Flex Space with
For Sale
$3,950,000
263 Gretas Way, Kernersville, NC 27284
Open warehouse configuration with offices, restrooms, and additional mezzanine area.
Property Size27,120 SF
Price / SF$145.65
Days on Market68
Property Features for 263 Gretas Way
General Information
Standard status
Active
Size
27,120 SF
Property subtype
Industrial
Additional Details
Highway Access
Yes
Building Details
Building Size
27,120 SF
Year Built
2017
Listing Agency:
Linville Team Partners
(443) 540-9293
Listed By:
Dom Maggio · License #268640
Source:
Ltpcommercial
Added: Jun 25
Changed: Aug 31
Last Checked: Aug 31 at 5:41AM
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 Linville Team Partners
Investment Insights
Based on property information with market context.
This 27,120 SF flex property was built in 2017 and is currently configured for athletic training. The interior combines open warehouse space with clear height, two public restrooms, a private office, and a private restroom. A second-level mezzanine provides additional usable area along with another private office.
Located 1 mile from I-40 in Kernersville, the property offers a functional layout for continued athletic or fitness-related use, as well as conventional flex or industrial occupancy. Its existing improvements provide a combination of open floor area, administrative space, and restroom facilities within one building.
Located 1 mile from I-40 in Kernersville, the property offers a functional layout for continued athletic or fitness-related use, as well as conventional flex or industrial occupancy. Its existing improvements provide a combination of open floor area, administrative space, and restroom facilities within one building.
Key Highlights
- ±27,120 SF flex/industrial property
- 1 mile from I‑40
- Built in 2017
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
$174,032
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
4.41%
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%
$3,480,640
$3.5M
Cap Rate 7%
$2,486,171
$2.5M
Cap Rate 9%
$1,933,689
$1.9M
Market Conditions
NOI Build-Up for 27,120 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
$218.0K $8.04/SF
− Vacancy
−$13.3K −$0.49/SF
EGI
$204.7K $7.55/SF
− OpEx
−$30.7K −$1.13/SF
NOI
$174.0K $6.42/SF
Area
Forsyth County, NC
Vacancy
6.10%
Lease Rate
$8.04 /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%
$3,480,640
Cap Rate 7%
$2,486,171
Cap Rate 9%
$1,933,689
Alternative Uses
Best Use
Warehouse
$2.49M
$2.18M – $2.90M
NOI $174,032 @ 7.0% cap · market cap 4.41%
Second Best
Flex RnD
$2.06M
$1.81M – $2.41M
NOI $144,532 @ 7.0% cap · market cap 3.66%
Theoretical Best
Specialty Retail
$7.01M
$6.13M – $8.17M
NOI $490,425 @ 7.0% cap · market cap 12.42%
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
330
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27284, NC
56,859
Population
25,168
Households
2.3
Avg Household Size
43
Median Age
34%
College-Educated
93%
High-School Grad
78.8 sq mi
ZIP Area
722
Density / Sq Mi
$80,739
Median Household Income
$49,784
Median Earnings
$1,086
Median Rent
$259,500
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 - Open warehouse configuration with offices, restrooms, and additional mezzanine area.
Where is this flex space located?
The property is located at 263 Gretas Way Kernersville, NC.
What is the asking price?
The asking price for this property is $3,950,000.
What are key features of this property?
This property features: ±27,120 SF flex/industrial property; 1 mile from I‑40; Built in 2017
