Turnkey Medical Office
For Sale
$268,500
224 N Main St, Spring Lake, NC 28390
Turnkey general practice medical office with lab, exam rooms, waiting area, offices, and two bathrooms.
Property Size1,860 SF
Price / SF$144.35
Days on Market482
Property Features for 224 N Main St
General Information
Standard status
Active
Size
1,860 SF
Listing Agency:
FRANKLIN JOHNSON COMMERCIAL REAL ESTATE
(910) 864-2626
Listed By:
MALINDA CRAVEN · License #196331
(910) 322-6535
Source:
Exprealty
Added: May 12, 2025
Changed: Aug 27
Last Checked: Sep 5 at 1:38PM
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 FRANKLIN JOHNSON COMMERCIAL REAL ESTATE
Investment Insights
Based on property information with market context.
Turnkey general practice medical office for sale at 224 N Main St. The space includes a lab, multiple exam rooms (4 exam rooms or 3 exam rooms plus 2 offices), a large waiting area with reception counter and workspace, a break area, and two bathrooms. Seller will leave or sell equipment depending on terms.
Parking is available on the street and in the rear. The owner requires 90 days to vacate.
The layout supports both clinical and general office use, including options such as a nurse practitioner, esthetician, dentist, therapy office, or an attorney, based on the configuration provided.
Parking is available on the street and in the rear. The owner requires 90 days to vacate.
The layout supports both clinical and general office use, including options such as a nurse practitioner, esthetician, dentist, therapy office, or an attorney, based on the configuration provided.
Key Highlights
- Turnkey general practice medical office in Spring Lake, NC with existing office setup
- Includes a lab, large waiting area, reception counter, and workspace
- Floorplan features 4 exam rooms (or 3 exam rooms) plus 2 offices
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
$24,306
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
9.05%
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%
$486,120
$486.1K
Cap Rate 7%
$347,229
$347.2K
Cap Rate 9%
$270,067
$270.1K
Market Conditions
NOI Build-Up for 1,860 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
$33.5K $18.00/SF
− Vacancy
−$1.1K −$0.58/SF
EGI
$32.4K $17.42/SF
− OpEx
−$8.1K −$4.36/SF
NOI
$24.3K $13.07/SF
Area
Cumberland County, NC
Vacancy
3.20%
Lease Rate
$18.00 /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%
$486,120
Cap Rate 7%
$347,229
Cap Rate 9%
$270,067
Alternative Uses
Best Use
Office B
$347.2K
$303.8K – $405.1K
NOI $24,306 @ 7.0% cap · market cap 9.05%
Second Best
Healthcare Medical
$219.3K
$191.9K – $255.9K
NOI $15,351 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$444.5K
$388.9K – $518.5K
NOI $31,112 @ 7.0% cap · market cap 11.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28390, NC
23,799
Population
10,204
Households
2.3
Avg Household Size
31
Median Age
28%
College-Educated
93%
High-School Grad
60.2 sq mi
ZIP Area
395
Density / Sq Mi
$58,750
Median Household Income
$36,678
Median Earnings
$1,151
Median Rent
$195,200
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 - Turnkey general practice medical office with lab, exam rooms, waiting area, offices, and two bathrooms.
Where is this medical office space located?
The property is located at 224 N Main St Spring Lake, NC.
What is the asking price?
The asking price for this property is $268,500.
What are key features of this property?
This property features: Turnkey general practice medical office in Spring Lake, NC with existing office setup; Includes a lab, large waiting area, reception counter, and workspace; Floorplan features 4 exam rooms (or 3 exam rooms) plus 2 offices
