Medical Office with Updated
New
For Sale
$1,000,000
208 Penny Lane, Morehead City, NC 28557
Commercial Sale, Morehead City, NC
Property Size7,166 SF
Lot Size0.44 Acres
Price / SF$139.55
Days on Market3
Property Features for 208 Penny Lane
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
commercial
Parking features
Parking Lot, Off Street
Subdivision
Not In Subdivision
Directions
Bridges Street to Penny Lane Building is on the right
Standard status
Active
APN
637614430310000
Size
7,166 SF
Lot size
0.44 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MEDICAL PARK
Tax Annual Amount
3818
HOA Fee
$1,500 Annually
Legal Description
MEDICAL PARK
Utilities
Heating system
Heat Pump (Heating), Electric (Heating)
Cooling system
Heat Pump, Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1977
Flooring type
Lvt/lvp
Building materials
Wood Siding
Roof type
Shingle
Listing Agency:
Keller Williams Crystal Coast · Keller Williams Realty
(252) 515-7291
Listed By:
Tonia P. Melton · License #315409
(336) 516-0735
Added: Sep 25
Last Checked: Sep 27 at 2:06PM
MLS# 100606115
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 7,166-square-foot medical office occupies a 0.44-acre parcel and includes two entrances and on-site parking. Interior improvements include LVP flooring, fresh paint, and updated HVAC. The layout has room for reception and waiting areas, private offices, exam or treatment rooms, administrative functions, and storage.
The property is directly across the street from a hospital. Commercial zoning and a professional office configuration support medical and other office uses.
The property is directly across the street from a hospital. Commercial zoning and a professional office configuration support medical and other office uses.
Key Highlights
- 7,166 square feet of medical office space
- 0.44‑acre parcel
- Directly across the street from a hospital
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
$84,977
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
8.50%
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%
$1,699,540
$1.7M
Cap Rate 7%
$1,213,957
$1.2M
Cap Rate 9%
$944,189
$944.2K
Market Conditions
NOI Build-Up for 7,166 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
$157.4K $21.96/SF
− Vacancy
−$15.7K −$2.20/SF
EGI
$141.6K $19.76/SF
− OpEx
−$56.7K −$7.91/SF
NOI
$85.0K $11.86/SF
Area
Carteret County, NC
Vacancy
10.00%
Lease Rate
$21.96 /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%
$1,699,540
Cap Rate 7%
$1,213,957
Cap Rate 9%
$944,189
Alternative Uses
Best Use
Office B
$1.58M
$1.39M – $1.85M
NOI $110,930 @ 7.0% cap · market cap 11.09%
Second Best
Healthcare Medical
$1.21M
$1.06M – $1.42M
NOI $84,977 @ 7.0% cap · market cap 8.50%
Theoretical Best
Office A
$2.15M
$1.88M – $2.51M
NOI $150,486 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
900
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28557, NC
14,910
Population
9,168
Households
1.6
Avg Household Size
50
Median Age
40%
College-Educated
93%
High-School Grad
14.2 sq mi
ZIP Area
1,050
Density / Sq Mi
$67,753
Median Household Income
$38,534
Median Earnings
$1,143
Median Rent
$331,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two entrances and on-site parking support convenient access for patients and staff.
Where is this medical office space located?
The property is located at 208 Penny Lane Morehead City, NC.
What is the asking price?
The asking price for this property is $1,000,000.
What are key features of this property?
This property features: 7,166 square feet of medical office space; 0.44‑acre parcel; Directly across the street from a hospital
