Commercial Properties Near Cone
For Sale
$1,625,000
1018 North Elm St, Greensboro, NC 27401
Three Contiguous Commercial/Medical/Office Properties
Property Size5,270 SF
Price / SF$308.35
Days on Market131
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
Listing Agency:
(336) 549-1860
Listed By:
Property
(336) 549-1860
Added: Apr 21
Investment Insights
Based on property information with market context.
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.
Key Highlights
- High Traffic Commercial Properties. Redevelopment Opportunity. Medical/Office/Commercial Zoned
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
$72,079
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
4.44%
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%
$1,441,580
$1.4M
Cap Rate 7%
$1,029,700
$1.0M
Cap Rate 9%
$800,878
$800.9K
Market Conditions
NOI Build-Up for 5,270 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
$105.6K $20.04/SF
− Vacancy
−$9.5K −$1.80/SF
EGI
$96.1K $18.24/SF
− OpEx
−$24.0K −$4.56/SF
NOI
$72.1K $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%
$1,441,580
Cap Rate 7%
$1,029,700
Cap Rate 9%
$800,878
Alternative Uses
Best Use
Office B
$1.03M
$901.0K – $1.20M
NOI $72,079 @ 7.0% cap · market cap 4.44%
Second Best
Mixed Use
$863.2K
$755.3K – $1.01M
NOI $60,426 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $116,938 @ 7.0% cap · market cap 7.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,893
Businesses Nearby
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?
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
