Standalone Medical Office
For Sale
Contact for pricing
2303 Executive Circle, Greenville, NC 27834
Vacant single-story property positioned in Greenville’s medical district.
Property Size6,000 SF
Price / SF$220
Days on Market9
Property Features for 2303 Executive Circle
General Information
Standard status
Active
Size
6,000 SF
Property subtype
Office
Zoning
MS
Lease Type
NNN
Building Details
Year Built
1987
Buildings
1
Stories
1
Owner Occupied
No
Listing Agency:
Waldrop Properties Llc
(919) 645-1605
Listed By:
Michael Waldrop · License #NC 158376
Source:
Crexi
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 9:16AM
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.
This standalone, single-story medical office property was built in 1987 and is currently vacant for occupancy. The building is identified for medical office use and carries MS zoning, providing a focused commercial setting for healthcare-related operations.
The property is located at 2303 Executive Circle in Greenville, across Stantonsburg Road from ECU Health Medical Center. Its placement within Greenville’s medical district connects the building to an established healthcare-oriented area while maintaining a separate, freestanding configuration.
The property is located at 2303 Executive Circle in Greenville, across Stantonsburg Road from ECU Health Medical Center. Its placement within Greenville’s medical district connects the building to an established healthcare-oriented area while maintaining a separate, freestanding configuration.
Key Highlights
- Standalone, single‑story medical office property
- MS zoning supports the stated medical office classification
- Vacant and available for occupancy
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
$67,662
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
5.13%
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%
$1,353,240
$1.4M
Cap Rate 7%
$966,600
$966.6K
Cap Rate 9%
$751,800
$751.8K
Market Conditions
NOI Build-Up for 6,000 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
$126.0K $21.00/SF
− Vacancy
−$13.2K −$2.21/SF
EGI
$112.8K $18.80/SF
− OpEx
−$45.1K −$7.52/SF
NOI
$67.7K $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%
$1,353,240
Cap Rate 7%
$966,600
Cap Rate 9%
$751,800
Alternative Uses
Best Use
Healthcare Medical
$966.6K
$845.8K – $1.13M
NOI $67,662 @ 7.0% cap · market cap 5.13%
Second Best
Office B
$922.8K
$807.5K – $1.08M
NOI $64,597 @ 7.0% cap · market cap 4.89%
Theoretical Best
Office A
$1.31M
$1.14M – $1.52M
NOI $91,428 @ 7.0% cap · market cap 6.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,956
Businesses Nearby
Balanced
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 - Vacant single-story property positioned in Greenville’s medical district.
Where is this medical office space located?
The property is located at 2303 Executive Circle Greenville, NC.
What is the asking price?
The asking price for this property is $1,320,000.
What are key features of this property?
This property features: Standalone, single‑story medical office property; MS zoning supports the stated medical office classification; Vacant and available for occupancy
