Industrial Flex Property with Fenced
For Sale
$1,385,000
1015 Ellis Road, Durham, NC 27703
Three-building industrial flex site includes multiple garage bays, a converted office, and a fully fenced yard for outdoor operations.
Property Size4,940 SF
Lot Size0.74 Acres
Price / SF$280.36
Days on Market44
Property Features for 1015 Ellis Road
General Information
Standard status
Active
Size
4,940 SF
Total Parking Spaces
35
Lot size
0.74 Acres
Property subtype
Industrial
Zoning
I
Additional Details
Business Included
Yes
Fenced Yard
Yes
Service Bays
6
Building Details
Building Size
4,940 SF
Listing Agency:
Maverick Partners
(919) 672-0479
Listed By:
Daniel Robinson
Source:
Maverickpartners
Added: Jun 29
Changed: Aug 11
Last Checked: Aug 11 at 5:19AM
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 Maverick Partners
Investment Insights
Based on property information with market context.
1015 Ellis Road is a three-building industrial flex property built to support trades and service businesses. The site includes two warehouse/garage buildings with a total of six garage bays, with one garage building subdivided into two occupiable units. A converted office building rounds out the configuration, providing office space alongside the warehouse and garage areas. The property also includes perimeter fencing and an operational parking and circulation setup designed for day-to-day service use.
The property is situated on a 0.74-acre site with industrial zoning. Parking is available for 35+ vehicles, creating capacity for fleet and contractor needs. The yard area is described as generous and is fully fenced, offering outdoor space intended for operational uses such as equipment staging, fleet parking, or contractor laydown.
For buyers seeking an industrial flex layout, the combination of multiple garage bays, office conversion space, and fenced outdoor storage can support a range of contractor and service-oriented operations. Owner-occupants and investors can evaluate the property’s four occupiable/leasable units and functional site design as a practical platform for logistics, warehousing, and trade services on a fenced, operationally focused footprint.
The property is situated on a 0.74-acre site with industrial zoning. Parking is available for 35+ vehicles, creating capacity for fleet and contractor needs. The yard area is described as generous and is fully fenced, offering outdoor space intended for operational uses such as equipment staging, fleet parking, or contractor laydown.
For buyers seeking an industrial flex layout, the combination of multiple garage bays, office conversion space, and fenced outdoor storage can support a range of contractor and service-oriented operations. Owner-occupants and investors can evaluate the property’s four occupiable/leasable units and functional site design as a practical platform for logistics, warehousing, and trade services on a fenced, operationally focused footprint.
Key Highlights
- Three‑building industrial flex property totaling ±4,940 SF on a 0.74‑acre site in South Durham
- Four occupiable/leasable units: two warehouse/garage buildings (six bays, one subdivided into two units) plus a converted office building
- Fully fenced surplus yard with outdoor capacity for storage, equipment staging, fleet parking, or contractor laydown
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
$76,293
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
5.51%
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%
$1,525,860
$1.5M
Cap Rate 7%
$1,089,900
$1.1M
Cap Rate 9%
$847,700
$847.7K
Market Conditions
NOI Build-Up for 4,940 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
$123.3K $24.96/SF
− Vacancy
−$21.6K −$4.37/SF
EGI
$101.7K $20.59/SF
− OpEx
−$25.4K −$5.15/SF
NOI
$76.3K $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 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%
$1,525,860
Cap Rate 7%
$1,089,900
Cap Rate 9%
$847,700
Alternative Uses
Best Use
Office B
$1.09M
$953.7K – $1.27M
NOI $76,293 @ 7.0% cap · market cap 5.51%
Second Best
Industrial
$932.6K
$816.0K – $1.09M
NOI $65,279 @ 7.0% cap · market cap 4.71%
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,663 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Service bays
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27703, NC
61,539
Population
27,122
Households
2.3
Avg Household Size
36
Median Age
45%
College-Educated
88%
High-School Grad
49.1 sq mi
ZIP Area
1,253
Density / Sq Mi
$86,953
Median Household Income
$51,462
Median Earnings
$1,469
Median Rent
$340,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Triangle food & catering events LLC — 2610 Riddle Rd, Durham, NC 27703
- 2505 Commissary — 2505 Whilden Dr, Durham, NC 27713
Frequently Asked Questions
What type of property is this?
Flex space - Three-building industrial flex site includes multiple garage bays, a converted office, and a fully fenced yard for outdoor operations.
Where is this flex space located?
The property is located at 1015 Ellis Road Durham, NC.
What is the asking price?
The asking price for this property is $1,385,000.
What are key features of this property?
This property features: Three‑building industrial flex property totaling ±4,940 SF on a 0.74‑acre site in South Durham; Four occupiable/leasable units: two warehouse/garage buildings (six bays, one subdivided into two units) plus a converted office building; Fully fenced surplus yard with outdoor capacity for storage, equipment staging, fleet parking, or contractor laydown
