Office Building with On-Site
For Sale
$899,000
621 William Vickers Ave., Durham, NC 27701
Located within walking distance of Durham’s downtown business district and attractions, with DD-S1 zoning.
Property Size3,000 SF
Lot Size0.50 Acres
Days on Market67
Property Features for 621 William Vickers Ave.
General Information
Standard status
Active
Size
3,000 SF
Class
B
Lot size
0.50 Acres
Property subtype
Office
Zoning
DD-S1
Building Details
Building Size
3,000 SF
Year Built
1942
Buildings
1
Listing Agency:
(919) 225-4778
Listed By:
Chris Burnham
(919) 225-4778
Source:
Maverickpartners
Added: Jun 25
Changed: Aug 30
Last Checked: Aug 30 at 12:01AM
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 office property includes an existing building constructed in 1942 on a half-acre site. The building is described as well maintained and is accompanied by on-site parking, providing a practical setting for office operations. The property is designated under DD-S1 zoning, identified in the listing as flexible.
Situated at 621 William Vickers Ave. in Durham, the property is walkable to the Downtown Business District and nearby attractions. Surrounding new development adds context to the immediate area while maintaining convenient access to downtown destinations.
Situated at 621 William Vickers Ave. in Durham, the property is walkable to the Downtown Business District and nearby attractions. Surrounding new development adds context to the immediate area while maintaining convenient access to downtown destinations.
Key Highlights
- 1942 office building on a half‑acre site
- On‑site parking included
- DD‑S1 zoning identified as flexible
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
$46,332
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
5.15%
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%
$926,640
$926.6K
Cap Rate 7%
$661,886
$661.9K
Cap Rate 9%
$514,800
$514.8K
Market Conditions
NOI Build-Up for 3,000 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
$74.9K $24.96/SF
− Vacancy
−$13.1K −$4.37/SF
EGI
$61.8K $20.59/SF
− OpEx
−$15.4K −$5.15/SF
NOI
$46.3K $15.44/SF
Area
Durham, NC
Vacancy
17.50%
Lease Rate
$24.96 /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%
$926,640
Cap Rate 7%
$661,886
Cap Rate 9%
$514,800
Alternative Uses
Best Use
Office B
$661.9K
$579.2K – $772.2K
NOI $46,332 @ 7.0% cap · market cap 5.15%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$968.7K
$847.6K – $1.13M
NOI $67,811 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,622
Businesses Nearby
Explore this area
Business Placement
Demographics for 27701, NC
25,208
Population
13,409
Households
1.9
Avg Household Size
34
Median Age
50%
College-Educated
85%
High-School Grad
5.2 sq mi
ZIP Area
4,848
Density / Sq Mi
$66,852
Median Household Income
$47,681
Median Earnings
$1,279
Median Rent
$457,600
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?
Office building - Located within walking distance of Durham’s downtown business district and attractions, with DD-S1 zoning.
Where is this office building located?
The property is located at 621 William Vickers Ave. Durham, NC.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 1942 office building on a half‑acre site; On‑site parking included; DD‑S1 zoning identified as flexible
