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    501 Washington St Durham, NC 27701

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    For Lease
    Contact for pricing

    Prime Durham retail, restaurant space. Six suites available.

    Lot size:
    310,000 SF

    Property Features for 501 Washington St

    General Information

    Property type
    Restaurants
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    310,000 SF
    Total Rate
    1033333.33

    Building Details

    Year Built
    2024
    Buildings
    2
    Stories
    6

    Spaces For Lease

    at 501 Washington St, Durham, NC 27701 Contact us
    Unit 501 Washington Street, Unit B-1

    $40 /Mo

    Size
    2,782 SF
    Contact us
    Unit 501 Washington Street, Unit C-1

    $40 /Mo

    Size
    2,008 SF
    Contact us
    Unit 501 Washington Street, Unit C-2

    $40 /Mo

    Size
    2,990 SF
    Contact us
    Unit 501 Washington Street, Unit C-3

    $40 /Mo

    Size
    4,325 SF
    Contact us
    Unit 501 Washington Street, Unit A-2

    $40 /Mo

    Size
    3,111 SF
    Contact us
    Unit 501 Washington Street, Unit A-1

    $40 /Mo

    Size
    1,745 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Bruce Alexander
    Bruce Alexander

    Listing Agency: Maverick Partners Listing Agent: Bruce Alexander

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    The Shops at Wye Apartments offers exceptional retail and restaurant opportunities in the vibrant city of Durham, North Carolina. This two-building complex, completed in Q3 2024, boasts a total of 310,000 square feet, with six available commercial suites ranging from 1,745 to 4,325 contiguous square feet. Currently, 16,961 square feet of retail space is vacant and ready for immediate occupancy. Located at 501 Washington St, Durham, NC 27701, this ground-floor retail space is ideally situated within a six-story, multifamily development, providing high foot traffic and visibility. The complex features 383 parking spaces for convenient customer access. The building's modern design and prime location make it perfect for a variety of businesses, including cocktail bars, pubs, boutique fitness studios, restaurants, and urban markets. This is a unique opportunity to establish a presence in a thriving Durham community within a newly constructed building. The property is situated in Durham County and offers a total of six suites across two buildings, each six stories high. The minimum divisible space is 1,745 square feet, while the maximum contiguous space available is 4,325 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Plum Southern Kitchen ... Restaurant Integral Resources Charitable Organization Re/Max: Steiner Jerry Real Estate Agency Zapolski Real Estate ... Real Estate Agency Atomic Clock Brewing ... Production Facility

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Durham
    County
    Durham
    State
    North Carolina
    Longitude
    -78.904117
    Latitude
    36.0028243

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    FAQs

    What type of property is this?
    Restaurant - Prime Durham retail, restaurant space. Six suites available.
    Where is this restaurant located?
    The property is located at 501 Washington St Durham, NC.
    What is the lease rate?
    The lease rate is $40 SF/Yr.
    What are key features of this property?
    This property features: Located in the heart of Downtown Durham.; Across the street from the Historic Durham Athletic Park.; Prominently situated along the Durham Belt Line Trail.
    (919) 475-9907 Call to check price and availability
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    501 Washington St Durham, NC 27701
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    501 Washington St Durham, NC 27701
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Bruce Alexander
    Bruce Alexander
    Real Estate License ID: 253943
    (919) 475-9907
    Learn more
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