Move-in Ready Medical
For Sale
$849,000
112 S Oak Street, Cherryville, NC 28021
Well-maintained medical facility in downtown Cherryville with ample parking.
Property Size4,150 SF
Price / SF$204.58
Days on Market307
Property Features for 112 S Oak Street
General Information
Standard status
Active
Size
4,150 SF
Property subtype
Commercial
Amenities
Central air
Corner Lot
Carpet Flooring
Central Air Cooling
Entry Slope less than 1 foot
Handicap Parking
Parking Lot
Tile Flooring
Vinyl Flooring
Zero-Grade Entry
Building Details
Year Built
1988
Listing Agency:
VICKIE SPURLING REALTY INC
(704) 445-4888
Listed By:
VICKIE SPURLING · License #164716
Source:
Corcoran
Added: Oct 16, 2025
Changed: Aug 15
Last Checked: Aug 18 at 6:26AM
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 VICKIE SPURLING REALTY INC
Investment Insights
Based on property information with market context.
This brick commercial building is currently configured as a medical facility, featuring a reception area, multiple exam rooms, office areas, room indicator lights, a staff lab, and work areas. Located in downtown Cherryville, the property benefits from a highly accessible location with low traffic. It is situated 15 to 20 minutes from Lincolnton, Shelby, Bessemer City, and Dallas, 30 minutes from Gastonia, and within 40 minutes of the Charlotte airport. The 4,150 square foot building includes 12 exam rooms, each equipped with a handwash sink, as well as several private office areas. There is a room set up for x-ray purposes with a darkroom, two public restrooms, and a private bathroom with a shower, a reception area, and a waiting room. A concrete private parking lot provides approximately 17 spaces, including 2 fully handicapped spaces. The rear/side of the building features a delivery and pickup area with a ramp. The facility has been well maintained and is in move-in-ready condition.
Key Highlights
- Move‑in‑ready commercial building, ideal for a medical facility.
- Located in downtown Cherryville with high accessibility.
- Features 12 exam rooms with handwash sinks, x‑ray room with darkroom, and multiple office areas.
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
$72,782
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
8.57%
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%
$1,455,640
$1.5M
Cap Rate 7%
$1,039,743
$1.0M
Cap Rate 9%
$808,689
$808.7K
Market Conditions
NOI Build-Up for 4,150 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
$108.1K $26.04/SF
− Vacancy
−$11.0K −$2.66/SF
EGI
$97.0K $23.38/SF
− OpEx
−$24.3K −$5.85/SF
NOI
$72.8K $17.54/SF
Area
Gaston County, NC
Vacancy
10.20%
Lease Rate
$26.04 /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%
$1,455,640
Cap Rate 7%
$1,039,743
Cap Rate 9%
$808,689
Alternative Uses
Best Use
Office B
$1.04M
$909.8K – $1.21M
NOI $72,782 @ 7.0% cap · market cap 8.57%
Second Best
Healthcare Medical
$825.7K
$722.5K – $963.3K
NOI $57,800 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,433 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
379
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28021, NC
13,669
Population
6,306
Households
2.2
Avg Household Size
44
Median Age
22%
College-Educated
89%
High-School Grad
58.8 sq mi
ZIP Area
232
Density / Sq Mi
$57,652
Median Household Income
$37,703
Median Earnings
$874
Median Rent
$196,300
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 - Well-maintained medical facility in downtown Cherryville with ample parking.
Where is this medical office space located?
The property is located at 112 S Oak Street Cherryville, NC.
What is the asking price?
The asking price for this property is $849,000.
What are key features of this property?
This property features: Move‑in‑ready commercial building, ideal for a medical facility.; Located in downtown Cherryville with high accessibility.; Features 12 exam rooms with handwash sinks, x‑ray room with darkroom, and multiple office areas.
