Industrial Flex with Laydown
For Sale
Contact for pricing
1101 E Cornwallis, Durham, NC 27713
Leased industrial flex with heated warehouse, office, and concrete laydown yard on about 1.4 acres.
Property Size6,831 SF
Lot Size1.40 Acres
Price / SF$190.31
Days on Market108
Property Features for 1101 E Cornwallis
General Information
Standard status
Active
Size
6,831 SF
Lot size
1.40 Acres
Property subtype
Industrial
Zoning
Industrially
Lease Type
Modified Gross
Additional Details
Highway Access
Yes
Building Details
Year Built
1975
Tenancy
Single
Listing Agency:
Triangle Real Estate Services LLC
Listed By:
Michael Hickey · License #NC 219787
Source:
Crexi
Added: May 30
Changed: Sep 10
Last Checked: Sep 14 at 6:10AM
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 Triangle Real Estate Services LLC
Investment Insights
Based on property information with market context.
This freestanding industrially zoned property includes an approximately 6,831 SF building with a warehouse portion of about 5,800 SF (heated) and an office portion of about 990 SF (heated and air conditioned). The site also features an exterior concrete area of approximately 2,500 SF that may support outside storage or be enclosed, subject to zoning and permitting. The property is offered for sale with an existing tenant in place.
The current tenant is a pipe supplier serving the southeastern region and has a lease term through the second quarter of 2030. The tenant indicated they would be open to signing a new longer-term lease with agreeable terms. For 2026, base rent is $78,800 with TICAM of $9,100 and 3% annual increases. The property is positioned near RTP, downtown Durham, and I-40 & NC 55.
For buyers or operators seeking an industrial setup with both indoor and outdoor functionality, the combination of heated warehouse space and sizable outside concrete supports contractor, utility, fleet, or industrial outdoor storage use. Additional laydown yard area of just under 1.4 acres may be available for these purposes, subject to zoning and permitting requirements, making the site practical for tenants that need on-site work and storage space.
The current tenant is a pipe supplier serving the southeastern region and has a lease term through the second quarter of 2030. The tenant indicated they would be open to signing a new longer-term lease with agreeable terms. For 2026, base rent is $78,800 with TICAM of $9,100 and 3% annual increases. The property is positioned near RTP, downtown Durham, and I-40 & NC 55.
For buyers or operators seeking an industrial setup with both indoor and outdoor functionality, the combination of heated warehouse space and sizable outside concrete supports contractor, utility, fleet, or industrial outdoor storage use. Additional laydown yard area of just under 1.4 acres may be available for these purposes, subject to zoning and permitting requirements, making the site practical for tenants that need on-site work and storage space.
Key Highlights
- Stand‑alone approx. 6,831 SF industrially zoned building for sale on about 1.4 acres near RTP, downtown Durham, and I‑40 & NC 55
- Includes approx. 5,800 SF heated warehouse and approx. 990 SF office with heat and air
- Outside concrete area approx. 2,500 SF for outside storage or potential space to enclose
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
$90,267
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
6.94%
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%
$1,805,340
$1.8M
Cap Rate 7%
$1,289,529
$1.3M
Cap Rate 9%
$1,002,967
$1.0M
Market Conditions
NOI Build-Up for 6,831 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
$136.9K $20.04/SF
− Vacancy
−$7.9K −$1.16/SF
EGI
$129.0K $18.88/SF
− OpEx
−$38.7K −$5.66/SF
NOI
$90.3K $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%
$1,805,340
Cap Rate 7%
$1,289,529
Cap Rate 9%
$1,002,967
Alternative Uses
Best Use
Industrial
$1.29M
$1.13M – $1.50M
NOI $90,267 @ 7.0% cap · market cap 6.94%
Second Best
Flex RnD
$1.20M
$1.05M – $1.40M
NOI $83,820 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$2.21M
$1.93M – $2.57M
NOI $154,406 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
188
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27713, NC
54,988
Population
26,266
Households
2.1
Avg Household Size
36
Median Age
65%
College-Educated
96%
High-School Grad
35.4 sq mi
ZIP Area
1,553
Density / Sq Mi
$96,900
Median Household Income
$56,918
Median Earnings
$1,460
Median Rent
$380,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Leased industrial flex with heated warehouse, office, and concrete laydown yard on about 1.4 acres.
Where is this flex space located?
The property is located at 1101 E Cornwallis Durham, NC.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Stand‑alone approx. 6,831 SF industrially zoned building for sale on about 1.4 acres near RTP, downtown Durham, and I‑40 & NC 55; Includes approx. 5,800 SF heated warehouse and approx. 990 SF office with heat and air; Outside concrete area approx. 2,500 SF for outside storage or potential space to enclose
