Office and Warehouse Investment
For Sale
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2003 Willow Springs Ln, Burlington, NC 27215
Office and warehouse space leased to Apollo Chemical.
Property Size21,200 SF
Price / SF$117.92
Days on Market1008
Property Features for 2003 Willow Springs Ln
General Information
Standard status
Active
Size
21,200 SF
Property subtype
Industrial
Occupancy
100%
Lease Type
Absolute Net
Building Details
Tenancy
Single
Listing Agency:
Richard Jones Real Estate
(336) 222-1264
Listed By:
Ritchie Jones · License #NC 267506
Source:
Crexi
Added: Nov 17, 2023
Changed: Aug 8
Last Checked: Aug 19 at 4:27PM
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 Richard Jones Real Estate
Investment Insights
Based on property information with market context.
This property features both office and warehouse space and is currently leased to Apollo Chemical. The property is subject to a 99-year land lease owned by Mt. Vernon Chemicals. The property has a size of 21200 square feet. It is located in Burlington, NC. The property is being marketed as an income-producing investment with a long-term tenant in place. It is understood that borrowing is possible under the land lease arrangement, and the property can be used for tax exchange purposes. The property is not suitable for owner occupancy at this time.
Key Highlights
- Income‑producing property with a long‑term tenant (Apollo Chemical)
- Features both office and warehouse space
- 99‑year land lease in place
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
$167,369
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
6.69%
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%
$3,347,380
$3.3M
Cap Rate 7%
$2,390,986
$2.4M
Cap Rate 9%
$1,859,656
$1.9M
Market Conditions
NOI Build-Up for 21,200 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
$214.1K $10.10/SF
− Vacancy
−$17.2K −$0.81/SF
EGI
$196.9K $9.29/SF
− OpEx
−$29.5K −$1.39/SF
NOI
$167.4K $7.89/SF
Area
Alamance County, NC
Vacancy
8.04%
Lease Rate
$10.10 /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%
$3,347,380
Cap Rate 7%
$2,390,986
Cap Rate 9%
$1,859,656
Alternative Uses
Best Use
Office B
$5.88M
$5.15M – $6.86M
NOI $411,651 @ 7.0% cap · market cap 16.47%
Second Best
Warehouse
$2.39M
$2.09M – $2.79M
NOI $167,369 @ 7.0% cap · market cap 6.69%
Theoretical Best
Office A
$6.99M
$6.12M – $8.15M
NOI $489,270 @ 7.0% cap · market cap 19.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
117
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27215, NC
44,620
Population
21,854
Households
2
Avg Household Size
42
Median Age
37%
College-Educated
92%
High-School Grad
63.1 sq mi
ZIP Area
707
Density / Sq Mi
$66,669
Median Household Income
$45,267
Median Earnings
$1,112
Median Rent
$241,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Office and warehouse space leased to Apollo Chemical.
Where is this warehouse located?
The property is located at 2003 Willow Springs Ln Burlington, NC.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Income‑producing property with a long‑term tenant (Apollo Chemical); Features both office and warehouse space; 99‑year land lease in place
