Updated Medical Office
New
For Sale
$1,000,000
208 Penny Ln, Morehead City, NC 28557
Two entrances and on-site parking provide convenient access for patients and staff.
Property Size7,166 SF
Price / SF$139.55
Days on Market4
Property Features for 208 Penny Ln
General Information
Standard status
Active
Size
7,166 SF
Building Details
Year Built
1977
Listing Agency:
Keller Williams Crystal Coast
Listed By:
Tonia P. Melton · License #315409
(336) 516-0735
Source:
Advantagecoastalproperties
Added: Sep 28
Changed: Sep 30
Last Checked: Sep 30 at 3:23PM
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 Keller Williams Crystal Coast
Investment Insights
Based on property information with market context.
This 7,166-square-foot medical office property at 208 Penny Ln in Morehead City was built in 1977. Interior updates include LVP flooring, fresh paint, and HVAC improvements. The floor plan offers space for reception and waiting areas, offices, exam and treatment rooms, administration, and storage.
The property sits directly across the street from the hospital and has two entrances with on-site parking. Its office configuration and recent interior updates support a range of professional medical uses.
The property sits directly across the street from the hospital and has two entrances with on-site parking. Its office configuration and recent interior updates support a range of professional medical uses.
Key Highlights
- 7,166 square feet of medical office space
- Directly across the street from the hospital
- Two entrances and on‑site parking
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
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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 - Two entrances and on-site parking provide convenient access for patients and staff.
Where is this medical office space located?
The property is located at 208 Penny Ln 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; Directly across the street from the hospital; Two entrances and on‑site parking
