Industrial Flex
For Sale
$835,000
2040 Fenner Road, Rocky Mount, NC 27804
COMMERCIAL - Rocky Mount, NC
Property Size9,000 SF
Lot Size3.00 Acres
Price / SF$92.78
Days on Market76
Property Features for 2040 Fenner Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-2
Parking features
Parking Lot
Subdivision
Not In Subdivision
Directions
From US-64 E Take exit 466 toward Winstead Ave, Turn left onto N Winstead Ave, Continue on Thomas A Betts Pkwy, Turn right onto Fenner Rd, property will be on the right.
Standard status
Active
APN
3852-20-82-3327
Size
9,000 SF
Lot size
3.00 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
189 6, 3.00 AC, 1 OVERTON AC, 1 OVERTON
Tax Annual Amount
10555
Legal Description
189 6, 3.00 AC, 1 OVERTON AC, 1 OVERTON
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
2014
Flooring type
Vinyl, Lvt/lvp, Concrete
Building materials
Metal Siding, Steel Frame
Roof type
Metal
Listing Agency:
Heart To Homes Realty LLC
Listed By:
Michelle Stewart · License #300481
(252) 406-4479
Added: Jun 5
Changed: Aug 19
Last Checked: Aug 19 at 2:06PM
MLS# 100579356
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 9,000-square-foot flex facility occupies 3 acres and was constructed in 2014 with a steel-frame design and metal siding. The building includes approximately 800 square feet of office and administrative area alongside 8,200 square feet of adaptable flex space. Current improvements include multiple HVAC systems, central air, vinyl and concrete flooring, public water and sewer, a metal roof, and a 10' x 10' overhead door. The property is currently used as a dance studio.
I-2 Heavy Industrial zoning supports a broad range of commercial and industrial operations, including manufacturing, fabrication, warehousing, distribution, contractor services, equipment-related businesses, training, and indoor recreational uses. A paved parking lot is supplemented by gravel parking and storage areas. The facility is located minutes from I-95 and US Highway 64, providing access for employees, customers, suppliers, and regional transportation.
I-2 Heavy Industrial zoning supports a broad range of commercial and industrial operations, including manufacturing, fabrication, warehousing, distribution, contractor services, equipment-related businesses, training, and indoor recreational uses. A paved parking lot is supplemented by gravel parking and storage areas. The facility is located minutes from I-95 and US Highway 64, providing access for employees, customers, suppliers, and regional transportation.
Key Highlights
- 9,000 square feet on 3 acres
- I‑2 Heavy Industrial zoning
- Approximately 800 square feet of office space and 8,200 square feet of flex 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
$70,912
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
8.49%
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%
$1,418,240
$1.4M
Cap Rate 7%
$1,013,029
$1.0M
Cap Rate 9%
$787,911
$787.9K
Market Conditions
NOI Build-Up for 9,000 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
$90.7K $10.08/SF
− Vacancy
−$7.3K −$0.81/SF
EGI
$83.4K $9.27/SF
− OpEx
−$12.5K −$1.39/SF
NOI
$70.9K $7.88/SF
Area
Nash County, NC
Vacancy
8.04%
Lease Rate
$10.08 /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%
$1,418,240
Cap Rate 7%
$1,013,029
Cap Rate 9%
$787,911
Alternative Uses
Best Use
Warehouse
$1.01M
$886.4K – $1.18M
NOI $70,912 @ 7.0% cap · market cap 8.49%
Second Best
Industrial
$834.3K
$730.0K – $973.3K
NOI $58,398 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$2.97M
$2.60M – $3.46M
NOI $207,709 @ 7.0% cap · market cap 24.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27804, NC
28,707
Population
14,352
Households
2
Avg Household Size
42
Median Age
27%
College-Educated
89%
High-School Grad
43.0 sq mi
ZIP Area
668
Density / Sq Mi
$58,837
Median Household Income
$36,445
Median Earnings
$977
Median Rent
$177,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Steel-frame facility with office space, adaptable interiors, paved parking, and I-2 Heavy Industrial zoning.
Where is this flex space located?
The property is located at 2040 Fenner Road Rocky Mount, NC.
What is the asking price?
The asking price for this property is $835,000.
What are key features of this property?
This property features: 9,000 square feet on 3 acres; I‑2 Heavy Industrial zoning; Approximately 800 square feet of office space and 8,200 square feet of flex space
