Standalone Flex
For Sale
Contact for pricing
1023 S Miami Blvd, Durham, NC 27703
Standalone flex building combining office and warehouse space with access to major area highways.
Property Size11,809 SF
Price / SF$259.97
Days on Market193
Property Features for 1023 S Miami Blvd
General Information
Standard status
Active
Size
11,809 SF
Class
B
Property subtype
Retail, Industrial
Zoning
GC- General Commercial & R-20 - Residential, Durham
Lease Type
NNN
Investment Type
Owner/User
Additional Details
Highway Access
Yes
Building Details
Year Built
1999
Year Renovated
2023
Buildings
1
Stories
1
Units
1
Listing Agency:
Rich Commercial Realty
Listed By:
Sam DiFranco Jr · License #NC 270959
(919) 821-7880
Source:
Crexi
Added: Feb 24
Changed: Aug 22
Last Checked: Aug 30 at 9:50PM
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 Rich Commercial Realty
Investment Insights
Based on property information with market context.
1023 S Miami Blvd is a standalone flex building offered for sale or lease featuring a functional mix of office and warehouse space. The layout is designed to be efficient and flexible for a range of industrial and service-oriented uses, with space that supports both operations and administrative needs.
The property is located in a highly active industrial corridor in Durham and provides quick access to US-70, I-885, and I-40. It is also positioned near RTP, Downtown Durham, and Raleigh-Durham International Airport, supporting strong regional connectivity for day-to-day operations.
With limited standalone flex industrial product noted for the submarket, the building may be well suited for owner-users or investors seeking a durable space type in the Triangle.
The property is located in a highly active industrial corridor in Durham and provides quick access to US-70, I-885, and I-40. It is also positioned near RTP, Downtown Durham, and Raleigh-Durham International Airport, supporting strong regional connectivity for day-to-day operations.
With limited standalone flex industrial product noted for the submarket, the building may be well suited for owner-users or investors seeking a durable space type in the Triangle.
Key Highlights
- Standalone flex building built in 1999 with a functional mix of office and warehouse space
- Efficient, flexible layout suitable for a variety of industrial and service‑oriented users
- Quick access to US‑70, I‑885, and I‑40 for strong connectivity
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
$156,049
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
5.08%
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%
$3,120,980
$3.1M
Cap Rate 7%
$2,229,271
$2.2M
Cap Rate 9%
$1,733,878
$1.7M
Market Conditions
NOI Build-Up for 11,809 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
$236.7K $20.04/SF
− Vacancy
−$13.7K −$1.16/SF
EGI
$222.9K $18.88/SF
− OpEx
−$66.9K −$5.66/SF
NOI
$156.0K $13.21/SF
Area
Durham, NC
Vacancy
5.80%
Lease Rate
$20.04 /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%
$3,120,980
Cap Rate 7%
$2,229,271
Cap Rate 9%
$1,733,878
Alternative Uses
Best Use
Industrial
$2.23M
$1.95M – $2.60M
NOI $156,049 @ 7.0% cap · market cap 5.08%
Second Best
Flex RnD
$2.07M
$1.81M – $2.42M
NOI $144,902 @ 7.0% cap · market cap 4.72%
Theoretical Best
Office A
$3.81M
$3.34M – $4.45M
NOI $266,928 @ 7.0% cap · market cap 8.69%
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
73
Businesses Nearby
Balanced
Demand for This Use
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?
Flex space - Standalone flex building combining office and warehouse space with access to major area highways.
Where is this flex space located?
The property is located at 1023 S Miami Blvd Durham, NC.
What is the asking price?
The asking price for this property is $3,070,000.
What are key features of this property?
This property features: Standalone flex building built in 1999 with a functional mix of office and warehouse space; Efficient, flexible layout suitable for a variety of industrial and service‑oriented users; Quick access to US‑70, I‑885, and I‑40 for strong connectivity
