Flexible Medical Office
For Sale
Contact for pricing
428 E 4th St, Charlotte, NC 28202
Open layout that can be transitioned for office or medical use, totaling 2,664 SF.
Property Size2,664 SF
Price / SF$155.78
Days on Market856
Property Features for 428 E 4th St
General Information
Standard status
Active
Size
2,664 SF
Property subtype
OFFICE
Listing Agency:
Romans Properties
(704) 619-7554
Listed By:
Chris Orr · License #192220
(704) 619-7554
Source:
Moodyscre
Added: Apr 18, 2024
Changed: Aug 11
Last Checked: Aug 11 at 3:56PM
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 Romans Properties
Investment Insights
Based on property information with market context.
This medical office space features a currently open layout with the ability to be transitioned to either office or medical use. At 2,664 SF, the configuration is well-suited for tenants looking for flexibility in how they plan interior workflows and rooming.
The property is offered for sale, and the existing open design provides a starting point for customized build-out depending on the intended professional use.
With a layout that supports both office and medical transitions, this space can be a practical option for occupancies that need adaptability while working within a defined footprint.
The property is offered for sale, and the existing open design provides a starting point for customized build-out depending on the intended professional use.
With a layout that supports both office and medical transitions, this space can be a practical option for occupancies that need adaptability while working within a defined footprint.
Key Highlights
- Currently open layout with ability to transition to office or medical use
- 2,664 SF medical office space
- For‑sale property offered for sale
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
$36,856
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
8.88%
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%
$737,120
$737.1K
Cap Rate 7%
$526,514
$526.5K
Cap Rate 9%
$409,511
$409.5K
Market Conditions
NOI Build-Up for 2,664 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
$67.1K $25.20/SF
− Vacancy
−$5.7K −$2.14/SF
EGI
$61.4K $23.06/SF
− OpEx
−$24.6K −$9.22/SF
NOI
$36.9K $13.83/SF
Area
Charlotte, NC
Vacancy
8.50%
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%
$737,120
Cap Rate 7%
$526,514
Cap Rate 9%
$409,511
Alternative Uses
Best Use
Office B
$587.8K
$514.3K – $685.7K
NOI $41,143 @ 7.0% cap · market cap 9.91%
Second Best
Healthcare Medical
$526.5K
$460.7K – $614.3K
NOI $36,856 @ 7.0% cap · market cap 8.88%
Theoretical Best
Office A
$887.1K
$776.2K – $1.03M
NOI $62,098 @ 7.0% cap · market cap 14.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,487
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28202, NC
16,447
Population
11,490
Households
1.4
Avg Household Size
31
Median Age
64%
College-Educated
95%
High-School Grad
1.8 sq mi
ZIP Area
9,137
Density / Sq Mi
$101,711
Median Household Income
$67,683
Median Earnings
$1,862
Median Rent
$425,900
Median Home Value
Market
Vacancy Rate% for Office in Charlotte, NC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Open layout that can be transitioned for office or medical use, totaling 2,664 SF.
Where is this medical office space located?
The property is located at 428 E 4th St Charlotte, NC.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Currently open layout with ability to transition to office or medical use; 2,664 SF medical office space; For‑sale property offered for sale
