Renovated Mixed-Use Loft
For Sale
$1,945,000
105 W Main St., Durham, NC 27701
Historic downtown building combines ground-floor retail with upper-level lofts and flexible DD-C zoning.
Property Size7,500 SF
Price / SF$255.92
Days on Market67
Property Features for 105 W Main St.
General Information
Standard status
Active
Size
7,500 SF
Property subtype
Multifamily
Zoning
DD-C
Units
Unit Mix
2 x 1BR/2BA
Multifamily Units
2
Amenities
restored maple floors
exposed brick walls
huge ceiling height
restored historic fire doors
massive windows
Building Details
Building Size
7,500 SF
Year Built
1919
Year Renovated
2002
Buildings
1
Stories
3
Construction
loft-style
Tenancy
Multi
Listing Agency:
(919) 730-8719
Listed By:
Bradley Wiese · License #NC #196718
(919) 730-8719
Source:
Maverickpartners
Added: Jun 25
Changed: Aug 29
Last Checked: Aug 29 at 5:49PM
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 Bradley Wiese
Investment Insights
Based on property information with market context.
Built in 1919 and substantially renovated in 2002, this 7,600-square-foot mixed-use building combines retail and loft-style spaces across three levels. The ground floor is occupied by a retail tenant with 2 years remaining on the lease and extension options. Two upper floors provide open loft layouts, each with one large bedroom and 2 full baths; the second floor is vacant, while the third floor is leased month to month to a residential occupant.
Interior details include restored maple flooring, exposed brick, tall ceilings, historic fire doors, and oversized windows. DD-C zoning supports office use with minimal alteration, adding flexibility to the existing configuration. The property is in Downtown Durham, across from the One City Center Tower project and near restaurants, nightlife, DPAC, Durham Bulls Ballpark, Carolina Theatre, hotels, and Duke University.
Interior details include restored maple flooring, exposed brick, tall ceilings, historic fire doors, and oversized windows. DD-C zoning supports office use with minimal alteration, adding flexibility to the existing configuration. The property is in Downtown Durham, across from the One City Center Tower project and near restaurants, nightlife, DPAC, Durham Bulls Ballpark, Carolina Theatre, hotels, and Duke University.
Key Highlights
- 7,600‑square‑foot building originally constructed in 1919 and gut renovated in 2002
- Three‑level configuration with ground‑floor retail and two upper‑level lofts
- Retail lease has 2 years remaining, with options beyond the current term
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
$117,374
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
6.03%
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%
$2,347,480
$2.3M
Cap Rate 7%
$1,676,771
$1.7M
Cap Rate 9%
$1,304,156
$1.3M
Market Conditions
NOI Build-Up for 7,600 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
$189.7K $24.96/SF
− Vacancy
−$33.2K −$4.37/SF
EGI
$156.5K $20.59/SF
− OpEx
−$39.1K −$5.15/SF
NOI
$117.4K $15.44/SF
Area
Durham, NC
Vacancy
17.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
25.00%
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%
$2,347,480
Cap Rate 7%
$1,676,771
Cap Rate 9%
$1,304,156
Alternative Uses
Best Use
Office B
$1.68M
$1.47M – $1.96M
NOI $117,374 @ 7.0% cap · market cap 6.03%
Second Best
Mixed Use
$1.47M
$1.28M – $1.71M
NOI $102,600 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$2.45M
$2.15M – $2.86M
NOI $171,789 @ 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
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,126
Businesses Nearby
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic downtown building combines ground-floor retail with upper-level lofts and flexible DD-C zoning.
Where is this mixed-use property located?
The property is located at 105 W Main St. Durham, NC.
What is the asking price?
The asking price for this property is $1,945,000.
What are key features of this property?
This property features: 7,600‑square‑foot building originally constructed in 1919 and gut renovated in 2002; Three‑level configuration with ground‑floor retail and two upper‑level lofts; Retail lease has 2 years remaining, with options beyond the current term
