For Sale
$4,000,000

101 Main StDurham, NC 27701

Three modern office condos, prime location.

Overview

Added:
Dec 11, 2024
Days on market:
116
This exceptional investment opportunity presents three distinct commercial condominiums within the historic Kress Building, totaling approximately 17,123 square feet in downtown Durham, North Carolina. The property boasts a prime location on West Main Street, offering unparalleled walkability to a vibrant array of restaurants, shops, and parking options. Recent building upgrades include a new roof and HVAC system. Unit 1, a lower-level space of 4,574 square feet, comprises two suites: a 1,853-square-foot space leased to High Dive until December 31, 2029, and a vacant 2,721-square-foot suite ideally suited for an owner-occupant, currently configured as a gym/yoga space. This unit is offered at $1,257,850. Unit 2, a 7,306-square-foot mezzanine level space, is fully leased to American Underground (with a sublet to ProcessMaker) until November 30, 2026. This modern space features an open office layout, a cafe-style entry, and small meeting rooms, generating an approximate net operating income (NOI) of $130,000 and an 8.5% cap rate. Unit 3, a 5,153-square-foot street-level space with Main Street frontage, is leased to Stewart Engineering until February 28, 2026. This unit features a mix of open and private offices, recently updated with modern finishes, and also boasts an approximate NOI of $130,000 and an 8.25% cap rate, priced at $1,575,757. The units can be purchased individually or as a portfolio for $4,000,000. Convenient parking is available in nearby garages and lots. The property's proximity to Duke University, Duke University Medical Center, and major transportation arteries adds to its significant investment appeal.

Highlights

  • Lower level: Two suites totaling 4,574 square feet. 1,853 square feet leased to High Dive until 12/31/29. 2,721 square feet vacant, suitable for owner-occupancy, currently built out as a gym/yoga space. Asking price: $1,257,850.
  • Mezzanine level: 7,306 square feet, fully leased to American Underground (sublet to ProcessMaker) until 11/30/26. Modern open office layout with café and small meeting rooms. Approximate NOI: $130,000; 8.5% cap rate.
  • Street level: 5,153 square feet with Main Street frontage, leased to Stewart Engineering until 2/28/26. Modern open and private offices. Approximate NOI: $130,000; 8.25% cap rate. Asking price: $1,575,757.

Property Details for 101 Main St

Property type
Office properties
Square Feet
17,123 SF
Class
B
Units
3

Location Insight

City
Durham
County
Durham
State
North Carolina
Latitude
35.9948848
Longitude
-78.9010196
101 Main St, Durham, North Carolina

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101 Main St
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