106,000 SF Industrial
For Sale
Contact for pricing
951 Wendell Blvd, Wendell, NC 27591
Industrial building in the Triangle with highway access.
Property Size138,653 SF
Lot Size3.18 Acres
Price / SF$108.18
Days on Market522
Property Features for 951 Wendell Blvd
General Information
Standard status
Active
Size
138,653 SF
Class
C
Total Parking Spaces
450
Lot size
3.18 Acres
Property subtype
Industrial
Zoning
MI
Lease Type
NN
Investment Type
Value Add
Net Operating Income
$440,652
Building Details
Year Built
1978
Stories
1
Tenancy
Multi
Listing Agency:
Elite Commercial Group
(919) 985-9416
Listed By:
Paulina Bohorquez · License #222259
Source:
Crexi
Added: Mar 8, 2025
Changed: Aug 8
Last Checked: Aug 11 at 3:49PM
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 Elite Commercial Group
Investment Insights
Based on property information with market context.
This 106,000 SF industrial building offers an investment opportunity for institutional buyers. The property is suitable for manufacturing, research and development, or a data or call center. Additional buildings are available. The owner occupies 35,000 SF, and a tenant occupies 12,784 SF, providing rental income. Upon sale, the owner will sign a 3-year lease. The remaining space is listed for lease. Located in the heart of the Triangle, this property has access to major highways. The property size is 138,653 SF.
Key Highlights
- 106,000 SF industrial building suitable for manufacturing, R&D, data/call center
- Immediate rental income from existing tenant (12,784 SF)
- Owner to sign a 3‑year lease on 35,000 SF at sale, ensuring income stability
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
$887,425
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
5.92%
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%
$17,748,500
$17.7M
Cap Rate 7%
$12,677,500
$12.7M
Cap Rate 9%
$9,860,278
$9.9M
Market Conditions
NOI Build-Up for 138,653 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
$1.36M $9.84/SF
− Vacancy
−$96.6K −$0.70/SF
EGI
$1.27M $9.14/SF
− OpEx
−$380.3K −$2.74/SF
NOI
$887.4K $6.40/SF
Area
Wake County, NC
Vacancy
7.08%
Lease Rate
$9.84 /SF/Yr
Expense Ratio
30.00%
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%
$17,748,500
Cap Rate 7%
$12,677,500
Cap Rate 9%
$9,860,278
Alternative Uses
Best Use
Office B
$30.41M
$26.60M – $35.47M
NOI $2,128,379 @ 7.0% cap · market cap 14.19%
Second Best
Industrial
$12.68M
$11.09M – $14.79M
NOI $887,425 @ 7.0% cap · market cap 5.92%
Theoretical Best
Specialty Retail
$39.59M
$34.64M – $46.19M
NOI $2,771,223 @ 7.0% cap · market cap 18.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
61
Businesses Nearby
Explore this area
Business Placement
Demographics for 27591, NC
24,677
Population
10,109
Households
2.4
Avg Household Size
38
Median Age
31%
College-Educated
88%
High-School Grad
66.6 sq mi
ZIP Area
371
Density / Sq Mi
$76,710
Median Household Income
$42,758
Median Earnings
$1,280
Median Rent
$288,100
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?
Industrial property - Industrial building in the Triangle with highway access.
Where is this industrial property located?
The property is located at 951 Wendell Blvd Wendell, NC.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: 106,000 SF industrial building suitable for manufacturing, R&D, data/call center; Immediate rental income from existing tenant (12,784 SF); Owner to sign a 3‑year lease on 35,000 SF at sale, ensuring income stability
