Medical Office Building with Exam
For Sale
$1,400,000
1104 Gracie Place, Goldsboro, NC 27534
Two-story office building includes 8+ exam rooms, multiple offices, and 26 parking spaces.
Property Size5,096 SF
Price / SF$274.73
Days on Market124
Property Features for 1104 Gracie Place
General Information
Standard status
Active
Size
5,096 SF
Total Parking Spaces
26
Property subtype
Commercial
Zoning
GB
Taxes and HOA fees
Annual Taxes
$18,390
Building Details
Building Size
5,096 SF
Year Built
1997
Stories
2
Listing Agency:
The Firm NC
(919) 920-2609
Listed By:
Robert Phillips · License #310043
(919) 920-2609
Source:
Frankerealproperties
Added: Apr 22
Changed: Aug 23
Last Checked: Aug 22 at 10:57AM
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.
This two-story office building was previously operated as a medical practice and is configured with multiple treatment and administrative areas. On the first floor, the layout includes 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 includes four offices plus an open area that can be completed for additional office use.
The property is offered for sale at 1104 Gracie Pl in Goldsboro, NC. It includes approximately 26 parking spaces, supporting patient or client access for an office-oriented tenant.
With its existing room count and partially finished second level, the building may work for users looking to operate from a medical-style environment while retaining flexibility for reconfiguration on the upper floor.
The property is offered for sale at 1104 Gracie Pl in Goldsboro, NC. It includes approximately 26 parking spaces, supporting patient or client access for an office-oriented tenant.
With its existing room count and partially finished second level, the building may work for users looking to operate from a medical-style environment while retaining flexibility for reconfiguration on the upper floor.
Key Highlights
- Two‑story commercial office building at 1104 Gracie Place with approx. 5,096 SF and 26 parking spots
- First floor features 8+ exam rooms, large lobby, 2 reception areas, nurses’ station, and public restrooms
- First floor also includes 4 offices with separate bathrooms, storage rooms, and a break room
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two-story office building includes 8+ exam rooms, multiple offices, and 26 parking spaces.
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: Two‑story commercial office building at 1104 Gracie Place with approx. 5,096 SF and 26 parking spots; First floor features 8+ exam rooms, large lobby, 2 reception areas, nurses’ station, and public restrooms; First floor also includes 4 offices with separate bathrooms, storage rooms, and a break room
