Medical Office with Storage
For Sale
$696,000
1468 W Corbett Avenue, Swansboro, NC 28584
Previously used as a veterinary clinic, the property includes a large rear storage shed/workshop and plenty of parking.
Property Size2,092 SF
Price / SF$332.70
Days on Market176
Property Features for 1468 W Corbett Avenue
General Information
Standard status
Active
Size
2,092 SF
Property subtype
Commercial
Zoning
B-1
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$2,603
Amenities
No
Yes
Electric
See Remarks
Public
0.97
Irregular
On Site
City Street,State Road
2092.0
Building Details
Year Built
1971
Listing Agency:
Beth Frazer & Associates, Inc.
(912) 233-6000
Listed By:
Cora Bett Thomas
(912) 313-4200
Source:
Baystreetrealtygroup
Added: Mar 23
Changed: Sep 13
Last Checked: Sep 14 at 6:20AM
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 Beth Frazer & Associates, Inc.
Investment Insights
Based on property information with market context.
This medical office property was previously used as a veterinary clinic and is set up as an office use with a practical rear storage area. A large storage shed/workshop (26 ft by 48 ft) is located in the back of the lot, and the site provides ample parking for patients and visitors.
The property is located on Highway 24 in Swansboro, next to the public library, with high visibility along the corridor. The current tenant will vacate with a 60-day notice.
For buyers seeking an office-based facility with on-site storage and parking, this offering provides an existing medical office layout plus dedicated space in the rear workshop building.
The property is located on Highway 24 in Swansboro, next to the public library, with high visibility along the corridor. The current tenant will vacate with a 60-day notice.
For buyers seeking an office-based facility with on-site storage and parking, this offering provides an existing medical office layout plus dedicated space in the rear workshop building.
Key Highlights
- Commercial property on Highway 24 in Swansboro next to the public library
- Previous use as a veterinary clinic
- 2092 SF building on a 0.97‑acre lot with irregular lot dimensions
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
$25,892
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
3.72%
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%
$517,840
$517.8K
Cap Rate 7%
$369,886
$369.9K
Cap Rate 9%
$287,689
$287.7K
Market Conditions
NOI Build-Up for 2,092 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
$45.2K $21.60/SF
− Vacancy
−$2.0K −$0.97/SF
EGI
$43.2K $20.63/SF
− OpEx
−$17.3K −$8.25/SF
NOI
$25.9K $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%
$517,840
Cap Rate 7%
$369,886
Cap Rate 9%
$287,689
Alternative Uses
Best Use
Healthcare Medical
$369.9K
$323.7K – $431.5K
NOI $25,892 @ 7.0% cap · market cap 3.72%
Second Best
Office B
$342.9K
$300.1K – $400.1K
NOI $24,006 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$454.5K
$397.7K – $530.2K
NOI $31,812 @ 7.0% cap · market cap 4.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
129
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28584, NC
13,584
Population
7,550
Households
1.8
Avg Household Size
46
Median Age
32%
College-Educated
94%
High-School Grad
33.9 sq mi
ZIP Area
401
Density / Sq Mi
$81,574
Median Household Income
$48,944
Median Earnings
$1,300
Median Rent
$308,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Previously used as a veterinary clinic, the property includes a large rear storage shed/workshop and plenty of parking.
Where is this medical office space located?
The property is located at 1468 W Corbett Avenue Swansboro, NC.
What is the asking price?
The asking price for this property is $696,000.
What are key features of this property?
This property features: Commercial property on Highway 24 in Swansboro next to the public library; Previous use as a veterinary clinic; 2092 SF building on a 0.97‑acre lot with irregular lot dimensions
