Turnkey Flex Property For
For Sale
$2,595,000
5011 Departure Drive, Raleigh, NC 27616
9,840 SF flex property in prime North Raleigh location.
Property Size9,840 SF
Lot Size0.98 Acres
Price / SF$263.72
Days on Market163
Property Features for 5011 Departure Drive
General Information
Standard status
Active
Size
9,840 SF
Lot size
0.98 Acres
Property subtype
Flex
Zoning
IX-3
Building Details
Building Size
9,840 SF
Year Built
2006
Listed By:
Chris Burnham
(919) 225-4778
Source:
Maverickpartners
Added: Mar 27
Changed: Sep 4
Last Checked: Jun 26 at 7:50PM
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 Chris Burnham
Investment Insights
Based on property information with market context.
This stand-alone, single-story, turnkey flex property offers a rare opportunity for investors or owner-occupiers. The 9,840 square foot building is fully leased to established tenants on a month-to-month basis, providing flexibility to maintain it as an investment property, occupy part and collect rent, or occupy the entire space. The property is divided into six separately metered units. The building, situated on 0.98 acres, features an even mix of office/showroom and warehouse space, with five grade-level roll-up doors, extended ceiling heights, 28 on-site parking spaces, and professional curb appeal. Located in prime North Raleigh, between I-440, I-540, and US-1, it offers quick access to RDU, RTP, Downtown Raleigh, and all parts of the Triangle.
Key Highlights
- Prime North Raleigh location with quick access to major routes.
- Turnkey, single‑story flex property** ideal for investment or owner‑occupancy.
- 9,840 sf divided into six separately metered units for flexible usage.
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
$76,475
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
2.95%
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%
$1,529,500
$1.5M
Cap Rate 7%
$1,092,500
$1.1M
Cap Rate 9%
$849,722
$849.7K
Market Conditions
NOI Build-Up for 9,840 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
$96.8K $9.84/SF
− Vacancy
−$6.9K −$0.70/SF
EGI
$90.0K $9.14/SF
− OpEx
−$13.5K −$1.37/SF
NOI
$76.5K $7.77/SF
Area
ZIP 27616
Vacancy
7.08%
Lease Rate
$9.84 /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%
$1,529,500
Cap Rate 7%
$1,092,500
Cap Rate 9%
$849,722
Alternative Uses
Best Use
Warehouse
$1.09M
$955.9K – $1.27M
NOI $76,475 @ 7.0% cap · market cap 2.95%
Second Best
Flex RnD
$1.05M
$919.3K – $1.23M
NOI $73,542 @ 7.0% cap · market cap 2.83%
Theoretical Best
Specialty Retail
$2.81M
$2.46M – $3.28M
NOI $196,670 @ 7.0% cap · market cap 7.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,078
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27616, NC
56,941
Population
24,282
Households
2.3
Avg Household Size
34
Median Age
43%
College-Educated
91%
High-School Grad
22.5 sq mi
ZIP Area
2,531
Density / Sq Mi
$81,534
Median Household Income
$41,601
Median Earnings
$1,514
Median Rent
$314,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - 9,840 SF flex property in prime North Raleigh location.
Where is this flex space located?
The property is located at 5011 Departure Drive Raleigh, NC.
What is the asking price?
The asking price for this property is $2,595,000.
What are key features of this property?
This property features: Prime North Raleigh location with quick access to major routes.; Turnkey, single‑story flex property** ideal for investment or owner‑occupancy.; 9,840 sf divided into six separately metered units for flexible usage.
