Industrial Flex Freestanding
For Sale
$1,425,000
107 & 113 W Horton St, Zebulon, NC 27597
Freestanding industrial/flex building with vaulted clear heights and two drive-in doors on a downtown Zebulon site.
Property Size8,170 SF
Price / SF$174.42
Days on Market199
Property Features for 107 & 113 W Horton St
General Information
Standard status
Active
Size
8,170 SF
Property subtype
Industrial
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
26 ft
Drive-In Doors
2
Heavy Power
Yes
Amenities
Bathrooms in front of building
Located in revitalized downtown
Building Details
Building Size
8,170 SF
Year Built
1960
Construction
masonry
Listing Agency:
Tri Properties
Listed By:
Jack Barnes
(919) 714-7126
Source:
Thebrokerlist
Added: Feb 18
Changed: Sep 3
Last Checked: Jul 23 at 4:17AM
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 Tri Properties
Investment Insights
Based on property information with market context.
107 W Horton is an 8,170 RSF freestanding industrial/flex building with a vaulted ceiling and 22'–26' high interior clearance, with no columns. The masonry exterior includes two drive-in doors sized 12'10" tall by 10'8" wide, located on the front and side of the building. Bathrooms are positioned at the front of the building, and the property offers 3-phase, 240V power.
Also included is 113 W Horton, a 0.64-acre lot situated beside 107 W Horton, with frontage of 51' along 107 W Horton and 132' along 113 W Horton. The combined offerings are located in downtown Zebulon, with US Hwy 64/264 about 1.3 miles away and Downtown Raleigh approximately 21.5 miles from the property.
The buildings were constructed in 1960 and are suited to industrial and flex space investors seeking a downtown redevelopment setting, with the option for these properties to be leased.
Also included is 113 W Horton, a 0.64-acre lot situated beside 107 W Horton, with frontage of 51' along 107 W Horton and 132' along 113 W Horton. The combined offerings are located in downtown Zebulon, with US Hwy 64/264 about 1.3 miles away and Downtown Raleigh approximately 21.5 miles from the property.
The buildings were constructed in 1960 and are suited to industrial and flex space investors seeking a downtown redevelopment setting, with the option for these properties to be leased.
Key Highlights
- 107 W Horton: 8,170 SF freestanding industrial/flex building on 1960 build masonry exterior
- Clear ceiling height of 22' to 26' and no columns
- Two drive‑in doors at 12'10" tall x 10'8" wide, located on the front and side of the building
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
$87,321
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
6.13%
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%
$1,746,420
$1.7M
Cap Rate 7%
$1,247,443
$1.2M
Cap Rate 9%
$970,233
$970.2K
Market Conditions
NOI Build-Up for 8,170 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
$142.2K $17.40/SF
− Vacancy
−$7.8K −$0.96/SF
EGI
$134.3K $16.44/SF
− OpEx
−$47.0K −$5.76/SF
NOI
$87.3K $10.69/SF
Area
Wake County, NC
Vacancy
5.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
35.00%
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%
$1,746,420
Cap Rate 7%
$1,247,443
Cap Rate 9%
$970,233
Alternative Uses
Best Use
Flex RnD
$1.25M
$1.09M – $1.46M
NOI $87,321 @ 7.0% cap · market cap 6.13%
Second Best
Warehouse
$907.1K
$793.7K – $1.06M
NOI $63,496 @ 7.0% cap · market cap 4.46%
Theoretical Best
Specialty Retail
$2.33M
$2.04M – $2.72M
NOI $163,292 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
26 ft
Clear height
2
Drive-in doors
Yes
Heavy power
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27597, NC
27,178
Population
11,440
Households
2.4
Avg Household Size
39
Median Age
24%
College-Educated
87%
High-School Grad
118.5 sq mi
ZIP Area
229
Density / Sq Mi
$81,862
Median Household Income
$45,609
Median Earnings
$985
Median Rent
$272,000
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?
Flex space - Freestanding industrial/flex building with vaulted clear heights and two drive-in doors on a downtown Zebulon site.
Where is this flex space located?
The property is located at 107 & 113 W Horton St Zebulon, NC.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: 107 W Horton: 8,170 SF freestanding industrial/flex building on 1960 build masonry exterior; Clear ceiling height of 22' to 26' and no columns; Two drive‑in doors at 12'10" tall x 10'8" wide, located on the front and side of the building
