Medical Office For
For Sale
$685,000
114 Lee Street, Shelby, NC 28150
2696 sq ft medical office with established tenant.
Property Size2,696 SF
Price / SF$254.08
Days on Market247
Property Features for 114 Lee Street
General Information
Standard status
Active
Size
2,696 SF
Property subtype
Commercial
Amenities
Central air
Carpet Flooring
Heat Pump Cooling
Heat Pump Heating
Laminate Flooring
Level
Parking Lot
Tile Flooring
Building Details
Year Built
1997
Listing Agency:
PARAMONT LLC
(704) 434-6588
Listed By:
ADAM SMITH · License #297174
Source:
Corcoran
Added: Dec 17, 2025
Changed: Aug 18
Last Checked: Aug 20 at 4:35AM
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 PARAMONT LLC
Investment Insights
Based on property information with market context.
This 2696 sq ft medical office space is available for sale. The property is zoned RO and features an established tenant. There are 18 parking places available.
Key Highlights
- Established tenant in place providing immediate income.
- 2696 sq ft medical office space.
- Zoning RO (likely Residential/Office, check local zoning).
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
$36,943
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
5.39%
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%
$738,860
$738.9K
Cap Rate 7%
$527,757
$527.8K
Cap Rate 9%
$410,478
$410.5K
Market Conditions
NOI Build-Up for 2,696 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
$59.9K $22.20/SF
− Vacancy
−$10.6K −$3.93/SF
EGI
$49.3K $18.27/SF
− OpEx
−$12.3K −$4.57/SF
NOI
$36.9K $13.70/SF
Area
Cleveland County, NC
Vacancy
17.70%
Lease Rate
$22.20 /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%
$738,860
Cap Rate 7%
$527,757
Cap Rate 9%
$410,478
Alternative Uses
Best Use
Office B
$527.8K
$461.8K – $615.7K
NOI $36,943 @ 7.0% cap · market cap 5.39%
Second Best
Healthcare Medical
$469.4K
$410.7K – $547.6K
NOI $32,858 @ 7.0% cap · market cap 4.80%
Theoretical Best
Office A
$684.7K
$599.1K – $798.8K
NOI $47,926 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,115
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28150, NC
28,517
Population
13,482
Households
2.1
Avg Household Size
44
Median Age
24%
College-Educated
90%
High-School Grad
109.5 sq mi
ZIP Area
260
Density / Sq Mi
$53,027
Median Household Income
$36,843
Median Earnings
$793
Median Rent
$195,600
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 - 2696 sq ft medical office with established tenant.
Where is this medical office space located?
The property is located at 114 Lee Street Shelby, NC.
What is the asking price?
The asking price for this property is $685,000.
What are key features of this property?
This property features: Established tenant in place providing immediate income.; 2696 sq ft medical office space.; Zoning RO (likely Residential/Office, check local zoning).
