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    Medical Condo at Chadwick Commons Title is generated by Realmo AI

    110 A Chadwick Square Court, Hendersonville, NC 28739

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    Claim this Listing
    For Sale
    $1,250,000

    Ground floor medical condo for sale, leased until 2025.

    Property size:
    4,455 SF
    Price / SF:
    $280/SF
    Added:
    Jan 5, 2023
    Days on Market:
    1245
    Last Refresh:
    May 13 at 8:26 pm

    Property Features for 110 A Chadwick Square Court

    General Information

    Standard status
    Active
    Size
    4,455 SF
    Property subtype
    Other

    Building Details

    Year Built
    2004

    We can help!

    Listing Contact
    Eric Goodman

    Listing agent Eric Goodman

    Listing office So. Homes & Land/So. Commercial

    Listing date Jan 5, 2023

    Source Xome

    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 So. Homes & Land/So. Commercial

    HighLights

    • Leased until December 31, 2025, generating $98,166 annually.
    • Entire ground floor medical condo with a reception area, multiple offices, kitchen, treatment rooms, and lab.
    • Property owner covers taxes, insurance, and POA fees.
    • Tenant maintains the property.
    • Four assigned staff parking spaces.
    • Built in 2004 with central air and 3 heating units.

    Overview

    This is a ground floor medical condo located at Chadwick Commons. The property features a reception area, multiple offices, a kitchen, treatment rooms, and a lab. The property is under lease until December 31, 2025, at an annual rate of $98,166. The property owner covers taxes, insurance, and POA fees. The tenant is responsible for maintaining the property. The monthly POA fee is $1,395.38. There are 4 assigned staff parking spaces. The tenant has the right of first refusal regarding offers to purchase. Showings are by appointment only, with a minimum of 24 hours' notice required. A portion of the lower condo common area property is in the flood zone; however, the building itself is not in the flood zone. The property size is 4,455 square feet.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    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.

    Component $ $/SF
    Gross rent $106.9k $24.00
    − Vacancy −$3.0k −$0.67
    EGI $103.9k $23.33
    − OpEx −$26.0k −$5.83
    NOI $77.9k $17.50
    4,455 SF · lease $24.00/SF/yr · vacancy 2.80% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $1.11M
    $974.3K – $1.30M (±1% cap)
    NOI $77,945 @ 7.0% cap · market cap 6.24%
    Second Best
    Healthcare Medical
    $890.8K
    $779.5K – $1.04M (±1% cap)
    NOI $62,356 @ 7.0% cap · market cap 4.99%
    Theoretical Best
    Office A
    $1.48M
    $1.30M – $1.73M (±1% cap)
    NOI $103,926 @ 7.0% cap · market cap 8.31%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Similar Places Nearby

    • Animal Care Clinic — 1006 Old Spartanburg Rd, Hendersonville, NC 28792
    • Kanuga Animal Clinic — 704 Kanuga Rd, Hendersonville, NC 28739
    • Hendersonville Veterinary Hospital — 1001 Greenville Hwy, Hendersonville, NC 28792
    • Carrie Carman, DVM — 1006 Old Spartanburg Rd, Hendersonville, NC 28792
    • Hendersonville Veterinary Hospital: Blair Todd DVM — 1001 Greenville Hwy, Hendersonville, NC 28792

    Map

    City
    Hendersonville
    County
    Henderson
    State
    North Carolina
    Longitude
    -82.5413
    Latitude
    35.2687

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    FAQs

    What type of property is this?
    Medical Office Space - Ground floor medical condo for sale, leased until 2025.
    Where is this medical office space located?
    The property is located at 110 A Chadwick Square Court Hendersonville, NC.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Leased until December 31, 2025, generating $98,166 annually.; Entire ground floor medical condo with a reception area, multiple offices, kitchen, treatment rooms, and lab.; Property owner covers taxes, insurance, and POA fees.
    (828) 388-1025
    We can help!
    Listing Contact
    Eric Goodman
    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.

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