Medical Office with Dual-Suite
For Sale
$950,000
231 Memorial Drive, Jacksonville, NC 28546
COMMERCIAL - Jacksonville, NC
Property Size3,600 SF
Lot Size0.75 Acres
Price / SF$263.89
Days on Market121
Property Features for 231 Memorial Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
OI
Subdivision
Not In Subdivision
Directions
From Hwy 27 Marine Blvd, turn east on Western Blvd, go past intersection of Western Blvd and County Club Rd, turn Right on Memorial Drive.
Standard status
Active
APN
346f-47.5
Size
3,600 SF
Lot size
0.75 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
MEMORIAL DR 0.7500 Acres
Tax Annual Amount
9377
Legal Description
MEMORIAL DR 0.7500 Acres
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Water source
Public
Amenities
covered patient drop-off
Building Details
Year built
1982
Building materials
Brick Veneer
Listing Agency:
Ray Properties, INC
(910) 346-8218
Listed By:
Matt C Ray · License #266827
(910) 388-6620
Added: Apr 21
Changed: Aug 19
Last Checked: Aug 19 at 7:06PM
MLS# 100568533
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,600+/- square foot medical office building at 231 Memorial Drive in Jacksonville is arranged for either one practice or two separate suites. A central division creates two operating areas with private side entrances and a shared waiting room. The property includes 7+ exam rooms, 2 reception areas, 2 private physician offices with built-ins and restrooms, 2 nursing stations with sinks, 6 total restrooms, 2 break rooms, 2+ administrative offices, and 2 utility rooms. Brick veneer construction, electric heating, and heat pump systems support the existing improvements.
The 0.75-acre property is positioned within eyesight of Onslow Memorial Hospital and includes a covered patient drop-off area plus over 25 parking spaces. Public water serves the site, which carries OI zoning and was built in 1982.
The 0.75-acre property is positioned within eyesight of Onslow Memorial Hospital and includes a covered patient drop-off area plus over 25 parking spaces. Public water serves the site, which carries OI zoning and was built in 1982.
Key Highlights
- 3,600+/- square foot medical office building on 0.75 acres
- Configurable for one practice or two suites with private side entrances
- 7+ exam rooms, 2 reception areas, and 2 private physician 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
$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
Property Profile
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Flexible clinical configuration includes private entrances, shared reception space, and patient-focused improvements.
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 on 0.75 acres; Configurable for one practice or two suites with private side entrances; 7+ exam rooms, 2 reception areas, and 2 private physician offices
