Renovated Medical Office
2245 North Hills Drive, Raleigh, NC 27612
For Sale
Contact for pricing
Fully leased dental practice space is secured by a gross lease with renewal options.
Property Size12,291 SF
Lot Size0.88 Acres
Price / SF$333.58
Days on Market15
Property Features for 2245 North Hills Drive
General Information
Standard status
Size
Class
Total Parking Spaces
Lot size
Property subtype
Occupancy
Net Operating Income
Financials
Asking Price
Cap Rate
Site & Location
Neighborhood
Highway Access
Additional Details
Tenant in Place
Property Use
Medical Specialty
Building Details
Year Renovated
Buildings
Building Size
Tenancy
Listing Agency:
Pintail
Listed By:
Ross Kester · License #SC 50616
(864) 729-4500
Source:
Crexi
Added: Oct 26
Changed: Nov 8
Last Checked: Nov 8 at 5:48PM
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 Pintail
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Investment Insights
Based on property information with market context.
The renovated medical office building was updated in 2014 and is fully leased to Star Dental Partners, doing business as Crabtree Valley Dental. The property is covered by a new five-year gross lease, with two additional five-year renewal options.
Set on approximately 0.88 acres, the building provides 12,291 square feet and 34 parking spaces. Immediate access to I-440 connects the property to the surrounding Raleigh area.
Set on approximately 0.88 acres, the building provides 12,291 square feet and 34 parking spaces. Immediate access to I-440 connects the property to the surrounding Raleigh area.
Key Highlights
- 12,291 SF medical office building renovated in 2014
- Fully leased to Star Dental Partners (dba Crabtree Valley Dental)
- New 5‑year gross lease with two 5‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$190,287
Cap Rate
4.64%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,805,740
$3.8M
Cap Rate 7%
$2,718,386
$2.7M
Cap Rate 9%
$2,114,300
$2.1M
Market Conditions
NOI Build-Up for 12,291 SF
Gross rent
$346.6K $28.20/SF
− Vacancy
−$29.5K −$2.40/SF
EGI
$317.1K $25.80/SF
− OpEx
−$126.9K −$10.32/SF
NOI
$190.3K $15.48/SF
Area
Raleigh, NC
Vacancy
8.50%
Lease Rate
$28.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,805,740
Cap Rate 7%
$2,718,386
Cap Rate 9%
$2,114,300
Alternative Uses
Best Use
Healthcare Medical
$2.72M
$2.38M – $3.17M
NOI $190,287 @ 7.0% cap · market cap 4.64%
Second Best
Office B
$2.43M
$2.13M – $2.84M
NOI $170,265 @ 7.0% cap · market cap 4.15%
Theoretical Best
Specialty Retail
$3.38M
$2.96M – $3.94M
NOI $236,448 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
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Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,590
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27612, NC
39,576
Population
21,582
Households
1.8
Avg Household Size
38
Median Age
66%
College-Educated
96%
High-School Grad
16.6 sq mi
ZIP Area
2,384
Density / Sq Mi
$95,565
Median Household Income
$57,216
Median Earnings
$1,544
Median Rent
$481,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Average Price Trend$/SF for Medical Office Space in Wake County, NC
Properties on Market for Medical Office Space in Wake County
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Fully leased dental practice space is secured by a gross lease with renewal options.
Where is this medical office space located?
The property is located at 2245 North Hills Drive Raleigh, NC.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: 12,291 SF medical office building renovated in 2014; Fully leased to Star Dental Partners (dba Crabtree Valley Dental); New 5‑year gross lease with two 5‑year renewal options
