Building Details

Year Built 1999

Listing Agency: Pickett Sprouse Commercial Real Estate

Listed By: Emilee Collins · License #NC Show Phone

Source: Crexi

Added: Mar 3 Changed: Oct 15 Last Checked: Oct 19 at 6:09AM

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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 Pickett Sprouse Commercial Real Estate

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Investment Insights

Based on property information with market context.

This multi-use industrial facility offers flexible space for a variety of operational needs. The building features ceiling heights ranging from 13 to 22 feet, a fully conditioned interior, and one loading dock door equipped with two levelers. Layout and improvements are suited to users seeking a blend of office and functional workspace, including manufacturing, warehousing, order fulfillment, trade contractors, or professional service operations.

The property is located at 416 Millstone Drive in an established Economic Development District. Set on 2.32 acres with ample parking and yard area, it is positioned for convenient regional access with close proximity to I-40 and I-85.

For sale or lease, the facility provides a practical industrial configuration supported by conditioned interior space and the included dock equipment for receiving and distribution activities.

Key Highlights

• 14,221 SF industrial facility with fully conditioned interior and flexible layout for manufacturing, warehousing, or trade/professional services
• Ceiling heights range from 13 to 22 feet
• One loading dock door with two levelers

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$187,922

Cap Rate

7.23%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,758,440 $3.8M

Cap Rate 7%

$2,684,600 $2.7M

Cap Rate 9%

$2,088,022 $2.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 14,221 SF

Gross rent

$285.0K $20.04/SF

− Vacancy

−$16.5K −$1.16/SF

EGI

$268.5K $18.88/SF

− OpEx

−$80.5K −$5.66/SF

NOI

$187.9K $13.21/SF

Area

Orange County, NC

Vacancy

5.80%

Lease Rate

$20.04 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,758,440

Cap Rate 7%

$2,684,600

Cap Rate 9%

$2,088,022

Alternative Uses

Best Use

Industrial

$2.68M

$2.35M – $3.13M (±1% cap)

NOI $187,922 @ 7.0% cap · market cap 7.23%

Second Best

Flex RnD

$2.51M

$2.20M – $2.93M (±1% cap)

NOI $175,981 @ 7.0% cap · market cap 6.77%

Theoretical Best

Office A

$4.59M

$4.02M – $5.36M (±1% cap)

NOI $321,448 @ 7.0% cap · market cap 12.36%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Johnny T-Shirt the Carolina Clothing Store

Suggested Use

Top Pick Parking Lot & Garage Storage Facility Law Firm Furniture & Home Goods Electrical Service Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

22 ft

Clear height

1

Dock-high doors

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

324

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 27278, NC

28,846

Population

12,328

Households

2.3

Avg Household Size

43

Median Age

54%

College-Educated

91%

High-School Grad

103.7 sq mi

ZIP Area

278

Density / Sq Mi

$101,821

Median Household Income

$51,380

Median Earnings

$1,294

Median Rent

$380,000

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Industrial building with 13–22-foot ceilings, one loading dock with two levelers, and fully conditioned interior space.

Where is this flex space located?

The property is located at 416 Millstone Dr Hillsborough, NC.

What is the asking price?

The asking price for this property is $2,600,000.

What are key features of this property?

This property features: 14,221 SF industrial facility with fully conditioned interior and flexible layout for manufacturing, warehousing, or trade/professional services; Ceiling heights range from 13 to 22 feet; One loading dock door with two levelers