Historic Office Building and
1117 Hillsborough Raleigh, NC 27603
1117 Hillsborough, Raleigh, NC, 27603
$2,775,000
For Sale
$2,775,000
Two-story historic office building and duplex with parking lot.
Property Size6,342 SF
Price / SF$437.56
Days on Market431
Property Features for 1117 Hillsborough
General Information
- Standard status
- Active
- Size
- 6,342 SF
Building Details
- Year Built
- 1920
Listing Agency
LEE&ASSOCIATES RALEIGH DURHAM
Listed by
JAMES BAILEY
Source
Corcoran
Added: May 12, 2025 Checked: Mar 16 at 9:09 am
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.
The offering includes a ±4,513 SF two-and-one-half story historic office building at 1117 Hillsborough Street, known as the "John W. Thompson House," and a ±1,829 SF duplex at 920 West Morgan Street, along with an on-site parking lot. The properties are located in Downtown Raleigh, with frontage on Hillsborough Street and West Morgan Street, situated midway between North Carolina State University, the Downtown Business District, and Glenwood South. The Thompson House, built in 1920 with significant renovations completed in 2004-2005, has historical significance as the residence of John W. Thompson, a noted Raleigh judge and civic leader from 1914 to 1934. It also housed the National Opera Company from the early 1950s until 2000. The total land area is ±0.48 acres. The properties are zoned NX-3 and have a private parking lot with 16 dedicated spaces, plus street parking for the office building, and a private parking lot with 4 dedicated spaces, plus street parking for the duplex. The duplex is fully occupied and includes one unit with 1 bed/1 bath and another with 3 beds/1 bath. Electricity is provided by Duke Energy, and water and sewer services are provided by the City of Raleigh.
Key Highlights
- Trophy location in Downtown Raleigh with frontage on Hillsborough Street and West Morgan Street.
- Includes two properties: a ±4,513 SF historic Thompson House office building and a ±1,829 SF duplex.
- On‑site private parking lot with 20 spaces plus street parking.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $165.1k | $26.04 |
| − Vacancy | −$37.5k | −$5.91 |
| EGI | $127.7k | $20.13 |
| − OpEx | −$31.9k | −$5.03 |
| NOI | $95.7k | $15.10 |
6,342 SF · lease $26.04/SF/yr · vacancy 22.70% · expense 25.00%
Alternative Uses
Best Use
Office B
$1.37M
$1.20M – $1.60M
NOI $95,743 @ 7.0% cap · market cap 3.45%
Second Best
Multifamily LT 5
$974.0K
$852.2K – $1.14M
NOI $68,179 @ 7.0% cap · market cap 2.46%
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,424 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Kelly & West Attorneys, ...
Law Firm
Barefoot Family Law
Law Firm
Lewis E Hardy
Law Firm
Blanchard Miller Lewis
Law Firm
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FAQs
What type of property is this?
Office building - Two-story historic office building and duplex with parking lot.
Where is this office building located?
The property is located at 1117 Hillsborough Raleigh, NC.
What is the asking price?
The asking price for this property is $2,775,000.
What are key features of this property?
This property features: Trophy location in Downtown Raleigh with frontage on Hillsborough Street and West Morgan Street.; Includes two properties: a ±4,513 SF historic Thompson House office building and a ±1,829 SF duplex.; On‑site private parking lot with 20 spaces plus street parking.
