Single-Tenant Medical Office
For Sale
Contact for pricing
Pending
1222 Medical Center Drive, Wilmington, NC 28401
100% leased, single-tenant medical office with absolute NNN lease to Lumexa Imaging Holdings Inc.
Property Size7,445 SF
Lot Size0.92 Acres
Days on Market141
Property Features for 1222 Medical Center Drive
General Information
Standard status
Pending
Size
7,445 SF
Lot size
0.92 Acres
Property subtype
OFFICE
Occupancy
100%
Net Operating Income
$167,513
Financials
Asking Price
$2,680,000
Cap Rate
6.25%
Building Details
Buildings
1
Building Size
7,445 SF
Tenancy
Single
Listing Agency:
BlueCoast Commercial, LLC
Listed By:
Chase Hall · License #255181
(910) 777-3813
Source:
Moodyscre
Added: Mar 28
Changed: Aug 12
Last Checked: Aug 14 at 10:31AM
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 BlueCoast Commercial, LLC
Investment Insights
Based on property information with market context.
This single-tenant medical office building is offered as a 100%-leased investment, with an absolute triple net (NNN) lease in place. The property is leased to Lumexa Imaging Holdings Inc., a national outpatient diagnostic imaging platform.
The lease is structured as a long-term NNN arrangement with a 10-year term and 3% annual escalations. The investment snapshot includes a 6.25% cap rate. The building totals 7,445 SF and sits on 0.92 acres.
Lumexa Imaging operates an imaging platform with 185+ locations across 13 states, employing 5,000+ people and performing ~4 million annual procedures. The tenant is publicly traded (NASDAQ: LMRI).
The lease is structured as a long-term NNN arrangement with a 10-year term and 3% annual escalations. The investment snapshot includes a 6.25% cap rate. The building totals 7,445 SF and sits on 0.92 acres.
Lumexa Imaging operates an imaging platform with 185+ locations across 13 states, employing 5,000+ people and performing ~4 million annual procedures. The tenant is publicly traded (NASDAQ: LMRI).
Key Highlights
- 100% leased, single‑tenant medical office under an absolute NNN lease
- 10‑year lease term with 3% annual escalations
- 6.25% cap rate
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
$94,553
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
3.53%
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%
$1,891,060
$1.9M
Cap Rate 7%
$1,350,757
$1.4M
Cap Rate 9%
$1,050,589
$1.1M
Market Conditions
NOI Build-Up for 7,445 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
$155.5K $20.88/SF
− Vacancy
−$29.4K −$3.95/SF
EGI
$126.1K $16.93/SF
− OpEx
−$31.5K −$4.23/SF
NOI
$94.6K $12.70/SF
Area
Wilmington, NC
Vacancy
18.90%
Lease Rate
$20.88 /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%
$1,891,060
Cap Rate 7%
$1,350,757
Cap Rate 9%
$1,050,589
Alternative Uses
Best Use
Office B
$1.35M
$1.18M – $1.58M
NOI $94,553 @ 7.0% cap · market cap 3.53%
Second Best
Healthcare Medical
$899.8K
$787.4K – $1.05M
NOI $62,988 @ 7.0% cap · market cap 2.35%
Theoretical Best
Multifamily LT 5
$91.16M
$79.76M – $106.35M
NOI $6,381,176 @ 7.0% cap · market cap 238.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,250
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28401, NC
22,204
Population
13,017
Households
1.7
Avg Household Size
41
Median Age
34%
College-Educated
88%
High-School Grad
31.0 sq mi
ZIP Area
716
Density / Sq Mi
$52,159
Median Household Income
$35,739
Median Earnings
$1,183
Median Rent
$263,000
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 - 100% leased, single-tenant medical office with absolute NNN lease to Lumexa Imaging Holdings Inc.
Where is this medical office space located?
The property is located at 1222 Medical Center Drive Wilmington, NC.
What is the asking price?
The asking price for this property is $2,680,000.
What are key features of this property?
This property features: 100% leased, single‑tenant medical office under an absolute NNN lease; 10‑year lease term with 3% annual escalations; 6.25% cap rate
