Medical Office with Updated
208 Penny Lane, Morehead City, NC 28557
For Sale
$1,000,000
Commercial Sale, Morehead City, NC
Property Size7,166 SF
Lot Size0.44 Acres
Price / SF$139.55
Days on Market47
Property Features for 208 Penny Lane
General Information
Property type
Property subtype
Zoning
Parking features
Subdivision
Directions
Standard status
APN
Size
Lot size
Additional Details
Property Use
Condition
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
HOA Fee
Legal Description
Utilities
Heating system
Cooling system
Water source
Building Details
Year built
Flooring type
Building materials
Roof type
Listing Agency:
Keller Williams Crystal Coast · Keller Williams Realty
(252) 515-7291
Listed By:
Tonia P. Melton · License NC #315409
(336) 516-0735
Added: Sep 25
Changed: Oct 30
Last Checked: Nov 10 at 7:06PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$84,977
Cap Rate
8.50%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
Similar Off Market Nearby
- Bridges Professional Park Anml — 214 commerce ave, morehead city, nc 28557
- Arendell Animal Hospital: Hawkes, Richard DVM — 213 Commerce Ave, Morehead City, NC 28557
- Arendell Animal Hospital — 213 Commerce Ave, Morehead City, NC 28557
- Bridges Professional Park Animal Hospital — 214 Commerce Ave, Morehead City, NC 28557
- Cash Libby DVM — 213 Commerce Ave, Morehead City, NC 28557
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
