NNN Orthopedic
For Sale
$3,029,000
510 Emergency Drive, Lexington, NC 27292
Single-tenant NNN orthopedic clinic on Atrium Health campus with a new five-year lease extension.
Property Size13,671 SF
Lot Size5.23 Acres
Price / SF$221.56
Days on Market96
Property Features for 510 Emergency Drive
General Information
Standard status
Active
Size
13,671 SF
Lot size
5.23 Acres
Property subtype
Office
Building Details
Building Size
13,671 SF
Tenancy
Single
Listed By:
Ben Bloodworth
(336) 655-1888
Source:
Ltpcommercial
Added: Jun 3
Changed: Aug 31
Last Checked: Sep 5 at 3:55AM
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 Ben Bloodworth
Investment Insights
Based on property information with market context.
This offering is an approximately 13,671-square-foot NNN orthopedic clinic on 5.23 acres. The property is positioned to serve as dedicated healthcare space as part of Atrium Health’s hospital campus.
The clinic is located at 510 Emergency Drive in Lexington, NC, and it sits on Atrium Health’s hospital campus directly across from the hospital entrance. This placement supports straightforward access and visibility to the hospital environment for orthopedic care operations.
For buyers seeking a healthcare-focused, NNN structure, this asset is anchored by Atrium Health. Atrium has signed a brand new five-year lease extension, providing continuity for the clinic’s use within their orthopaedic services footprint. The property’s campus location and entrance-facing position are practical considerations for an operator that needs convenient, mission-driven access to the hospital setting.
The clinic is located at 510 Emergency Drive in Lexington, NC, and it sits on Atrium Health’s hospital campus directly across from the hospital entrance. This placement supports straightforward access and visibility to the hospital environment for orthopedic care operations.
For buyers seeking a healthcare-focused, NNN structure, this asset is anchored by Atrium Health. Atrium has signed a brand new five-year lease extension, providing continuity for the clinic’s use within their orthopaedic services footprint. The property’s campus location and entrance-facing position are practical considerations for an operator that needs convenient, mission-driven access to the hospital setting.
Key Highlights
- Single‑tenant, 13,671 SF NNN orthopedic clinic on Atrium Health’s hospital campus
- Located on 5.23 acres on the hospital campus
- Atrium has signed a brand new 5‑year lease extension
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
$185,001
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
6.11%
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%
$3,700,020
$3.7M
Cap Rate 7%
$2,642,871
$2.6M
Cap Rate 9%
$2,055,567
$2.1M
Market Conditions
NOI Build-Up for 13,671 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
$344.5K $25.20/SF
− Vacancy
−$36.2K −$2.65/SF
EGI
$308.3K $22.55/SF
− OpEx
−$123.3K −$9.02/SF
NOI
$185.0K $13.53/SF
Area
Davidson County, NC
Vacancy
10.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$3,700,020
Cap Rate 7%
$2,642,871
Cap Rate 9%
$2,055,567
Alternative Uses
Best Use
Healthcare Medical
$2.64M
$2.31M – $3.08M
NOI $185,001 @ 7.0% cap · market cap 6.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.47M
$3.03M – $4.05M
NOI $242,797 @ 7.0% cap · market cap 8.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Explore this area
Business Placement
Demographics for 27292, NC
39,337
Population
18,749
Households
2.1
Avg Household Size
44
Median Age
17%
College-Educated
85%
High-School Grad
144.0 sq mi
ZIP Area
273
Density / Sq Mi
$54,468
Median Household Income
$34,776
Median Earnings
$831
Median Rent
$193,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Single-tenant NNN orthopedic clinic on Atrium Health campus with a new five-year lease extension.
Where is this medical center located?
The property is located at 510 Emergency Drive Lexington, NC.
What is the asking price?
The asking price for this property is $3,029,000.
What are key features of this property?
This property features: Single‑tenant, 13,671 SF NNN orthopedic clinic on Atrium Health’s hospital campus; Located on 5.23 acres on the hospital campus; Atrium has signed a brand new 5‑year lease extension
