Historic Downtown Durham Corner
For Sale
$1,360,000
125 E Parrish, Durham, NC 27701
Fully leased retail and office space in Durham's City Center.
Property Size3,775 SF
Price / SF$360.26
Days on Market509
Property Features for 125 E Parrish
General Information
Standard status
Active
Size
3,775 SF
Site & Location
Neighborhood
Central Park
Taxes and HOA fees
Annual Taxes
$8,068
Building Details
Year Built
1910
Listing Agency:
DEEP DURHAM REAL ESTATE
Listed By:
MICHAEL DEPASQUALE
Source:
Corcoran
Added: Jun 9, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 DEEP DURHAM REAL ESTATE
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Investment Insights
Based on property information with market context.
Located in the heart of Downtown Durham, this historic corner building in City Center offers 3775 square feet of gross building area. The property is fully leased to a retail tenant on the first floor and an office tenant on the second floor. The building underwent a $500,000 renovation that preserved the historic architecture and period details. The zoning is flexible, allowing for potential conversion to a show-stopper apartment with a roof addition or roof deck; architectural and structural plans for a residence are available for review. The corner building benefits from ample natural light through large south and east-facing windows. The first floor features high ceilings, renovated storefront windows, a new concrete floor, one restroom, painted brick, and restored original pressed tin and beadboard ceilings. The second floor includes a large loft space with vaulted ceilings and exposed beams, exposed brick, multiple skylights, maple hardwood floors, two restrooms, and a kitchenette, along with one private office. Two parking spaces are leased from a church and subleased to the tenants.
Key Highlights
- Historic Downtown Durham corner building in City Center location.
- Fully leased to retail and office tenants, providing immediate income.
- $500K renovation preserving historic architecture and period details.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,301
Cap Rate
4.29%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,166,020
$1.2M
Cap Rate 7%
$832,871
$832.9K
Cap Rate 9%
$647,789
$647.8K
Market Conditions
NOI Build-Up for 3,775 SF
Gross rent
$94.2K $24.96/SF
− Vacancy
−$16.5K −$4.37/SF
EGI
$77.7K $20.59/SF
− OpEx
−$19.4K −$5.15/SF
NOI
$58.3K $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 Rate 5%
$1,166,020
Cap Rate 7%
$832,871
Cap Rate 9%
$647,789
Alternative Uses
Best Use
Office B
$832.9K
$728.8K – $971.7K
NOI $58,301 @ 7.0% cap · market cap 4.29%
Second Best
Retail
$621.7K
$544.0K – $725.4K
NOI $43,522 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$1.22M
$1.07M – $1.42M
NOI $85,329 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
3,126
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Retail space - Fully leased retail and office space in Durham's City Center.
Where is this retail space located?
The property is located at 125 E Parrish Durham, NC.
What is the asking price?
The asking price for this property is $1,360,000.
What are key features of this property?
This property features: Historic Downtown Durham corner building in City Center location.; Fully leased to retail and office tenants, providing immediate income.; $500K renovation preserving historic architecture and period details.
