101-103 W Main St - Kress Building 4,574 - 7,306 SF Office Condo Units Offered at $1,739,996 - $2,179,760 CAD Per Unit in Durham, NC 27701
INVESTMENT HIGHLIGHTS
- Located in the historic Art Deco Kress Building in Downtown Durham
- Walkable to most of Downtown Durham, DPAC, American Tobacco Campus and the DBAP
- Easy access to the NC 147 (Durham Freeway), Duke University, and Duke University Medical Center
- Parking available in the Church Street parking garage, on street parking, and a paved lot behind the building
- Numerous dining options include The Hive, Bar Virgile, Luna Rotisserie and Empanadas, Mateo, and Bull McCabe’s Irish Pub
EXECUTIVE SUMMARY
Three commercial condos totaling approximately 17,213 SF for sale. Prominently located on the corner of Main Street and Mangum Street. The building offers unbeatable walkability to numerous restaurants, shops, and parking decks. Owners have recently invested in a new roof and HVAC. Contact broker for NOI / cap rate details.
PROPERTY FACTS
| Price | $1,739,996 - $2,179,760 CAD |
| Unit Size | 4,574 - 7,306 SF |
| No. Units | 3 |
| Total Building Size | 49,000 SF |
| Property Type | Office |
| Building Class | B |
| Floors | 5 |
| Typical Floor Size | 9,628 SF |
| Year Built | 1930 |
| Lot Size | 0.26 AC |
| Parking Ratio | 0.37/1,000 SF |
| Zoning | DD-C - Commercial |
AMENITIES
- 24 Hour Access
- Property Manager on Site
3 UNITS AVAILABLE
Unit 1
| Unit Size | 4,574 SF |
| Price | $1,739,996 CAD |
| Price Per SF | $380.41 CAD |
| Condo Use | Office |
| Sale Type | Owner User |
| Sale Conditions | 1031 Exchange, Sale Leaseback |
DESCRIPTION
2 Suites - 2,721 & 1,853 SF
Total SF: 4,574 SF
1,853 SF suite leased to the High Dive Bar
Lease expiration date: 12-31-29
2,721 SF suite is vacant and ideal for owner occupant
Vacant suite is currently built out as gym/yoga space
Sale price: $1,257,850
SALE NOTES
Seller will leaseback the vacant space in this unit as investment or buyer can occupy 2721 SF.
Unit 3
| Unit Size | 5,153 SF |
| Price | $2,179,760 CAD |
| Price Per SF | $423.01 CAD |
| Condo Use | Office |
| Sale Type | Owner User |
| Sale Conditions | 1031 Exchange |
DESCRIPTION
5,153 SF Total
Street level entry with frontage on Main Street
Currently leased to Stewart Engineering
Lease expiration date: 2-28-26
Currently built out as mix of open and private offices and recently upfitted with modern finishes
Approximate NOI: $130k
Cap rate: 8.25%
Sale price: $1,575,757
SALE NOTES
https://my.matterport.com/show/?m=ghAgmG43eeg
Virtual tour of 1st floor unit!
Unit 2
| Unit Size | 7,306 SF |
| Price | $1,798,303 CAD |
| Price Per SF | $246.14 CAD |
| Condo Use | Office |
| Sale Type | Owner User |
| Sale Conditions | 1031 Exchange |
DESCRIPTION
7,306 Total SF
Owner Occupied
Leased to American Underground
Lease expiration date: 12-31-26
Currently built out as mostly open office with cafe style entry and modern small phone rooms and huddle meeting rooms
Cap rate: 10%
Sale price: $1,300,000
SALE NOTES
REDUCED to 10 cap which is now only $178/SF for prime office space.
