Multi-Use Industrial
For Sale
Contact for pricing
Pending
416 Millstone Dr, Hillsborough, NC 27278
Industrial building with 13–22-foot ceilings, one loading dock with two levelers, and fully conditioned interior space.
Property Size14,221 SF
Lot Size2.32 Acres
Days on Market185
Property Features for 416 Millstone Dr
General Information
Standard status
Pending
Size
14,221 SF
Lot size
2.32 Acres
Property subtype
Industrial
Zoning
Economic Development District
Lease Type
NNN
Warehouse & Industrial
Clear Height
22 ft
Dock-High Doors
1
Additional Details
Highway Access
Yes
Building Details
Year Built
1999
Listing Agency:
Pickett Sprouse Commercial Real Estate
Listed By:
Emilee Collins · License #NC
(919) 381-9456
Source:
Crexi
Added: Mar 3
Changed: Sep 4
Last Checked: Aug 14 at 7:36AM
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
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.
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 = 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
$187,922
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
7.23%
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%
$3,758,440
$3.8M
Cap Rate 7%
$2,684,600
$2.7M
Cap Rate 9%
$2,088,022
$2.1M
Market Conditions
NOI Build-Up for 14,221 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
$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 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%
$3,758,440
Cap Rate 7%
$2,684,600
Cap Rate 9%
$2,088,022
Alternative Uses
Best Use
Industrial
$2.68M
$2.35M – $3.13M
NOI $187,922 @ 7.0% cap · market cap 7.23%
Second Best
Flex RnD
$2.51M
$2.20M – $2.93M
NOI $175,981 @ 7.0% cap · market cap 6.77%
Theoretical Best
Office A
$4.59M
$4.02M – $5.36M
NOI $321,448 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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Similar Off Market Nearby
- Govinda's Catering — Hillsborough, NC 27278
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
