Medical Office, Two-Story
For Sale
$1,400,000
1104 Gracie Place, Goldsboro, NC 27534
Commercial Sale, Goldsboro, NC
Property Size5,096 SF
Lot Size0.56 Acres
Price / SF$274.73
Days on Market166
Property Features for 1104 Gracie Place
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GB
Parking
26
Parking features
Parking Lot
Directions
Take Wayne memorial, take left onto Gracie pl. Property is on the right.
Standard status
Active
APN
3509690486
Size
5,096 SF
Lot size
0.56 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LT 9 HUNTINGTON OFFICE PK
Tax Annual Amount
18391
Legal Description
LT 9 HUNTINGTON OFFICE PK
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1997
Listing Agency:
The Firm NC
Listed By:
Robert Phillips · License #310043
(919) 920-2609
Added: Apr 22
Changed: Aug 19
Last Checked: Oct 4 at 3:06PM
MLS# 100568822
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 5,096-square-foot medical office property includes a detailed first-floor layout with 8+ 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 and contains four offices along with additional open space for completion.
The property includes a 26-space parking lot and is located in Goldsboro, North Carolina. Built in 1997, the building has electric heating, central air, and GB zoning. Its existing medical-office configuration and combination of private rooms, administrative areas, support spaces, and unfinished upper-level area provide a substantial physical framework for continued evaluation by prospective users.
The property includes a 26-space parking lot and is located in Goldsboro, North Carolina. Built in 1997, the building has electric heating, central air, and GB zoning. Its existing medical-office configuration and combination of private rooms, administrative areas, support spaces, and unfinished upper-level area provide a substantial physical framework for continued evaluation by prospective users.
Key Highlights
- Approximately 5,096 square feet of medical office space
- 8+ first‑floor exam rooms with two reception areas and a large lobby
- Four first‑floor offices with separate bathrooms
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
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Former medical facility with exam rooms, offices, reception areas, and a partially finished upper level.
Where is this medical office space located?
The property is located at 1104 Gracie Place 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: Approximately 5,096 square feet of medical office space; 8+ first‑floor exam rooms with two reception areas and a large lobby; Four first‑floor offices with separate bathrooms
