Medical Office Investment with Metal
For Sale
Contact for pricing
2150 Herbert Court, Greenville, NC 27834
Fully leased medical office with standing seam metal roof and a lease extending through December 31, 2031.
Property Size11,441 SF
Lot Size1.24 Acres
Price / SF$281.12
Days on Market155
Property Features for 2150 Herbert Court
General Information
Standard status
Active
Size
11,441 SF
Class
B
Lot size
1.24 Acres
Property subtype
Office
Zoning
MO
Occupancy
100%
Building Details
Year Built
2005
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Waldrop Properties Llc
Listed By:
Michael Waldrop · License #NC 158376
(919) 645-1605
Source:
Crexi
Added: Apr 10
Changed: Sep 8
Last Checked: Sep 10 at 7:28AM
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 Waldrop Properties Llc
Investment Insights
Based on property information with market context.
2150 Herbert Court is a well-maintained, single-tenant medical office investment property currently fully leased to ECU Pediatric Specialty Care, a division of East Carolina University operating on behalf of the State of North Carolina. The tenant has occupied the building since 2005 and recently extended its commitment; the current lease expires December 31, 2031. The property features a standing seam metal roof, sits on approximately 1.24 acres, and is managed with landlord responsibility for property taxes, insurance, and common area maintenance, while the tenant handles utilities and janitorial services.
The property is located in the heart of Greenville’s established medical district, with close proximity to ECU Health Medical Center and the Brody School of Medicine. The offering cites net operating income of $225,137 with 3% annual rent escalations, supporting predictable long-term income.
The property is located in the heart of Greenville’s established medical district, with close proximity to ECU Health Medical Center and the Brody School of Medicine. The offering cites net operating income of $225,137 with 3% annual rent escalations, supporting predictable long-term income.
Key Highlights
- Single‑tenant medical office investment built in 2005, fully leased to ECU Pediatric Specialty Care.
- Tenant occupied since 2005 and extended—current lease expires December 31, 2031.
- Annual rent NOI reported at $225,137 with 3% annual rent escalations for built‑in growth.
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
$129,020
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
4.01%
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%
$2,580,400
$2.6M
Cap Rate 7%
$1,843,143
$1.8M
Cap Rate 9%
$1,433,556
$1.4M
Market Conditions
NOI Build-Up for 11,441 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
$240.3K $21.00/SF
− Vacancy
−$25.2K −$2.21/SF
EGI
$215.0K $18.80/SF
− OpEx
−$86.0K −$7.52/SF
NOI
$129.0K $11.28/SF
Area
Pitt County, NC
Vacancy
10.50%
Lease Rate
$21.00 /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%
$2,580,400
Cap Rate 7%
$1,843,143
Cap Rate 9%
$1,433,556
Alternative Uses
Best Use
Healthcare Medical
$1.84M
$1.61M – $2.15M
NOI $129,020 @ 7.0% cap · market cap 4.01%
Second Best
Office B
$1.76M
$1.54M – $2.05M
NOI $123,177 @ 7.0% cap · market cap 3.83%
Theoretical Best
Office A
$2.49M
$2.18M – $2.91M
NOI $174,339 @ 7.0% cap · market cap 5.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,811
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27834, NC
55,051
Population
27,368
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
88%
High-School Grad
174.3 sq mi
ZIP Area
316
Density / Sq Mi
$48,081
Median Household Income
$36,755
Median Earnings
$941
Median Rent
$161,700
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Vet Center — Greenville, NC 27834
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully leased medical office with standing seam metal roof and a lease extending through December 31, 2031.
Where is this medical office space located?
The property is located at 2150 Herbert Court Greenville, NC.
What is the asking price?
The asking price for this property is $3,216,242.
What are key features of this property?
This property features: Single‑tenant medical office investment built in 2005, fully leased to ECU Pediatric Specialty Care.; Tenant occupied since 2005 and extended—current lease expires December 31, 2031.; Annual rent NOI reported at $225,137 with 3% annual rent escalations for built‑in growth.
