Historic Medical Office
For Sale
$228,878
1004-1006 Olive Street, Greensboro, NC 27401
Converted historic property with Office zoning, professional-services suitability, and on-site surface parking.
Property Size896 SF
Lot Size0.21 Acres
Price / SF$255.44
Days on Market92
Property Features for 1004-1006 Olive Street
General Information
Standard status
Active
Size
896 SF
Lot size
0.21 Acres
Property subtype
Office
Zoning
Office
Additional Details
Asking Price
$298,000
Building Details
Year Built
1928
Building Size
896 SF
Listing Agency:
CBRE | Greensboro
(336) 714-0385
Listed By:
Lydia Whitley
(336) 714-0385
Source:
Cbre
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 31 at 1:15PM
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 CBRE | Greensboro
Investment Insights
Based on property information with market context.
This medical office property occupies a historic home converted for office and medical use. The building contains 896 SF on a 0.21-acre site, with Office zoning supporting professional services and medical applications. Constructed in 1928, the property offers on-site surface parking and a format suitable for owner occupancy.
The address is within Greensboro’s Fisher Park historic district, near Cone Hospital and downtown Greensboro. Its combination of an established residential-style structure, office zoning, and proximity to medical and downtown destinations creates a distinct setting for professional or healthcare operations.
The address is within Greensboro’s Fisher Park historic district, near Cone Hospital and downtown Greensboro. Its combination of an established residential-style structure, office zoning, and proximity to medical and downtown destinations creates a distinct setting for professional or healthcare operations.
Key Highlights
- 896 SF medical office building on a 0.21‑acre site
- Historic home converted to office and medical use
- Office zoning supports professional services and medical applications
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
$12,255
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
5.35%
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%
$245,100
$245.1K
Cap Rate 7%
$175,071
$175.1K
Cap Rate 9%
$136,167
$136.2K
Market Conditions
NOI Build-Up for 896 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
$18.0K $20.04/SF
− Vacancy
−$1.6K −$1.80/SF
EGI
$16.3K $18.24/SF
− OpEx
−$4.1K −$4.56/SF
NOI
$12.3K $13.68/SF
Area
Greensboro, NC
Vacancy
9.00%
Lease Rate
$20.04 /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%
$245,100
Cap Rate 7%
$175,071
Cap Rate 9%
$136,167
Alternative Uses
Best Use
Office B
$175.1K
$153.2K – $204.3K
NOI $12,255 @ 7.0% cap · market cap 5.35%
Second Best
Healthcare Medical
$140.9K
$123.3K – $164.4K
NOI $9,863 @ 7.0% cap · market cap 4.31%
Theoretical Best
Office A
$284.0K
$248.5K – $331.4K
NOI $19,882 @ 7.0% cap · market cap 8.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,615
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27401, NC
21,854
Population
9,650
Households
2.3
Avg Household Size
29
Median Age
32%
College-Educated
85%
High-School Grad
5.8 sq mi
ZIP Area
3,768
Density / Sq Mi
$44,524
Median Household Income
$22,542
Median Earnings
$883
Median Rent
$138,300
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 - Converted historic property with Office zoning, professional-services suitability, and on-site surface parking.
Where is this medical office space located?
The property is located at 1004-1006 Olive Street Greensboro, NC.
What is the asking price?
The asking price for this property is $228,878.
What are key features of this property?
This property features: 896 SF medical office building on a 0.21‑acre site; Historic home converted to office and medical use; Office zoning supports professional services and medical applications
