Medical Office with Exam
For Sale
$268,500
224 N Main Street, Spring Lake, NC 28390
CommercialSale, Spring Lake, NC
Property Size1,860 SF
Lot Size0.23 Acres
Price / SF$144.35
Days on Market478
Property Features for 224 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning description
C(P) - Planned Commercial District
Security features
Security
Subdivision
SPRING LAKE
Lot features
Less Than Quarter Acre
Standard status
Active
APN
0501-66-8552.000
Size
1,860 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Description
LOT 67X147 E/S MAIN ST SP LK 224 N MAIN ST
Legal Description
LOT 67X147 E/S MAIN ST SP LK 224 N MAIN ST
Utilities
Sewer type
Public Sewer
Building Details
Year built
1981
Building materials
BrickVeneer
Listing Agency:
FRANKLIN JOHNSON COMMERCIAL REAL ESTATE
(910) 864-2626
Listed By:
MALINDA CRAVEN · License #196331
(910) 322-6535
Added: May 12, 2025
Changed: Aug 19
Last Checked: Sep 1 at 9:06PM
MLS# 743484
Copyright © 2026 Longleaf Pine Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,860-square-foot medical office property in Spring Lake is arranged for active professional use, with a lab, four exam rooms, a spacious waiting area, reception and work areas, a break area, and two bathrooms. The configuration can also provide three exam rooms plus two private offices. C(P) zoning is identified for medical or general office use, while the source also notes potential office or retail applications.
The property occupies a 0.23-acre lot at 224 N Main Street and was built in 1981 with brick veneer construction. Public sewer serves the site. Parking is available along the street and at the rear. The owner requires 90 days to vacate.
The property occupies a 0.23-acre lot at 224 N Main Street and was built in 1981 with brick veneer construction. Public sewer serves the site. Parking is available along the street and at the rear. The owner requires 90 days to vacate.
Key Highlights
- 1,860‑square‑foot medical office property
- 0.23‑acre lot at 224 N Main Street in Spring Lake
- Lab, 4 exam rooms, waiting area, reception and workspace
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
$24,306
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
9.05%
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%
$486,120
$486.1K
Cap Rate 7%
$347,229
$347.2K
Cap Rate 9%
$270,067
$270.1K
Market Conditions
NOI Build-Up for 1,860 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
$33.5K $18.00/SF
− Vacancy
−$1.1K −$0.58/SF
EGI
$32.4K $17.42/SF
− OpEx
−$8.1K −$4.36/SF
NOI
$24.3K $13.07/SF
Area
Cumberland County, NC
Vacancy
3.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$486,120
Cap Rate 7%
$347,229
Cap Rate 9%
$270,067
Alternative Uses
Best Use
Office B
$347.2K
$303.8K – $405.1K
NOI $24,306 @ 7.0% cap · market cap 9.05%
Second Best
Healthcare Medical
$219.3K
$191.9K – $255.9K
NOI $15,351 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$444.5K
$388.9K – $518.5K
NOI $31,112 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28390, NC
23,799
Population
10,204
Households
2.3
Avg Household Size
31
Median Age
28%
College-Educated
93%
High-School Grad
60.2 sq mi
ZIP Area
395
Density / Sq Mi
$58,750
Median Household Income
$36,678
Median Earnings
$1,151
Median Rent
$195,200
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - C(P) zoning and a flexible layout support medical, general office, or retail use.
Where is this medical office space located?
The property is located at 224 N Main Street Spring Lake, NC.
What is the asking price?
The asking price for this property is $268,500.
What are key features of this property?
This property features: 1,860‑square‑foot medical office property; 0.23‑acre lot at 224 N Main Street in Spring Lake; Lab, 4 exam rooms, waiting area, reception and workspace
