Flex Space with Outdoor
New
For Sale
$6,100,000
5115 New Bern Ave, Raleigh, NC 27610
Industrial property with occupied space, available warehouse and office areas, and a secured yard under IX-3 zoning.
Property Size24,434 SF
Lot Size2.74 Acres
Price / SF$249.65
Days on Market1
Property Features for 5115 New Bern Ave
General Information
Standard status
Active
Size
24,434 SF
Lot size
2.74 Acres
Property subtype
Industrial
Zoning
IX-3
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Asking Price
$6,100,000
Drive-In Doors
3
Building Details
Building Size
24,434 SF
Year Built
1964
Buildings
1
Tenancy
Multi
Listed By:
Moss Withers · License #262680
(919) 576-2501
Source:
Lee-associates
Added: Sep 5
Last Checked: Sep 5 at 2:48PM
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 Moss Withers
Investment Insights
Based on property information with market context.
This flex property includes approximately 24,434 SF within a 2.74-acre industrial site. About 16,434 SF is occupied by Metal Depot under a long-term NNN tenancy, while approximately 8,000 SF is available for warehouse and office use. The building includes functional office improvements and three drive-in doors, supporting a mix of industrial and administrative operations. The site also provides roughly 1.2 acres of fenced outdoor storage, along with paved and secured grounds.
Located at 5115 New Bern Avenue in Raleigh, the property carries IX-3 zoning and fronts a high-traffic commercial corridor. New Bern Avenue / US-64 Business is reported at 48,000 VPD, with I-440 at 122,000 VPD and I-87 at 98,000 VPD. Built in 1964, the property combines an existing occupied component with warehouse, office, and outdoor-storage capacity.
Located at 5115 New Bern Avenue in Raleigh, the property carries IX-3 zoning and fronts a high-traffic commercial corridor. New Bern Avenue / US-64 Business is reported at 48,000 VPD, with I-440 at 122,000 VPD and I-87 at 98,000 VPD. Built in 1964, the property combines an existing occupied component with warehouse, office, and outdoor-storage capacity.
Key Highlights
- ±24,434 SF industrial building on ±2.74 acres
- ±16,434 SF occupied by Metal Depot
- ±8,000 SF warehouse/office space available
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
$360,435
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
5.91%
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%
$7,208,700
$7.2M
Cap Rate 7%
$5,149,071
$5.1M
Cap Rate 9%
$4,004,833
$4.0M
Market Conditions
NOI Build-Up for 24,434 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
$577.6K $23.64/SF
− Vacancy
−$97.0K −$3.97/SF
EGI
$480.6K $19.67/SF
− OpEx
−$120.1K −$4.92/SF
NOI
$360.4K $14.75/SF
Area
ZIP 27610
Vacancy
16.80%
Lease Rate
$23.64 /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%
$7,208,700
Cap Rate 7%
$5,149,071
Cap Rate 9%
$4,004,833
Alternative Uses
Best Use
Office B
$5.15M
$4.51M – $6.01M
NOI $360,435 @ 7.0% cap · market cap 5.91%
Second Best
Industrial
$3.22M
$2.81M – $3.75M
NOI $225,191 @ 7.0% cap · market cap 3.69%
Theoretical Best
Specialty Retail
$7.16M
$6.27M – $8.36M
NOI $501,386 @ 7.0% cap · market cap 8.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Drive-in doors
Multi-tenant
Tenancy
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27610, NC
75,164
Population
29,245
Households
2.6
Avg Household Size
34
Median Age
28%
College-Educated
86%
High-School Grad
45.2 sq mi
ZIP Area
1,663
Density / Sq Mi
$66,245
Median Household Income
$37,582
Median Earnings
$1,319
Median Rent
$260,300
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?
Flex space - Industrial property with occupied space, available warehouse and office areas, and a secured yard under IX-3 zoning.
Where is this flex space located?
The property is located at 5115 New Bern Ave Raleigh, NC.
What is the asking price?
The asking price for this property is $6,100,000.
What are key features of this property?
This property features: ±24,434 SF industrial building on ±2.74 acres; ±16,434 SF occupied by Metal Depot; ±8,000 SF warehouse/office space available
