Divisible Medical Office
For Sale
$950,000
231 Memorial Drive, Jacksonville, NC 28546
Flexible medical office layout supports one practice or two separately occupied suites with shared patient-facing space.
Property Size3,600 SF
Price / SF$263.89
Days on Market55
Property Features for 231 Memorial Drive
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Commercial
Zoning
OI
Taxes and HOA fees
Annual Taxes
$9,377
Amenities
No
Yes
Public
0.75
150x240
Brick Veneer
On Site,Paved
3600.0
Building Details
Year Built
1982
Buildings
1
Building Size
3,600 SF
Listing Agency:
Statewide Realty
(843) 301-0013
Listed By:
Jada Hollingsworth
(864) 202-1003
Source:
Baystreetrealtygroup
Added: Aug 4
Changed: Sep 26
Last Checked: Sep 26 at 4:19AM
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 Statewide Realty
Investment Insights
Based on property information with market context.
This 3,600± square foot medical office building, constructed in 1982, is arranged for either one practice or two users. A central division creates two suites with individual side entrances and a shared waiting area. The interior includes 7+ exam rooms, two reception areas, two physician offices with built-ins and private restrooms, two nursing stations with sinks, six total restrooms, two break rooms, 2+ administrative offices, and two utility rooms.
The property is located at 231 Memorial Drive in Jacksonville, NC, within eyesight of Onslow Memorial Hospital. Site features include over 25 parking spaces and a covered patient drop-off area, supporting patient access and daily medical-office operations.
The property is located at 231 Memorial Drive in Jacksonville, NC, within eyesight of Onslow Memorial Hospital. Site features include over 25 parking spaces and a covered patient drop-off area, supporting patient access and daily medical-office operations.
Key Highlights
- 3,600± square foot medical office building constructed in 1982
- Layout can be divided into two suites with separate side entrances
- 7+ exam rooms, two reception areas, and two nursing stations with sinks
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
$44,556
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
4.69%
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%
$891,120
$891.1K
Cap Rate 7%
$636,514
$636.5K
Cap Rate 9%
$495,067
$495.1K
Market Conditions
NOI Build-Up for 3,600 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
$77.8K $21.60/SF
− Vacancy
−$3.5K −$0.97/SF
EGI
$74.3K $20.63/SF
− OpEx
−$29.7K −$8.25/SF
NOI
$44.6K $12.38/SF
Area
Onslow County, NC
Vacancy
4.50%
Lease Rate
$21.60 /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%
$891,120
Cap Rate 7%
$636,514
Cap Rate 9%
$495,067
Alternative Uses
Best Use
Healthcare Medical
$636.5K
$557.0K – $742.6K
NOI $44,556 @ 7.0% cap · market cap 4.69%
Second Best
Office B
$590.1K
$516.4K – $688.5K
NOI $41,310 @ 7.0% cap · market cap 4.35%
Theoretical Best
Office A
$782.0K
$684.3K – $912.4K
NOI $54,743 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,341
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28546, NC
48,547
Population
21,387
Households
2.3
Avg Household Size
30
Median Age
25%
College-Educated
95%
High-School Grad
103.9 sq mi
ZIP Area
467
Density / Sq Mi
$60,552
Median Household Income
$39,487
Median Earnings
$1,174
Median Rent
$212,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible medical office layout supports one practice or two separately occupied suites with shared patient-facing space.
Where is this medical office space located?
The property is located at 231 Memorial Drive Jacksonville, NC.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 3,600± square foot medical office building constructed in 1982; Layout can be divided into two suites with separate side entrances; 7+ exam rooms, two reception areas, and two nursing stations with sinks
