Listed by Lee & Associates - Raleigh Durham
$1,171,000
Kress Building
Details
Property Type Retail, Office
Sub Type Restaurant, Bar
Square Footage 4,574
Units 2
Cap Rate 8.00%
Occupancy 100%
Tenancy Multi
Lease Type NNN
Lease Expiration 12/30/2035
Price per SqFt $256
Broker Co-Op Yes
Investment Type Net Lease
Ground Lease No
±4,574 SF Commercial Condo for Sale in Historic Kress Building in Downtown Durham
Marketing description
Commercial condo totaling approx 4,574 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.
Downtown Durham, NC, offers a dynamic and rapidly growing commercial real estate market, making it an ideal location for businesses looking to establish or expand their presence. With a thriving innovation ecosystem anchored by Research Triangle Park, top-tier universities like Duke, and a strong entrepreneurial community, the area attracts a diverse talent pool. The revitalized downtown features modern office spaces, historic architecture, and vibrant amenities, including award-winning restaurants, arts venues, and green spaces, creating a lively work-play environment. Additionally, Durham's strategic location, with easy access to major highways and RDU International Airport, enhances connectivity and business opportunities.
Investment highlights
- Located in the historic Art Deco Kress Building in Downtown Durham
- Parking available in the Church Street parking garage, on street parking, and a paved lot behind the building
- Walkable to most of Downtown Durham, DPAC, American Tobacco Campus and the DBAP
- Numerous dining options include The Hive, Bar Virgile, Luna Rotisserie and Empanadas, Mateo, and Bull McCabe's Irish Pub
- Easy access to the NC 147 (Durham Freeway), Duke University, and Duke University Medical Center
- 2 Suites - 2,721 & 1,853 SF
- Total SF: 4,574 SF
- 1,853 SF suite leased to the High Dive
- Lease expiration date: 12-31-30
- 2,721 SF suite leased to Strike Martial Arts
- Lease expiration date: 12/31/35
- Sale price: $1,171,000
- Cap rate: 8.0%
Listing Contacts
Listed by Lee & Associates - Raleigh Durham
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Zoning
DD-C SpecialDowntown Design Core
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