Single-Story Manufacturing
For Sale
Contact for pricing
Pending
1014 S Hoover Road, Durham, NC 27703
Industrial facility with offices, open production areas, loading access, and Industrial Park zoning for multiple industrial uses.
Property Size24,576 SF
Lot Size4.30 Acres
Days on Market672
Property Features for 1014 S Hoover Road
General Information
Standard status
Pending
Size
24,576 SF
Lot size
4.30 Acres
Property subtype
Special Purpose
Zoning
Industrial Park
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Utilities to Site
Yes
Warehouse & Industrial
Dock-High Doors
1
Power
600 amps
Amenities
break rooms
Building Details
Year Built
1950
Buildings
1
Stories
1
Building Size
24,576 SF
Listing Agency:
Coldwell Banker Howard Perry and Walston
Listed By:
Julian Shearin · License #NC
Source:
Crexi
Added: Oct 28, 2024
Changed: Aug 29
Last Checked: Aug 29 at 11:11PM
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 Coldwell Banker Howard Perry and Walston
Investment Insights
Based on property information with market context.
Built in 1950, this single-story manufacturing facility contains 24,576 square feet on a 4.3-acre parcel. The interior includes two office spaces, break rooms, and multiple open floor layouts suited to production or industrial operations. Concrete flooring averages 12''-14'' in depth, and the building has 600 AMPs of electrical service.
A side loading dock supports material handling, while natural gas service and two newer gas heaters serve the building. The property is currently occupied by a knitting manufacturer and is enclosed by chain link security fencing. Public water and sewer serve the site.
Industrial Park zoning in Durham allows manufacturing, research, warehousing, and other office-industrial uses. Access is available from Highway 70 or the 147 freeway.
A side loading dock supports material handling, while natural gas service and two newer gas heaters serve the building. The property is currently occupied by a knitting manufacturer and is enclosed by chain link security fencing. Public water and sewer serve the site.
Industrial Park zoning in Durham allows manufacturing, research, warehousing, and other office-industrial uses. Access is available from Highway 70 or the 147 freeway.
Key Highlights
- 24,576 square feet on 4.3 acres
- 600 AMPs electrical service
- Concrete flooring with an average depth of 12''-14''
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
$174,846
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
5.46%
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%
$3,496,920
$3.5M
Cap Rate 7%
$2,497,800
$2.5M
Cap Rate 9%
$1,942,733
$1.9M
Market Conditions
NOI Build-Up for 24,576 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
$221.2K $9.00/SF
− Vacancy
−$15.5K −$0.63/SF
EGI
$205.7K $8.37/SF
− OpEx
−$30.9K −$1.26/SF
NOI
$174.8K $7.11/SF
Area
Durham, NC
Vacancy
7.00%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$3,496,920
Cap Rate 7%
$2,497,800
Cap Rate 9%
$1,942,733
Alternative Uses
Best Use
Industrial
$4.64M
$4.06M – $5.41M
NOI $324,757 @ 7.0% cap · market cap 10.15%
Second Best
Warehouse
$2.50M
$2.19M – $2.91M
NOI $174,846 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$7.94M
$6.94M – $9.26M
NOI $555,510 @ 7.0% cap · market cap 17.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
Yes
Fenced yard
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
277
Businesses Nearby
Explore this area
Business Placement
Demographics for 27703, NC
61,539
Population
27,122
Households
2.3
Avg Household Size
36
Median Age
45%
College-Educated
88%
High-School Grad
49.1 sq mi
ZIP Area
1,253
Density / Sq Mi
$86,953
Median Household Income
$51,462
Median Earnings
$1,469
Median Rent
$340,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Manufacturing property - Industrial facility with offices, open production areas, loading access, and Industrial Park zoning for multiple industrial uses.
Where is this manufacturing property located?
The property is located at 1014 S Hoover Road Durham, NC.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 24,576 square feet on 4.3 acres; 600 AMPs electrical service; Concrete flooring with an average depth of 12''-14''
