Listing Agency: Freeman Commercial Real Estate Show Phone

Listed By: Jay Luke Show Phone

Source: Moodyscre

Added: Dec 8, 2025 Changed: Sep 13 Last Checked: Sep 15 at 11:15AM

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Investment Insights

Based on property information with market context.

Flex space available within Forum 52 Business Park, designed for an office-and-warehouse operation. The space totals 9,800 +/- SF and includes 3,500 SF of finished office and 6,300 SF of conditioned warehouse. The warehouse is fully conditioned and features a 10’x12’ drive-in door.

Warehouse clear height ranges from 14’7” to 10’ (to 10’), with 30’ column spacing to support a flexible layout. The space includes two restrooms, and the office area has an interior ceiling height of 9’5”.

The subject site is described as having easy access to the new Northern Beltway, supporting convenient connectivity for day-to-day operations.

Key Highlights

• 9,800 +/- SF total flex space in Forum 52 Business Park
• 3,500 SF finished office and 6,300 SF conditioned warehouse
• Fully conditioned warehouse with a 10’x12’ drive‑in door

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

$62,888

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

5.03%

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%

$1,257,760 $1.3M

Cap Rate 7%

$898,400 $898.4K

Cap Rate 9%

$698,756 $698.8K

Market Conditions

NOI Build-Up for 9,800 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

$78.8K $8.04/SF

− Vacancy

−$4.8K −$0.49/SF

EGI

$74.0K $7.55/SF

− OpEx

−$11.1K −$1.13/SF

NOI

$62.9K $6.42/SF

Area

Forsyth County, NC

Vacancy

6.10%

Lease Rate

$8.04 /SF/Yr

Expense Ratio

15.00%

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%

$1,257,760

Cap Rate 7%

$898,400

Cap Rate 9%

$698,756

Alternative Uses

Best Use

Warehouse

$898.4K

$786.1K – $1.05M (±1% cap)

NOI $62,888 @ 7.0% cap · market cap 5.03%

Second Best

Flex RnD

$746.1K

$652.9K – $870.5K (±1% cap)

NOI $52,228 @ 7.0% cap · market cap 4.18%

Theoretical Best

Specialty Retail

$2.53M

$2.22M – $2.95M (±1% cap)

NOI $177,218 @ 7.0% cap · market cap 14.18%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

R S & A Production Facility

Suggested Use

Top Pick Real Estate Agency Spa & Massage Center Dental Office Hair Salon Auto Parts Store Nail Salon

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

14 ft

Clear height

1

Drive-in doors

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

133

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 27045, NC

9,548

Population

4,632

Households

2.1

Avg Household Size

42

Median Age

26%

College-Educated

92%

High-School Grad

23.4 sq mi

ZIP Area

408

Density / Sq Mi

$70,345

Median Household Income

$43,362

Median Earnings

$1,077

Median Rent

$181,800

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Well-located in Forum 52 Business Park with a fully conditioned warehouse, finished office space, and a 10’x12’ drive-in door.

Where is this flex space located?

The property is located at 465 Forum Pkwy Rural Hall, NC.

What is the asking price?

The asking price for this property is $1,250,000.

What are key features of this property?

This property features: 9,800 +/- SF total flex space in Forum 52 Business Park; 3,500 SF finished office and 6,300 SF conditioned warehouse; Fully conditioned warehouse with a 10’x12’ drive‑in door