Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    302 East Pettigrew Street Durham, NC 27701

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    $36 SF/Yr

    Office space for rent adjacent to Durham's historic district.

    Type:Office
    Property size:
    15,998 SF
    Added:
    Nov 22, 2025
    Days on Market:
    136
    Last Refresh:
    Apr 5 at 8:42 pm

    Property Features for 302 East Pettigrew Street

    General Information

    Standard status
    Active
    Size
    15,998 SF
    Property subtype
    Office

    Spaces For Lease

    at 302 East Pettigrew Street Contact us

    We can help!

    Listing Contact
    John Brewer

    Listing agent John Brewer

    Listing office

    Listing date Nov 22, 2025

    Source Cbre

    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 John Brewer

    Overview

    Office Space Near American Tobacco

    This office space, encompassing 15998 square feet, is situated adjacent to the American Tobacco Historic District, the American Tobacco mixed-use campus, the Durham Performing Arts Center, and the Durham Bulls Athletic Park. The location has a Walk Score of 89.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Policy & Economic Research ... Charitable Organization Bio Products Laboratory Medical Laboratory Precision BioSciences, Inc. Corporate Office Durham Economic & Employment Employment Agency Equal Opportunity/Equity City Government Office

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.8991
    Latitude
    35.9913

    Nearby Similar for Lease

    • Contact for pricing

      Versatile Office/Medical Space Available

      2400 sq ft office/medical suite in prime Durham location.
      3925 N Duke Street unit: 121, Durham, NC 27704
      View Details
    • Contact for pricing

      Durham Office Condo For Lease

      Recently remodeled office condo with easy access and great location.
      3201 Yorktown Ave., Durham, NC 27713
      View Details
    • $36,000/mo

      Office Suite with Private Offices

      Office suite featuring multiple private office spaces for rent.
      5315 Highgate Drive unit: 103, Durham, NC 27713
      View Details
    • $45,045/mo

      Durham Office Space For Lease

      Flexible office unit with ample parking and recent upgrades.
      1906 Carolina 54 unit: 100 A, Durham, NC 27713
      View Details
    • Contact for pricing

      NC, Durham - Spaces Mangum Street

      555 Mangum St, Unit 100, Durham, NC 27701
      View Details
    • Sponsored
      Contact for pricing

      NC, Durham - 3511 Shannon Road

      3511 Shannon Rd, Durham, NC 27707
      View Details
    • Contact for pricing

      RTP Imperial

      4819 Emperor Blvd, Unit 400, Durham, NC 27703
      View Details
    • $23/mo

      Durham Medical/Office Building for Lease

      Freestanding 4,769 SF building suitable for medical or office use.
      110 E. Carver Street, Durham, NC 27704
      View Details
    • Contact for pricing

      Professional Office Condos For Lease

      Office condos for lease near Duke University Medical Center.
      2741 Campus Walk Ave, Building 400, Durham, NC 27705
      View Details
    • $30/mo

      Plug and Play Lab Space

      Move-in ready lab and office space in Durham, NC.
      4025 Stirrup Creek Drive, Durham, NC 27703
      View Details
    • $23/mo

      Class A Office Space

      Class A office space for lease in North Durham.
      4321 Medical Park Dr, Durham, NC 27704
      View Details
    • $26/mo

      Office/Medical Building Near Southpoint Mall

      Single-story office/medical building near Southpoint Mall available for lease.
      5501 Fortunes Ridge Drive, Durham, NC 27713
      View Details

    FAQs

    What type of property is this?
    Office units - Office space for rent adjacent to Durham's historic district.
    Where is this office units located?
    The property is located at 302 East Pettigrew Street Durham, NC.
    What is the lease rate?
    The lease rate is $36 SF/Yr.
    What are key features of this property?
    This property features: Walk Score: 89; Adjacent to the American Tobacco Historic District; Adjacent to the American Tobacco mixed‑use campus
    (919) 831-8214
    We can help!
    Listing Contact
    John Brewer
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!