Distribution Center with Dock
For Sale
$8,269,800
96 Gulfstream Court, Smithfield, NC 27577
Newly built industrial facility with warehouse, office shell space, dock access, expansion capacity, and outside storage.
Property Size68,915 SF
Days on Market194
Property Features for 96 Gulfstream Court
General Information
Standard status
Active
Size
68,915 SF
Property subtype
Warehouse
Building Details
Building Size
68,915 SF
Year Built
2025
Properties For Sale
at 96 Gulfstream Court Contact us- Size
- 68,915 SF
- Lease Type
- NNN
96 Gulfstream Court
Listing Agency:
Tri Properties
(919) 714-7126
Listed By:
Jack Barnes
(919) 714-7126
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 11:36AM
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 Tri Properties
Investment Insights
Based on property information with market context.
Completed in 2025, this 68,915 SF distribution facility combines a 65,953 SF warehouse with 2,962 SF of office area. The office portion has exterior walls and stubbed plumbing but requires interior finishes, while the warehouse also includes stubbed plumbing. Ceiling heights range from 37 feet at the low eave to 41 feet at the high eave.
Loading infrastructure includes 6 dock-high doors with levelers and bumpers, plus 1 drive-in door. The building has an ESFR sprinkler system, 1500 AMP electrical service, natural gas heat, LED minimum lighting, a galvanized standing seam metal roof, and metal skin and masonry construction.
The property occupies ±9 acres, including ±2 acres designated for outside storage or future expansion. It carries H-I zoning and is located within an Opportunity Zone and Research Training Zone. Access to US Hwy 70 Business is 1/2 Mile away, with US Hwy 70 2.5 Mile away and RDU International Airport 42 Miles away.
Loading infrastructure includes 6 dock-high doors with levelers and bumpers, plus 1 drive-in door. The building has an ESFR sprinkler system, 1500 AMP electrical service, natural gas heat, LED minimum lighting, a galvanized standing seam metal roof, and metal skin and masonry construction.
The property occupies ±9 acres, including ±2 acres designated for outside storage or future expansion. It carries H-I zoning and is located within an Opportunity Zone and Research Training Zone. Access to US Hwy 70 Business is 1/2 Mile away, with US Hwy 70 2.5 Mile away and RDU International Airport 42 Miles away.
Key Highlights
- 68,915 SF distribution facility on ±9 acres
- 65,953 SF warehouse plus 2,962 SF office shell space
- ±2 acres for outside storage or expansion
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
$565,931
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
6.84%
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%
$11,318,620
$11.3M
Cap Rate 7%
$8,084,729
$8.1M
Cap Rate 9%
$6,288,122
$6.3M
Market Conditions
NOI Build-Up for 68,915 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
$686.4K $9.96/SF
− Vacancy
−$20.6K −$0.30/SF
EGI
$665.8K $9.66/SF
− OpEx
−$99.9K −$1.45/SF
NOI
$565.9K $8.21/SF
Area
Johnston County, NC
Vacancy
3.00%
Lease Rate
$9.96 /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%
$11,318,620
Cap Rate 7%
$8,084,729
Cap Rate 9%
$6,288,122
Alternative Uses
Best Use
Warehouse
$8.08M
$7.07M – $9.43M
NOI $565,931 @ 7.0% cap · market cap 6.84%
Second Best
Industrial
$5.77M
$5.05M – $6.73M
NOI $403,773 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$20.85M
$18.24M – $24.32M
NOI $1,459,388 @ 7.0% cap · market cap 17.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 27577, NC
24,972
Population
10,744
Households
2.3
Avg Household Size
40
Median Age
21%
College-Educated
82%
High-School Grad
103.7 sq mi
ZIP Area
241
Density / Sq Mi
$56,237
Median Household Income
$39,604
Median Earnings
$802
Median Rent
$230,200
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Distribution center - Newly built industrial facility with warehouse, office shell space, dock access, expansion capacity, and outside storage.
Where is this distribution center located?
The property is located at 96 Gulfstream Court Smithfield, NC.
What is the asking price?
The asking price for this property is $8,269,800.
What are key features of this property?
This property features: 68,915 SF distribution facility on ±9 acres; 65,953 SF warehouse plus 2,962 SF office shell space; ±2 acres for outside storage or expansion
