Office/Warehouse with Outdoor Laydown
For Sale
$3,466,867
2801 Crusher Run, Wake Forest, NC 27587
COMMERCIAL - Wake Forest, NC
Property Size10,984 SF
Lot Size2.63 Acres
Price / SF$315.63
Days on Market92
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: Aug 4
Last Checked: Sep 1 at 11:06PM
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.
This +/-10,984 SF office & warehouse facility is designed for flexible industrial use, pairing functional office buildout with dedicated warehouse space. The property also includes a large laydown yard and outdoor storage area, giving operators room for equipment, materials, and day-to-day staging. The overall configuration supports businesses that need both a work-ready interior and practical exterior space to keep operations moving.
Located in the Wake Forest area with excellent access to the Wake Forest and Raleigh markets, the site is positioned for customers and staff traveling throughout the region. With a total lot size of 2.63 acres, the building and yard combination offers a rare setup for tenants seeking an operations-focused property rather than a warehouse-only option.
This is a strong fit for contractors, service companies, distribution operations, and fleet-oriented users that benefit from outdoor storage and yard-based workflow. Buyers and tenants looking for a functional live-work style industrial platform should find the balance of office space, warehouse area, and laydown capacity particularly useful for day-to-day execution.
Located in the Wake Forest area with excellent access to the Wake Forest and Raleigh markets, the site is positioned for customers and staff traveling throughout the region. With a total lot size of 2.63 acres, the building and yard combination offers a rare setup for tenants seeking an operations-focused property rather than a warehouse-only option.
This is a strong fit for contractors, service companies, distribution operations, and fleet-oriented users that benefit from outdoor storage and yard-based workflow. Buyers and tenants looking for a functional live-work style industrial platform should find the balance of office space, warehouse area, and laydown capacity particularly useful for day-to-day execution.
Key Highlights
- +/- 10,984 SF office and warehouse facility
- Built in 2007
- Large laydown yard/outdoor storage area for equipment and materials
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
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flex office and warehouse with a large outdoor laydown area for service, distribution, and fleet 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; Built in 2007; Large laydown yard/outdoor storage area for equipment and materials
