Flex Space Headquarters
For Sale
$185,000
611 W Elm St, Graham, NC 27253
For sale 1,664 SF flex/office building with general business zoning, requiring significant rehab for tailored buildout.
Property Size1,664 SF
Price / SF$111.18
Days on Market78
Property Features for 611 W Elm St
General Information
Standard status
Active
Size
1,664 SF
Taxes and HOA fees
Annual Taxes
$638
Listing Agency:
EXP REALTY OF PIEDMONT NC LLC
(336) 213-8887
Listed By:
Heather Hill · License #299833
(336) 213-8887
Source:
Exprealty
Added: Jun 9
Changed: Aug 23
Last Checked: Aug 24 at 1:57PM
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 EXP REALTY OF PIEDMONT NC LLC
Investment Insights
Based on property information with market context.
This flex/office building is positioned as a potential headquarters or multi-purpose workspace, but it needs significant rehab. At this size, the property can be shaped to fit a small business’s day-to-day operating requirements, subject to the buyer’s renovation plans and permitting.
The property is located at 611 W Elm in Graham, North Carolina, and is described as being about two minutes from Downtown Graham, which may support quick access to local customers, services, and activity. The listing also notes General Business zoning, intended to accommodate a range of business uses.
For small business owners, contractors, tradesmen, entrepreneurs, or investors, the value proposition here is the flexibility that comes with General Business zoning paired with a building that can be reconfigured through a substantial renovation. If you’re looking for a site where you can design the interior to match your business needs, this property’s current condition and zoning framework should be taken into account when evaluating scope, budget, and timeline.
The property is located at 611 W Elm in Graham, North Carolina, and is described as being about two minutes from Downtown Graham, which may support quick access to local customers, services, and activity. The listing also notes General Business zoning, intended to accommodate a range of business uses.
For small business owners, contractors, tradesmen, entrepreneurs, or investors, the value proposition here is the flexibility that comes with General Business zoning paired with a building that can be reconfigured through a substantial renovation. If you’re looking for a site where you can design the interior to match your business needs, this property’s current condition and zoning framework should be taken into account when evaluating scope, budget, and timeline.
Key Highlights
- 1,664 SF flex/office building built in 1947
- General Business zoning for flexible business uses
- Location is about 2 minutes from Downtown Graham
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
$12,832
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
6.94%
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%
$256,640
$256.6K
Cap Rate 7%
$183,314
$183.3K
Cap Rate 9%
$142,578
$142.6K
Market Conditions
NOI Build-Up for 1,664 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
$21.8K $13.08/SF
− Vacancy
−$2.0K −$1.22/SF
EGI
$19.7K $11.86/SF
− OpEx
−$6.9K −$4.15/SF
NOI
$12.8K $7.71/SF
Area
Alamance County, NC
Vacancy
9.30%
Lease Rate
$13.08 /SF/Yr
Expense Ratio
35.00%
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%
$256,640
Cap Rate 7%
$183,314
Cap Rate 9%
$142,578
Alternative Uses
Best Use
Flex RnD
$183.3K
$160.4K – $213.9K
NOI $12,832 @ 7.0% cap · market cap 6.94%
Second Best
Industrial
$93.6K
$81.9K – $109.2K
NOI $6,550 @ 7.0% cap · market cap 3.54%
Theoretical Best
Office A
$548.6K
$480.0K – $640.1K
NOI $38,403 @ 7.0% cap · market cap 20.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27253, NC
32,010
Population
14,821
Households
2.2
Avg Household Size
41
Median Age
24%
College-Educated
88%
High-School Grad
81.9 sq mi
ZIP Area
391
Density / Sq Mi
$62,020
Median Household Income
$39,307
Median Earnings
$975
Median Rent
$212,300
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.
Frequently Asked Questions
What type of property is this?
Flex space - For sale 1,664 SF flex/office building with general business zoning, requiring significant rehab for tailored buildout.
Where is this flex space located?
The property is located at 611 W Elm St Graham, NC.
What is the asking price?
The asking price for this property is $185,000.
What are key features of this property?
This property features: 1,664 SF flex/office building built in 1947; General Business zoning for flexible business uses; Location is about 2 minutes from Downtown Graham
