Hospital-Adjacent Medical
For Sale
Contact for pricing
10635 Park Road, Charlotte, NC 28210
Contemporary clinical space benefits from a location beside Atrium Health Pineville.
Property Size58,483 SF
Price / SF$478.45
Days on Market134
Property Features for 10635 Park Road
General Information
Standard status
Active
Size
58,483 SF
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$1,721,140
Building Details
Year Built
2024
Buildings
1
Stories
1
Tenancy
Multi
Building Size
58,483 SF
Listing Agency:
MPV Properties
(704) 248-2140
Listed By:
Ferris Edwards · License #308212
Source:
Crexi
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 30 at 3:34PM
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 MPV Properties
Investment Insights
Based on property information with market context.
This 2024 medical office property underwent a comprehensive renovation designed for modern clinical occupancy. The building is positioned 170 yards from Atrium Health Pineville, a 235-bed regional hospital, creating a hospital-adjacent setting for medical office operations.
Tryon Medical Partners occupies 42% of the building under a NNN lease structure with annual rent increases. The existing occupancy and lease terms provide clearly defined operating characteristics for evaluation by medical office investors.
Tryon Medical Partners occupies 42% of the building under a NNN lease structure with annual rent increases. The existing occupancy and lease terms provide clearly defined operating characteristics for evaluation by medical office investors.
Key Highlights
- 2024 medical office property with a comprehensive renovation
- Located 170 yards from Atrium Health Pineville
- Atrium Health Pineville is a 235‑bed regional hospital
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
$903,366
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
3.23%
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%
$18,067,320
$18.1M
Cap Rate 7%
$12,905,229
$12.9M
Cap Rate 9%
$10,037,400
$10.0M
Market Conditions
NOI Build-Up for 58,493 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
$1.46M $24.96/SF
− Vacancy
−$255.5K −$4.37/SF
EGI
$1.20M $20.59/SF
− OpEx
−$301.1K −$5.15/SF
NOI
$903.4K $15.44/SF
Area
Charlotte, NC
Vacancy
17.50%
Lease Rate
$24.96 /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%
$18,067,320
Cap Rate 7%
$12,905,229
Cap Rate 9%
$10,037,400
Alternative Uses
Best Use
Office B
$12.91M
$11.29M – $15.06M
NOI $903,366 @ 7.0% cap · market cap 3.23%
Second Best
Healthcare Medical
$11.56M
$10.12M – $13.49M
NOI $809,239 @ 7.0% cap · market cap 2.89%
Theoretical Best
Office A
$19.48M
$17.04M – $22.72M
NOI $1,363,480 @ 7.0% cap · market cap 4.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,089
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28210, NC
46,843
Population
22,376
Households
2.1
Avg Household Size
37
Median Age
60%
College-Educated
91%
High-School Grad
12.4 sq mi
ZIP Area
3,778
Density / Sq Mi
$94,145
Median Household Income
$54,965
Median Earnings
$1,444
Median Rent
$486,000
Median Home Value
Market
Vacancy Rate% for Office in Charlotte, NC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Contemporary clinical space benefits from a location beside Atrium Health Pineville.
Where is this medical office space located?
The property is located at 10635 Park Road Charlotte, NC.
What is the asking price?
The asking price for this property is $27,986,016.
What are key features of this property?
This property features: 2024 medical office property with a comprehensive renovation; Located 170 yards from Atrium Health Pineville; Atrium Health Pineville is a 235‑bed regional hospital
