Medical Office Building with
For Sale
$1,500,000
215 Station St, Jacksonville, NC 28546
Three-suite multi-tenant medical/professional office building with 34 parking spaces on a 0.48-acre parcel.
Property Size8,434 SF
Lot Size0.48 Acres
Price / SF$177.85
Days on Market137
Property Features for 215 Station St
General Information
Standard status
Active
Size
8,434 SF
Total Parking Spaces
34
Lot size
0.48 Acres
Property subtype
Commercial
Zoning
IND
Additional Details
Office Units
3
Building Details
Year Built
1999
Tenancy
Multi
Listing Agency:
RE/MAX Executive
(843) 712-2721
Listed By:
Michael Odham () · License #312002
(276) 780-9770
Source:
Beachandforestrealty
Added: Apr 24
Changed: Aug 23
Last Checked: Sep 6 at 9:01AM
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 RE/MAX Executive
Investment Insights
Based on property information with market context.
This well-maintained medical/professional office building totals approximately 8,434 square feet and is configured as a three-unit, multi-tenant asset. Two suites are currently leased, and one suite is owner-occupied, supporting both in-place income and owner-user use. The property was updated with a roof replacement completed in 2018–2019.
The building is located in close proximity to Onslow Memorial Hospital, providing convenient access to a major healthcare hub. The site sits on a 0.48-acre parcel and includes 34 parking spaces.
The existing layout is designed to support medical and professional office uses, making it suitable for an owner-occupant seeking proximity to healthcare services or an investor looking for a partially leased, three-suite configuration.
The building is located in close proximity to Onslow Memorial Hospital, providing convenient access to a major healthcare hub. The site sits on a 0.48-acre parcel and includes 34 parking spaces.
The existing layout is designed to support medical and professional office uses, making it suitable for an owner-occupant seeking proximity to healthcare services or an investor looking for a partially leased, three-suite configuration.
Key Highlights
- Three‑suite multi‑tenant medical/professional office building totaling approx. 8,434 SF
- Two suites currently leased and one owner‑occupied
- Built in 1999 and configured for medical and professional office use
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
$104,386
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
6.96%
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%
$2,087,720
$2.1M
Cap Rate 7%
$1,491,229
$1.5M
Cap Rate 9%
$1,159,844
$1.2M
Market Conditions
NOI Build-Up for 8,434 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
$182.2K $21.60/SF
− Vacancy
−$8.2K −$0.97/SF
EGI
$174.0K $20.63/SF
− OpEx
−$69.6K −$8.25/SF
NOI
$104.4K $12.38/SF
Area
Onslow County, NC
Vacancy
4.50%
Lease Rate
$21.60 /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%
$2,087,720
Cap Rate 7%
$1,491,229
Cap Rate 9%
$1,159,844
Alternative Uses
Best Use
Healthcare Medical
$1.49M
$1.30M – $1.74M
NOI $104,386 @ 7.0% cap · market cap 6.96%
Second Best
Office B
$1.38M
$1.21M – $1.61M
NOI $96,780 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$1.83M
$1.60M – $2.14M
NOI $128,251 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,216
Businesses Nearby
Explore this area
Business Placement
Demographics for 28546, NC
48,547
Population
21,387
Households
2.3
Avg Household Size
30
Median Age
25%
College-Educated
95%
High-School Grad
103.9 sq mi
ZIP Area
467
Density / Sq Mi
$60,552
Median Household Income
$39,487
Median Earnings
$1,174
Median Rent
$212,200
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?
Office building - Three-suite multi-tenant medical/professional office building with 34 parking spaces on a 0.48-acre parcel.
Where is this office building located?
The property is located at 215 Station St Jacksonville, NC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Three‑suite multi‑tenant medical/professional office building totaling approx. 8,434 SF; Two suites currently leased and one owner‑occupied; Built in 1999 and configured for medical and professional office use
