Freestanding Medical Office
For Sale
Contact for pricing
2223 Hemby Ln, Greenville, NC 27834
Purpose-built clinical layout includes exam rooms, private offices, and comprehensive support areas.
Property Size5,183 SF
Lot Size0.79 Acres
Price / SF$200.66
Days on Market241
Property Features for 2223 Hemby Ln
General Information
Standard status
Active
Size
5,183 SF
Lot size
0.79 Acres
Property subtype
OFFICE
Zoning
MO
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Asking Price
$1,040,000
Amenities
lobby
waiting area
reception area
records area
conference room
nurse station
breakroom
supply room
prep room
data room
support rooms
executive office with private bathroom and shower
monument sign
Building Details
Year Built
2007
Buildings
1
Building Size
5,183 SF
Listing Agency:
Mullarkey Real Estate Group, Inc.
(252) 347-1287
Listed By:
Justin Mullarkey · License #225875
(252) 347-1287
Source:
Moodyscre
Added: Jan 1
Changed: Aug 30
Last Checked: Aug 30 at 2:11AM
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 Mullarkey Real Estate Group, Inc.
Investment Insights
Based on property information with market context.
This freestanding medical office building contains approximately 5,183 square feet on approximately 0.79 acres. Built in 2007 and zoned MO – Medical Office, the facility includes six exam rooms, six private offices, a lobby and waiting area, reception and records space, conference room, nurse station, breakroom, supply and prep rooms, and multiple mechanical, data, and support rooms. An executive office with a private bathroom and shower adds flexibility to the configuration.
The property is immediately adjacent to ECU Health Medical Center and positioned south of Stantonsburg Road, near Maynard Children’s Hospital, cancer care facilities, specialty clinics, and the Brody School of Medicine. Private ingress and egress, on-site parking, a monument sign, and full public utilities support daily clinical operations. The building is not located within a flood zone.
The property is immediately adjacent to ECU Health Medical Center and positioned south of Stantonsburg Road, near Maynard Children’s Hospital, cancer care facilities, specialty clinics, and the Brody School of Medicine. Private ingress and egress, on-site parking, a monument sign, and full public utilities support daily clinical operations. The building is not located within a flood zone.
Key Highlights
- Approximately ±5,183 square feet on ±0.79 acres
- Built in 2007 with MO – Medical Office zoning
- Six exam rooms and six private offices
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
$58,449
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
5.62%
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%
$1,168,980
$1.2M
Cap Rate 7%
$834,986
$835.0K
Cap Rate 9%
$649,433
$649.4K
Market Conditions
NOI Build-Up for 5,183 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
$108.8K $21.00/SF
− Vacancy
−$11.4K −$2.21/SF
EGI
$97.4K $18.80/SF
− OpEx
−$39.0K −$7.52/SF
NOI
$58.4K $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%
$1,168,980
Cap Rate 7%
$834,986
Cap Rate 9%
$649,433
Alternative Uses
Best Use
Healthcare Medical
$835.0K
$730.6K – $974.2K
NOI $58,449 @ 7.0% cap · market cap 5.62%
Second Best
Office B
$797.2K
$697.5K – $930.0K
NOI $55,801 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$1.13M
$987.2K – $1.32M
NOI $78,979 @ 7.0% cap · market cap 7.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,650
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
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 - Purpose-built clinical layout includes exam rooms, private offices, and comprehensive support areas.
Where is this medical office space located?
The property is located at 2223 Hemby Ln Greenville, NC.
What is the asking price?
The asking price for this property is $1,040,000.
What are key features of this property?
This property features: Approximately ±5,183 square feet on ±0.79 acres; Built in 2007 with MO – Medical Office zoning; Six exam rooms and six private offices
