Medical Office Building with NNN
New
For Sale
$5,722,000
1001 North Washington Street, Shelby, NC 28150
Atrium Health occupies the property under a long-term NNN lease with annual rent increases.
Property Size16,659 SF
Price / SF$343.48
Days on Market2
Property Features for 1001 North Washington Street
General Information
Standard status
Active
Size
16,659 SF
Property subtype
Office
Building Details
Building Size
16,659 SF
Tenancy
Single
Listed By:
Tommy Adams
(828) 719-0738
Source:
Ltpcommercial
Added: Sep 30
Last Checked: Sep 30 at 2:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Tommy Adams
Investment Insights
Based on property information with market context.
The 16,659 SF medical office building is leased to Atrium Health for use as a urology practice. The 10-year NNN lease includes 2.5% annual rent increases, and Atrium Health is making improvements to the property for its practice. On-site parking serves the building.
Across the street from Atrium Health Cleveland Hospital in Shelby, the property is near other medical office buildings and Atrium facilities. The hospital is also within walking distance.
Across the street from Atrium Health Cleveland Hospital in Shelby, the property is near other medical office buildings and Atrium facilities. The hospital is also within walking distance.
Key Highlights
- 16,659 SF medical office building
- 10‑year NNN lease to Atrium Health
- 2.5% annual rental increases
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
$228,277
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
3.99%
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%
$4,565,540
$4.6M
Cap Rate 7%
$3,261,100
$3.3M
Cap Rate 9%
$2,536,411
$2.5M
Market Conditions
NOI Build-Up for 16,659 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
$369.8K $22.20/SF
− Vacancy
−$65.5K −$3.93/SF
EGI
$304.4K $18.27/SF
− OpEx
−$76.1K −$4.57/SF
NOI
$228.3K $13.70/SF
Area
Cleveland County, NC
Vacancy
17.70%
Lease Rate
$22.20 /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%
$4,565,540
Cap Rate 7%
$3,261,100
Cap Rate 9%
$2,536,411
Alternative Uses
Best Use
Office B
$3.26M
$2.85M – $3.80M
NOI $228,277 @ 7.0% cap · market cap 3.99%
Second Best
Healthcare Medical
$2.90M
$2.54M – $3.38M
NOI $203,037 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$4.23M
$3.70M – $4.94M
NOI $296,144 @ 7.0% cap · market cap 5.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
714
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28150, NC
28,517
Population
13,482
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
90%
High-School Grad
109.5 sq mi
ZIP Area
260
Density / Sq Mi
$53,027
Median Household Income
$36,843
Median Earnings
$793
Median Rent
$195,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Atrium Health occupies the property under a long-term NNN lease with annual rent increases.
Where is this medical office space located?
The property is located at 1001 North Washington Street Shelby, NC.
What is the asking price?
The asking price for this property is $5,722,000.
What are key features of this property?
This property features: 16,659 SF medical office building; 10‑year NNN lease to Atrium Health; 2.5% annual rental increases
