
13,409
Households
1.9
Avg Household Size
34
Median Age
50%
College-Educated
85%
High-School Grad
5.2 sq mi
ZIP Area
4,848
Density / Sq Mi
$66,852
Median Household Income
$47,681
Median Earnings
$1,279
Median Rent
$457,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - For sale retail condo with updated roof and HVAC and a prominent corner location for walk-in oriented concepts.
Where is this retail space located?
The property is located at 101 & 103 West Main Street Durham, NC.
What is the asking price?
The asking price for this property is $1,171,000.
What are key features of this property?
This property features: Commercial condo for sale totaling approx 4,574 SF; Prominent corner location on Main Street and Mangum Street; Recently invested in a new roof and HVAC
