Medical Office Building with Exam
For Sale
$1,400,000
1104 Gracie Pl, Goldsboro, NC 27534
Two-level layout includes exam rooms, offices, reception areas, and partially finished space.
Property Size5,096 SF
Price / SF$274.73
Days on Market41
Property Features for 1104 Gracie Pl
General Information
Standard status
Active
Size
5,096 SF
Total Parking Spaces
26
Building Details
Year Built
1997
Buildings
1
Stories
2
Building Size
5,096 SF
Listing Agency:
The Firm NC
(919) 920-2609
Listed By:
Robert Phillips · License #310043
Source:
Bradberrygarnerrealestate
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 4:10AM
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 Firm NC
Investment Insights
Based on property information with market context.
Built in 1997, this medical office property contains approx 5096 square feet across two levels. The first floor includes more than eight exam rooms, two reception areas, a large lobby, four offices with separate bathrooms, storage rooms, a nurses' station, public restrooms, and a break room. The second floor is partially finished, with four offices and additional open area for completion.
The property at 1104 Gracie Place in Goldsboro, NC 27534 includes 26 parking spots. Its existing medical-office layout provides a defined combination of clinical rooms, administrative offices, reception areas, support spaces, and unfinished upper-level area.
The property at 1104 Gracie Place in Goldsboro, NC 27534 includes 26 parking spots. Its existing medical-office layout provides a defined combination of clinical rooms, administrative offices, reception areas, support spaces, and unfinished upper-level area.
Key Highlights
- Approx 5096 square feet across two levels
- More than 8 first‑floor exam rooms
- 26 parking spots
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
$66,374
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
4.74%
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%
$1,327,480
$1.3M
Cap Rate 7%
$948,200
$948.2K
Cap Rate 9%
$737,489
$737.5K
Market Conditions
NOI Build-Up for 5,096 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
$110.1K $21.60/SF
− Vacancy
−$21.6K −$4.23/SF
EGI
$88.5K $17.37/SF
− OpEx
−$22.1K −$4.34/SF
NOI
$66.4K $13.02/SF
Area
Wayne County, NC
Vacancy
19.60%
Lease Rate
$21.60 /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%
$1,327,480
Cap Rate 7%
$948,200
Cap Rate 9%
$737,489
Alternative Uses
Best Use
Healthcare Medical
$2.90M
$2.54M – $3.38M
NOI $203,051 @ 7.0% cap · market cap 14.50%
Second Best
Office B
$948.2K
$829.7K – $1.11M
NOI $66,374 @ 7.0% cap · market cap 4.74%
Theoretical Best
Specialty Retail
$4.10M
$3.58M – $4.78M
NOI $286,791 @ 7.0% cap · market cap 20.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27534, NC
30,844
Population
15,158
Households
2
Avg Household Size
38
Median Age
29%
College-Educated
91%
High-School Grad
73.1 sq mi
ZIP Area
422
Density / Sq Mi
$59,950
Median Household Income
$39,686
Median Earnings
$1,106
Median Rent
$187,700
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 - Two-level layout includes exam rooms, offices, reception areas, and partially finished space.
Where is this medical office space located?
The property is located at 1104 Gracie Pl Goldsboro, NC.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: Approx 5096 square feet across two levels; More than 8 first‑floor exam rooms; 26 parking spots
