Two-Story Medical
For Sale
$1,175,000
4725 Country Club Road, Morehead City, NC 28557
COMMERCIAL - Morehead City, NC
Property Size3,800 SF
Lot Size0.96 Acres
Price / SF$302.76
Days on Market99
Property Features for 4725 Country Club Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
comm
Parking
30
Parking features
Parking Lot, Off Street
Subdivision
Morehead City
Lot features
Level
Directions
NC Hwy 70E to L on Bridges Ext L on Country Club Rd @ light. Property immediately on the right
Standard status
Active
APN
636610469016000
Size
3,881 SF
Lot size
0.96 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT - COUNTRY CLUB / BRIDGES MOREHEAD CITY
Legal Description
LOT - COUNTRY CLUB / BRIDGES MOREHEAD CITY
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air, Heat Pump
Water source
Public
Building Details
Year built
2008
Number of units
1
Building materials
Brick, Wood Frame
Roof type
Shingle
Listing Agency:
eXp Realty
(888) 584-9431
Listed By:
Meredith L Reilly · License #158116
(252) 659-2013
Added: May 6
Changed: Aug 5
Last Checked: Aug 12 at 3:06PM
MLS# 100572619
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.
Investment Insights
Based on property information with market context.
This 3,881-square-foot office property in Morehead City is arranged across two floors and was previously used for medical operations. The first level includes a reception area, 4-5 private offices or treatment rooms, two lab areas, a kitchen and break room, and multiple restrooms. Upstairs are two large office rooms and a full bathroom. LVP flooring and fresh paint have been added through most of the building, while new HVAC air handlers are scheduled for installation during the week of June 15th.
The property occupies 0.96 acres at 4725 Country Club Road in Morehead City, Carteret County. Built in 2008, the building features brick and wood-frame construction, a shingle roof, heat-pump and electric heating, central air, public water, and off-street parking with a parking lot. Commercial zoning is identified as “comm.”
The property occupies 0.96 acres at 4725 Country Club Road in Morehead City, Carteret County. Built in 2008, the building features brick and wood-frame construction, a shingle roof, heat-pump and electric heating, central air, public water, and off-street parking with a parking lot. Commercial zoning is identified as “comm.”
Key Highlights
- 3,881‑square‑foot office building on 0.96 acres
- Two‑floor layout with 4‑5 private offices or treatment rooms on the first level
- Two designated lab areas, kitchen/break room, and multiple restrooms
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
$60,078
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
5.11%
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%
$1,201,560
$1.2M
Cap Rate 7%
$858,257
$858.3K
Cap Rate 9%
$667,533
$667.5K
Market Conditions
NOI Build-Up for 3,881 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
$93.1K $24.00/SF
− Vacancy
−$13.0K −$3.36/SF
EGI
$80.1K $20.64/SF
− OpEx
−$20.0K −$5.16/SF
NOI
$60.1K $15.48/SF
Area
Carteret County, NC
Vacancy
14.00%
Lease Rate
$24.00 /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%
$1,201,560
Cap Rate 7%
$858,257
Cap Rate 9%
$667,533
Alternative Uses
Best Use
Office B
$858.3K
$751.0K – $1.00M
NOI $60,078 @ 7.0% cap · market cap 5.11%
Second Best
Healthcare Medical
$657.5K
$575.3K – $767.0K
NOI $46,022 @ 7.0% cap · market cap 3.92%
Theoretical Best
Office A
$1.16M
$1.02M – $1.36M
NOI $81,501 @ 7.0% cap · market cap 6.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
29
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28557, NC
14,910
Population
9,168
Households
1.6
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
14.2 sq mi
ZIP Area
1,050
Density / Sq Mi
$67,753
Median Household Income
$38,534
Median Earnings
$1,143
Median Rent
$331,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible layout includes private rooms, lab areas, a break room, restrooms, and updated interior finishes.
Where is this medical office space located?
The property is located at 4725 Country Club Road Morehead City, NC.
What is the asking price?
The asking price for this property is $1,175,000.
What are key features of this property?
This property features: 3,881‑square‑foot office building on 0.96 acres; Two‑floor layout with 4‑5 private offices or treatment rooms on the first level; Two designated lab areas, kitchen/break room, and multiple restrooms
