Two-Building Warehouse
For Sale
$1,450,000
1120 North Main Street, Randleman, NC 27317
Functional warehouse space on 2.88 acres with conditioned buildings, multiple drive-ins, and undeveloped expansion acreage.
Property Size27,500 SF
Lot Size2.88 Acres
Price / SF$52.73
Days on Market73
Property Features for 1120 North Main Street
General Information
Standard status
Active
Size
27,500 SF
Lot size
2.88 Acres
Property subtype
Industrial
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
5
Additional Details
Highway Access
Yes
Building Details
Building Size
27,500 SF
Year Built
1952
Listed By:
Dom Maggio
(443) 540-9293
Source:
Ltpcommercial
Added: Jun 25
Changed: Aug 31
Last Checked: Sep 5 at 3:57AM
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 Dom Maggio
Investment Insights
Based on property information with market context.
This two-building warehouse facility offers approximately 27,500 SF of functional warehouse space on 2.88 acres, plus expansion potential on two additional undeveloped acres. Building 1 is majority conditioned and includes three exterior drive-in doors along with newly renovated office space. Building 2 is fully conditioned and features one dock and two drive-in doors. A 6-inch concrete pad driveway is installed to support vehicle access.
The property is located approximately two miles from I-73, providing convenient highway proximity for distribution and service operations.
The configuration supports either single-operator use or multi-tenant occupancy, with the seller also noting the option for a leaseback at $10,000 per month NNN.
The property is located approximately two miles from I-73, providing convenient highway proximity for distribution and service operations.
The configuration supports either single-operator use or multi-tenant occupancy, with the seller also noting the option for a leaseback at $10,000 per month NNN.
Key Highlights
- ±27,500 SF functional warehouse on 2.88 acres, built in 1952
- Building 1: conditioned warehouse plus newly renovated office space and 3 exterior drive‑ins
- Building 2: fully conditioned with 1 dock and 2 drive‑ins
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
$133,012
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
9.17%
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%
$2,660,240
$2.7M
Cap Rate 7%
$1,900,171
$1.9M
Cap Rate 9%
$1,477,911
$1.5M
Market Conditions
NOI Build-Up for 27,500 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
$166.7K $6.06/SF
− Vacancy
−$10.2K −$0.37/SF
EGI
$156.5K $5.69/SF
− OpEx
−$23.5K −$0.85/SF
NOI
$133.0K $4.84/SF
Area
Randolph County, NC
Vacancy
6.10%
Lease Rate
$6.06 /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%
$2,660,240
Cap Rate 7%
$1,900,171
Cap Rate 9%
$1,477,911
Alternative Uses
Best Use
Warehouse
$1.90M
$1.66M – $2.22M
NOI $133,012 @ 7.0% cap · market cap 9.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.46M
$8.28M – $11.04M
NOI $662,186 @ 7.0% cap · market cap 45.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
5
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27317, NC
17,563
Population
7,276
Households
2.4
Avg Household Size
42
Median Age
15%
College-Educated
82%
High-School Grad
54.1 sq mi
ZIP Area
325
Density / Sq Mi
$57,266
Median Household Income
$34,578
Median Earnings
$793
Median Rent
$170,100
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?
Warehouse - Functional warehouse space on 2.88 acres with conditioned buildings, multiple drive-ins, and undeveloped expansion acreage.
Where is this warehouse located?
The property is located at 1120 North Main Street Randleman, NC.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: ±27,500 SF functional warehouse on 2.88 acres, built in 1952; Building 1: conditioned warehouse plus newly renovated office space and 3 exterior drive‑ins; Building 2: fully conditioned with 1 dock and 2 drive‑ins
