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    Commercial Properties Near Cone Hospital Title is generated by Realmo AI

    1018 North Elm St, Greensboro, NC 27401

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    For Sale
    $1,625,000

    Three Contiguous Commercial/Medical/Office Properties

    Property size:
    5,270 SF
    Price / SF:
    $308/SF
    Added:
    Oct 12, 2025
    Days on Market:
    216
    Last Refresh:
    Apr 21 at 9:47 am

    Property Features for 1018 North Elm St

    General Information

    Standard status
    Active
    Property type
    Office buildings, Other office properties, Mixed-use properties, Other healthcare properties, Office Spaces
    Size
    5,270 SF
    Total Parking Spaces
    50
    Elevators
    No
    Investment Type
    Owner User

    Building Details

    Year Built
    1953
    Year Renovated
    2024
    Buildings
    1
    Stories
    1

    We can help!

    Listing Contact
    Property Owner

    Listing agent Property

    Listing office

    Listing date Oct 12, 2025

    HighLights

    • High Traffic Commercial Properties. Redevelopment Opportunity. Medical/Office/Commercial Zoned

    Overview

    Three contiguous commercial properties are available for sale, including a 5,270 square foot building. The properties, located at 1018 North Elm Street, 1117 Magnolia Street, and 1121 Magnolia Street in Greensboro, North Carolina, offer strong leasing potential. The building is divided into two separate spaces. The main space features multiple entrances, two bathrooms, a kitchen, and multiple storage closets. The second space includes two entrances, a main room, an office, a bathroom, and storage. Situated adjacent to West Wendover Avenue near Cone Health Hospital, the properties benefit from a heavily traveled corridor linking Greensboro and High Point, with convenient access to Interstates 40, 73, and 840. Direct access is available from Wendover onto Magnolia Street. The site presents outstanding potential to capitalize on the existing building, which was remodeled in 2024, or to redevelop the site with new construction. The building allows for a main entrance on Elm Street or Magnolia Street. A prominent sign is located on Wendover Avenue. There are 50 plus parking spaces. The properties are zoned for medical, office, and commercial use.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $800.9K
    NOI $72,079 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.03M
    NOI $72,079 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.44M
    NOI $72,079 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Office B

    Component $ $/SF
    Gross rent $105.6k $20.04
    − Vacancy −$9.5k −$1.80
    EGI $96.1k $18.24
    − OpEx −$24.0k −$4.56
    NOI $72.1k $13.68
    5,270 SF · lease $20.04/SF/yr · vacancy 9.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.03M
    $901.0K – $1.20M (±1% cap)
    NOI $72,079 @ 7.0% cap · market cap 4.44%
    Second Best
    Mixed Use
    $863.2K
    $755.3K – $1.01M (±1% cap)
    NOI $60,426 @ 7.0% cap · market cap 3.72%
    Theoretical Best
    Office A
    $1.67M
    $1.46M – $1.95M (±1% cap)
    NOI $116,938 @ 7.0% cap · market cap 7.20%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    ELAN Design Source Interior Design

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Greensboro
    County
    Guilford
    State
    North Carolina
    Longitude
    -79.7897985
    Latitude
    36.0786831

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    FAQs

    What type of property is this?
    Office building - Three Contiguous Commercial/Medical/Office Properties
    Where is this office building located?
    The property is located at 1018 North Elm St Greensboro, NC.
    What is the asking price?
    The asking price for this property is $1,625,000.
    What are key features of this property?
    This property features: High Traffic Commercial Properties. Redevelopment Opportunity. Medical/Office/Commercial Zoned
    (336) 549-1860
    We can help!
    Listing Contact
    Property Owner
    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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