Medical Office Building with Surgical
For Sale
Contact for pricing
1040 Morningside Dr, Perry, GA 31069
Specialized clinical facility with exam rooms, private offices, laboratory space, and dedicated surgical areas.
Property Size6,424 SF
Lot Size1.01 Acres
Price / SF$139.32
Days on Market148
Property Features for 1040 Morningside Dr
General Information
Standard status
Active
Size
6,424 SF
Class
B
Total Parking Spaces
25
Lot size
1.01 Acres
Property subtype
Office
Zoning
C-3 (Commercial)
Building Details
Year Built
2003
Buildings
1
Stories
1
Listing Agency:
The Summit Group
(478) 750-7507
Listed By:
Payton Horton · License #436483
Source:
Crexi
Added: Apr 6
Changed: Aug 30
Last Checked: Aug 30 at 11:16PM
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 The Summit Group
Investment Insights
Based on property information with market context.
Located at 1040 Morningside Drive in Perry, this medical office property contains 6,424 square feet on a 1.01-acre site. Built in 2003, the facility includes four exam rooms, two private offices, five restrooms, a dedicated lab, two surgical suites, and storage areas. The layout supports clinical and surgical operations within a purpose-built healthcare setting.
The property carries C-3 (Commercial) zoning and has 25 dedicated parking spaces, including two accessible spaces. It is certified by the Department of Human Resources as an Ambulatory Surgical Center and is Medicare approved for surgical specialties.
The property carries C-3 (Commercial) zoning and has 25 dedicated parking spaces, including two accessible spaces. It is certified by the Department of Human Resources as an Ambulatory Surgical Center and is Medicare approved for surgical specialties.
Key Highlights
- 6,424 SF medical office facility on a 1.01‑acre lot
- Two surgical suites, four exam rooms, and a dedicated lab
- Certified by the Department of Human Resources as an Ambulatory Surgical Center
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
$75,755
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
8.46%
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%
$1,515,100
$1.5M
Cap Rate 7%
$1,082,214
$1.1M
Cap Rate 9%
$841,722
$841.7K
Market Conditions
NOI Build-Up for 6,424 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
$141.1K $21.96/SF
− Vacancy
−$14.8K −$2.31/SF
EGI
$126.3K $19.65/SF
− OpEx
−$50.5K −$7.86/SF
NOI
$75.8K $11.79/SF
Area
Houston County, GA
Vacancy
10.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
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%
$1,515,100
Cap Rate 7%
$1,082,214
Cap Rate 9%
$841,722
Alternative Uses
Best Use
Healthcare Medical
$1.08M
$946.9K – $1.26M
NOI $75,755 @ 7.0% cap · market cap 8.46%
Second Best
Office B
$961.7K
$841.5K – $1.12M
NOI $67,321 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$1.39M
$1.21M – $1.62M
NOI $97,057 @ 7.0% cap · market cap 10.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
205
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 31069, GA
22,915
Population
9,389
Households
2.4
Avg Household Size
38
Median Age
28%
College-Educated
94%
High-School Grad
99.8 sq mi
ZIP Area
230
Density / Sq Mi
$75,526
Median Household Income
$48,601
Median Earnings
$997
Median Rent
$205,500
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 - Specialized clinical facility with exam rooms, private offices, laboratory space, and dedicated surgical areas.
Where is this medical office space located?
The property is located at 1040 Morningside Dr Perry, GA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 6,424 SF medical office facility on a 1.01‑acre lot; Two surgical suites, four exam rooms, and a dedicated lab; Certified by the Department of Human Resources as an Ambulatory Surgical Center
