Upfit Catering Kitchen
For Sale
Contact for pricing
1129 Corporation Pkwy, Raleigh, NC 27610
Two combined 1,200 SF units are fully upfit with a commercial hood, grease trap, sinks, and walk-in refrigeration.
Property Size2,400 SF
Price / SF$414.58
Days on Market168
Property Features for 1129 Corporation Pkwy
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multifamily
Restaurant
Commercial Hood
Yes
Grease Trap
Yes
Listing Agency:
Boyd and Associates
Listed By:
William Boyd · License #214280
Source:
Crexi
Added: Mar 31
Changed: Sep 2
Last Checked: Sep 13 at 8:20AM
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 Boyd and Associates
Investment Insights
Based on property information with market context.
This offering consists of two 1,200 SF units combined for a total of 2,400 SF. The space was formerly operated as a catering facility and is fully upfit with a hood, grease trap, sinks, and substantial prep space. It also includes a large walk-in refrigerator/freezer and a roll-up door, supporting back-of-house food preparation and receiving.
The property is part of a condominium association, with condo fees currently stated as $550 per month.
The owner prefers a sale, though a lease may be considered for a highly qualified tenant.
The property is part of a condominium association, with condo fees currently stated as $550 per month.
The owner prefers a sale, though a lease may be considered for a highly qualified tenant.
Key Highlights
- 2,400 SF total space made from two 1,200 SF units (combined for sale)
- Fully upfit catering facility with commercial hood and grease trap
- Includes sinks and lots of prep space
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
$49,248
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
4.95%
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%
$984,960
$985.0K
Cap Rate 7%
$703,543
$703.5K
Cap Rate 9%
$547,200
$547.2K
Market Conditions
NOI Build-Up for 2,400 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
$69.1K $28.80/SF
− Vacancy
−$3.5K −$1.44/SF
EGI
$65.7K $27.36/SF
− OpEx
−$16.4K −$6.84/SF
NOI
$49.2K $20.52/SF
Area
ZIP 27610
Vacancy
5.00%
Lease Rate
$28.80 /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%
$984,960
Cap Rate 7%
$703,543
Cap Rate 9%
$547,200
Alternative Uses
Best Use
Specialty Retail
$703.5K
$615.6K – $820.8K
NOI $49,248 @ 7.0% cap · market cap 4.95%
Second Best
Industrial
$316.0K
$276.5K – $368.7K
NOI $22,119 @ 7.0% cap · market cap 2.22%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Commercial hood
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
796
Businesses Nearby
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Commercial kitchen - Two combined 1,200 SF units are fully upfit with a commercial hood, grease trap, sinks, and walk-in refrigeration.
Where is this commercial kitchen located?
The property is located at 1129 Corporation Pkwy Raleigh, NC.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 2,400 SF total space made from two 1,200 SF units (combined for sale); Fully upfit catering facility with commercial hood and grease trap; Includes sinks and lots of prep space
