Built-Out Office
New
For Sale
$422,000
411 Andrews Road, Durham, NC 27705
Single-story office condominium with private offices, meeting space, kitchen, and in-suite restrooms.
Property Size2,080 SF
Lot Size1.10 Acres
Price / SF$202.88
Days on Market4
Property Features for 411 Andrews Road
General Information
Standard status
Active
Size
2,080 SF
Class
B
Total Parking Spaces
55
Lot size
1.10 Acres
Property subtype
OFC, OFC-BLDG
Zoning
OI
Additional Details
Floor
1
Asking Price
$422,000
Amenities
signage available
Building Details
Building Size
2,080 SF
Year Built
1984
Buildings
1
Stories
1
Parking Ratio
5.5 per 1,000 SF
Listing Agency:
KW Commercial VG Realty
(919) 475-5769
Listed By:
Vandan Gandhi · License ##247850
(919) 475-5769
Source:
Realnex
Added: Aug 9
Changed: Aug 12
Last Checked: Aug 12 at 5:20AM
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 KW Commercial VG Realty
Investment Insights
Based on property information with market context.
This single-story office condominium combines Suites 110 and 120 as one unit at University Office Park. The existing layout includes seven private perimeter offices, a large conference room, a bullpen or seminar room, reception and entry vestibule, kitchen, and two private in-suite restrooms. The approximately 2,080-square-foot space is already configured for office occupancy, with no demising or additional build-out described.
Located at 411 Andrews Road in Durham, the property is part of University Office Park, a 1984-built office complex totaling 10,000 SF on 1.10 acres. Shared surface parking includes 55 spaces at a 5.5/1,000 SF ratio. OI zoning, identified as Office & Institutional, supports medical, professional, and institutional users.
Located at 411 Andrews Road in Durham, the property is part of University Office Park, a 1984-built office complex totaling 10,000 SF on 1.10 acres. Shared surface parking includes 55 spaces at a 5.5/1,000 SF ratio. OI zoning, identified as Office & Institutional, supports medical, professional, and institutional users.
Key Highlights
- Two office suites convey together as one unit with approximately 2,080 SF
- Seven private perimeter offices plus conference and bullpen/seminar areas
- Two private in‑suite restrooms, kitchen, reception, and entry vestibule
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
$32,124
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
7.61%
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%
$642,480
$642.5K
Cap Rate 7%
$458,914
$458.9K
Cap Rate 9%
$356,933
$356.9K
Market Conditions
NOI Build-Up for 2,080 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
$51.9K $24.96/SF
− Vacancy
−$9.1K −$4.37/SF
EGI
$42.8K $20.59/SF
− OpEx
−$10.7K −$5.15/SF
NOI
$32.1K $15.44/SF
Area
Durham, NC
Vacancy
17.50%
Lease Rate
$24.96 /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%
$642,480
Cap Rate 7%
$458,914
Cap Rate 9%
$356,933
Alternative Uses
Best Use
Office B
$458.9K
$401.6K – $535.4K
NOI $32,124 @ 7.0% cap · market cap 7.61%
Second Best
Healthcare Medical
$442.9K
$387.5K – $516.7K
NOI $31,000 @ 7.0% cap · market cap 7.35%
Theoretical Best
Office A
$671.7K
$587.7K – $783.6K
NOI $47,016 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
803
Businesses Nearby
Explore this area
Business Placement
Demographics for 27705, NC
50,472
Population
24,108
Households
2.1
Avg Household Size
34
Median Age
62%
College-Educated
91%
High-School Grad
42.1 sq mi
ZIP Area
1,199
Density / Sq Mi
$71,153
Median Household Income
$43,138
Median Earnings
$1,422
Median Rent
$398,500
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?
Office units - Single-story office condominium with private offices, meeting space, kitchen, and in-suite restrooms.
Where is this office units located?
The property is located at 411 Andrews Road Durham, NC.
What is the asking price?
The asking price for this property is $422,000.
What are key features of this property?
This property features: Two office suites convey together as one unit with approximately 2,080 SF; Seven private perimeter offices plus conference and bullpen/seminar areas; Two private in‑suite restrooms, kitchen, reception, and entry vestibule
