Leased Industrial Distribution
For Sale
Contact for pricing
7603 Boeing Dr, Greensboro, NC 27409
Fully leased industrial property with 12 drive-in doors, 3 dock-high doors, and 100% sprinklered heavy industrial zoning.
Property Size35,472 SF
Lot Size3.61 Acres
Price / SF$181.69
Days on Market137
Property Features for 7603 Boeing Dr
General Information
Standard status
Active
Size
35,472 SF
Class
B
Lot size
3.61 Acres
Property subtype
Industrial
Zoning
HI
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$396,357
Site & Location
Highway Access
Yes
Road Access
Yes
Warehouse & Industrial
Clear Height
24 ft
Dock-High Doors
3
Drive-In Doors
12
Sprinkler System
Yes
Building Details
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Waldrop Properties Llc
Listed By:
Michael Waldrop · License #NC 158376
(919) 645-1605
Source:
Crexi
Added: Apr 22
Changed: Aug 13
Last Checked: Sep 4 at 11:20PM
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 Waldrop Properties Llc
Investment Insights
Based on property information with market context.
7603 Boeing Drive is a fully leased, single-tenant industrial facility currently leased to FleetPride, which has operated at the location since 1998. The property includes 12 drive-in doors, 3 dock-high doors, and 1 lower dock door with 20'–24' clear dimensions, with 100% sprinklered service. The facility is zoned HI (Heavy Industrial) within the Airport Overlay District, and the roof was re-coated in 2021 with a 15-year warranty.
The property is positioned in the Piedmont Triad logistics corridor with immediate access to I-40, I-73, I-85, NC-68, and Piedmont Triad International Airport. A subtenant, McCarthy Tire Service, is also included.
The lease is structured as Triple Net (NNN) with 2% annual escalations. The current lease term runs through December 31, 2032, and includes one five-year renewal option requiring six months’ notice.
The property is positioned in the Piedmont Triad logistics corridor with immediate access to I-40, I-73, I-85, NC-68, and Piedmont Triad International Airport. A subtenant, McCarthy Tire Service, is also included.
The lease is structured as Triple Net (NNN) with 2% annual escalations. The current lease term runs through December 31, 2032, and includes one five-year renewal option requiring six months’ notice.
Key Highlights
- Fully leased single‑tenant industrial property leased to FleetPride, operating at the site since 1998
- 15,472 SF industrial facility on 3.608 acres with 12 drive‑in doors, 3 dock‑high doors, and 1 lower dock door
- 100% sprinklered heavy industrial (HI) zoning within the Airport Overlay District
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
$203,846
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
3.16%
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%
$4,076,920
$4.1M
Cap Rate 7%
$2,912,086
$2.9M
Cap Rate 9%
$2,264,956
$2.3M
Market Conditions
NOI Build-Up for 35,472 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
$255.4K $7.20/SF
− Vacancy
−$15.6K −$0.44/SF
EGI
$239.8K $6.76/SF
− OpEx
−$36.0K −$1.01/SF
NOI
$203.8K $5.75/SF
Area
Greensboro, NC
Vacancy
6.10%
Lease Rate
$7.20 /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%
$4,076,920
Cap Rate 7%
$2,912,086
Cap Rate 9%
$2,264,956
Alternative Uses
Best Use
Warehouse
$2.91M
$2.55M – $3.40M
NOI $203,846 @ 7.0% cap · market cap 3.16%
Second Best
Industrial
$2.40M
$2.10M – $2.80M
NOI $167,873 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$11.24M
$9.84M – $13.12M
NOI $787,104 @ 7.0% cap · market cap 12.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
24 ft
Clear height
3
Dock-high doors
12
Drive-in doors
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
279
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27409, NC
17,378
Population
9,616
Households
1.8
Avg Household Size
36
Median Age
38%
College-Educated
96%
High-School Grad
19.9 sq mi
ZIP Area
873
Density / Sq Mi
$57,862
Median Household Income
$40,298
Median Earnings
$1,173
Median Rent
$189,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Norgen Storage Facility — 6900 B International Dr, Greensboro, NC 27409
- Mi-Box Triad — 7712 Boeing Dr Ste A, Greensboro, NC 27409
Frequently Asked Questions
What type of property is this?
Warehouse - Fully leased industrial property with 12 drive-in doors, 3 dock-high doors, and 100% sprinklered heavy industrial zoning.
Where is this warehouse located?
The property is located at 7603 Boeing Dr Greensboro, NC.
What is the asking price?
The asking price for this property is $6,444,829.
What are key features of this property?
This property features: Fully leased single‑tenant industrial property leased to FleetPride, operating at the site since 1998; 15,472 SF industrial facility on 3.608 acres with 12 drive‑in doors, 3 dock‑high doors, and 1 lower dock door; 100% sprinklered heavy industrial (HI) zoning within the Airport Overlay District
