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    1507 N Road Street unit 2 Elizabeth City, NC 27909

    View on Map
    For Lease
    $3,600 /Mo

    COMMERCIAL - Elizabeth City, NC

    Property size:
    3,432 SF
    Lot size:
    1.52 Acres
    Added:
    Jun 20, 2025
    Days on Market:
    286
    Last Refresh:
    Apr 1 at 3:06 am

    Property Features for 1507 N Road Street unit 2

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Zoning
    GB
    Parking
    80
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    891503421376
    Size
    3,432 SF
    Lot size
    1.52 Acres

    Taxes and HOA fees

    TaxYear
    2022
    TaxDescription
    Fee simple
    Expense value
    3432
    Expense
    SecurityDeposit
    Expense freq.
    One Time

    Utilities

    Heating system
    Electric (Heating), Heat Pump (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    2004
    Flooring type
    Vinyl, Carpet
    Roof type
    Composition

    We can help!

    Listing Contact
    Alex Rich
    Alex Rich

    Listing agent Alex Rich License #261159

    Listing office Rich Company 204 S Poindexter St., Elizabeth City, NC

    Listing date Jun 20, 2025

    MLS# 100514832

    Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Functional Medical Office Space Available

    This functional and attractive medical office space is located in a well-maintained multi-tenant building that houses two other physicians' practices. The property offers 3,432 square feet of space, featuring three restrooms, one shower, and seven exam rooms. While the sinks have been removed from the exam rooms, they are stored upstairs for potential reuse. The layout includes three offices, a lab, workstation closets, and large administrative areas. An additional bonus is the upstairs storage area. The building itself is well-appointed, with a covered drop-off area and parking available on all sides. The landscaping is meticulously maintained, enhancing the property's appeal. The location is immediately adjacent to the Pines YMCA Country Club. Recent updates include fresh paint and cleaned carpets throughout the space. The property is zoned GB.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Singh Jasvinder MD ... Physician Albemarle Pulmonary Medicine ... Physician Tejwant Chandi, MD: ... Physician Regina Mccoy Physician Tejwant Singh Chandi Physician

    Suggested Use

    Restaurant Real Estate Agency Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center Auto Parts Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Small Paws Veterinary Clinic — 1505 N Road St, Elizabeth City, NC 27909

    Location Insight

    • Map
    • Local Demand
    City
    Elizabeth City
    County
    Pasquotank
    State
    North Carolina
    Longitude
    -76.235596
    Latitude
    36.335737

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    FAQs

    What type of property is this?
    Medical Office Space - Attractive medical office space in Elizabeth City, North Carolina.
    Where is this medical office space located?
    The property is located at 1507 N Road Street unit 2 Elizabeth City, NC.
    What is the lease rate?
    The lease rate is $3,600 /Mo.
    What are key features of this property?
    This property features: Functional 3,432 sq ft medical office space in a well‑maintained medical building.; Prime location adjacent to the Pines YMCA Country Club.; Features **7 exam rooms, 3 offices, lab, and large admin areas.**
    (252) 256-1279
    We can help!
    Listing Contact
    Alex Rich
    Alex Rich
    Real Estate License ID: 261159
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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