Flex Facility with Laydown
For Sale
$3,466,867
2801 Crusher Run, Wake Forest, NC 27587
Commercial Sale, Wake Forest, NC
Property Size10,984 SF
Lot Size2.63 Acres
Price / SF$315.63
Days on Market116
Property Features for 2801 Crusher Run
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
LI
Directions
Follow US-1 ALT S/S Main St and Ligon Mill Rd to Merritt Capital Dr Head toward E Roosevelt Ave Continue onto E S Ave At the traffic circle, take the 2nd exit onto US-1 ALT S/S Main St Turn left onto Ligon Mill Rd Continue on Merritt Capital Dr to your destination Turn right onto Merritt Capital Dr Turn left onto Industry Oaks Ln Turn left onto Unicon Dr Turn left onto Crusher Run 2801 Crusher Run Wake Forest, NC 27587
Standard status
Active
APN
1739734810
Lot size
2.63 Acres
Taxes and HOA fees
Tax Description
LO36 SOUTH FOREST BUSINESS PARK BM2003-0
Legal Description
LO36 SOUTH FOREST BUSINESS PARK BM2003-0
Building Details
Year built
2007
Listing Agency:
Century 21 Providence Realty · Century 21 Real Estate
(704) 847-2144
Listed By:
Pat Flanagan
(704) 916-9552
Added: Jun 2
Changed: Sep 23
Last Checked: Sep 25 at 12:06PM
MLS# 4388992
Copyright © 2026 Canopy 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.
Located at 2801 Crusher Run in Wake Forest, North Carolina, this flex property combines office improvements with warehouse space in a single 10,984-square-foot facility. The building was constructed in 2007 and is accompanied by a substantial laydown yard suitable for outdoor storage.
The property occupies 2.63 acres, providing both enclosed building area and exterior operating space. Its Wake Forest location places the facility within the Raleigh market area while retaining a distinct address in Wake County.
The property occupies 2.63 acres, providing both enclosed building area and exterior operating space. Its Wake Forest location places the facility within the Raleigh market area while retaining a distinct address in Wake County.
Key Highlights
- 10,984 SF office and warehouse facility
- 2.63‑acre property in Wake Forest, NC
- Large laydown yard with outdoor storage area
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
$168,609
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
4.86%
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%
$3,372,180
$3.4M
Cap Rate 7%
$2,408,700
$2.4M
Cap Rate 9%
$1,873,433
$1.9M
Market Conditions
NOI Build-Up for 10,984 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
$270.2K $24.60/SF
− Vacancy
−$45.4K −$4.13/SF
EGI
$224.8K $20.47/SF
− OpEx
−$56.2K −$5.12/SF
NOI
$168.6K $15.35/SF
Area
Wake County, NC
Vacancy
16.80%
Lease Rate
$24.60 /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%
$3,372,180
Cap Rate 7%
$2,408,700
Cap Rate 9%
$1,873,433
Alternative Uses
Best Use
Office B
$2.41M
$2.11M – $2.81M
NOI $168,609 @ 7.0% cap · market cap 4.86%
Second Best
Flex RnD
$1.68M
$1.47M – $1.96M
NOI $117,396 @ 7.0% cap · market cap 3.39%
Theoretical Best
Specialty Retail
$3.14M
$2.74M – $3.66M
NOI $219,534 @ 7.0% cap · market cap 6.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27587, NC
76,647
Population
30,571
Households
2.5
Avg Household Size
40
Median Age
56%
College-Educated
96%
High-School Grad
105.1 sq mi
ZIP Area
729
Density / Sq Mi
$125,607
Median Household Income
$59,006
Median Earnings
$1,415
Median Rent
$452,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse improvements are paired with outdoor storage capacity for flexible commercial operations.
Where is this flex space located?
The property is located at 2801 Crusher Run Wake Forest, NC.
What is the asking price?
The asking price for this property is $3,466,867.
What are key features of this property?
This property features: 10,984 SF office and warehouse facility; 2.63‑acre property in Wake Forest, NC; Large laydown yard with outdoor storage area
