Medical Office Suite with Exam
For Sale
Contact for pricing
2340 Hemby Ln, Greenville, NC 27834
Medical office suite includes six exam rooms with sinks, nurse stations, and ample parking.
Property Size3,220 SF
Price / SF$225
Days on Market228
Property Features for 2340 Hemby Ln
General Information
Standard status
Active
Size
3,220 SF
Property subtype
Office
Zoning
MO
Amenities
6 exam rooms with sinks
2 nurse stations
reception area with natural light
spacious waiting areas
private offices
employee breakroom
private restroom
Building Details
Year Built
2006
Buildings
1
Stories
1
Units
1
Listing Agency:
Kittrell & Armstrong LLC
Listed By:
Stephanie Warren · License #340713
(817) 559-3196
Source:
Crexi
Added: Jan 26
Changed: Sep 9
Last Checked: Sep 10 at 6:26AM
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 Kittrell & Armstrong LLC
Investment Insights
Based on property information with market context.
Suite 300 is a medical-focused office space designed to support healthcare operations. The layout features six exam rooms with sinks, two nurse stations, a reception area with natural light, spacious waiting areas, private offices, and a dedicated employee breakroom with a private restroom.
The property is located in Greenville’s Medical District near ECU Health Medical Center, with ample parking provided for patients and staff. It is zoned Medical Office (MO).
Planned exterior upgrades are noted for 2026, offering the opportunity for improvements to the property’s curb presence.
The property is located in Greenville’s Medical District near ECU Health Medical Center, with ample parking provided for patients and staff. It is zoned Medical Office (MO).
Planned exterior upgrades are noted for 2026, offering the opportunity for improvements to the property’s curb presence.
Key Highlights
- 3,220 SF medical office suite built in 2006 at 2340 B Hemby Lane, Suite 300, Greenville, NC 27834
- Layout includes 6 exam rooms with sinks, plus 2 nurse stations
- Reception with natural light, spacious waiting areas, private offices, and a dedicated employee breakroom with a private restroom
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
$36,312
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
5.01%
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%
$726,240
$726.2K
Cap Rate 7%
$518,743
$518.7K
Cap Rate 9%
$403,467
$403.5K
Market Conditions
NOI Build-Up for 3,220 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
$67.6K $21.00/SF
− Vacancy
−$7.1K −$2.21/SF
EGI
$60.5K $18.80/SF
− OpEx
−$24.2K −$7.52/SF
NOI
$36.3K $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%
$726,240
Cap Rate 7%
$518,743
Cap Rate 9%
$403,467
Alternative Uses
Best Use
Healthcare Medical
$518.7K
$453.9K – $605.2K
NOI $36,312 @ 7.0% cap · market cap 5.01%
Second Best
Office B
$495.2K
$433.3K – $577.8K
NOI $34,667 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$701.0K
$613.3K – $817.8K
NOI $49,067 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,811
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
Check the figures for this property
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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 - Medical office suite includes six exam rooms with sinks, nurse stations, and ample parking.
Where is this medical office space located?
The property is located at 2340 Hemby Ln Greenville, NC.
What is the asking price?
The asking price for this property is $724,500.
What are key features of this property?
This property features: 3,220 SF medical office suite built in 2006 at 2340 B Hemby Lane, Suite 300, Greenville, NC 27834; Layout includes 6 exam rooms with sinks, plus 2 nurse stations; Reception with natural light, spacious waiting areas, private offices, and a dedicated employee breakroom with a private restroom
