Two-Unit Medical Office
New
For Sale
Contact for pricing
308 Mulberry Street SW, Lenoir, NC 28645
Two separately configured suites provide reception areas, exam rooms, restrooms, and storage.
Property Size1,978 SF
Price / SF$0.38
Days on Market7
Property Features for 308 Mulberry Street SW
General Information
Standard status
Active
Size
1,978 SF
Property subtype
Medical
Additional Details
Property Use
Medical Office
Amenities
Level, Open Lot, Paved, Sloped
Architectural Shingle
Public Sewer
Additional parcels description:, Parcel Number: 06-10-4-12, Assessed Value: $410,000, Zoning: O-I
Carpet, Concrete, Vinyl, Wood
Central Air
Central
Listing ID: CAR4437076, Standard Status: Active, MLS Status: Active, Property Subtype: Medical
34 open parking spaces, 34 total parking spaces, Other Parking: 308 Mulberry St, SW offers 24 parking spaces. 233 SW Main St offers 10 parking spaces., Parking Lot, Parking Space(s)
Built in 1978, Living area: 4096, 1 building, Construction Materials: Brick Full
County/Parish: Caldwell
City
Water Source: City
Slab
All Utilities, Cable TV, Electricity, Trash Collection, Water
Frontage Type: City Street, Road Responsibility: Publicly Maintained Road, Road Surface: Paved
Building Details
Building Size
1,978 SF
Year Built
1978
Listing Agency:
Walker Real Estate Services LLC
(828) 851-1541
Listed By:
Rhonda Walker · License #202018
(713) 283-4330
Source:
Blackstreaminternational
Added: Oct 22
Changed: Oct 27
Last Checked: Oct 26 at 3:58PM
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 Walker Real Estate Services LLC
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Investment Insights
Based on property information with market context.
This two-story medical office property contains two separate suites, each measuring approximately 2,048 square feet. The lower-level space includes a lobby and front desk, waiting area, two physician offices, four exam rooms, a break room, two bathrooms, and storage. The upper-level suite has a reception area, nine exam rooms, storage, and two bathrooms, including one with a shower. The building was constructed in 1978.
The property is across from Caldwell Memorial Hospital. The lower-level suite has access to a parking area with 24 or more spaces and a designated signage area; the upper-level suite has 10 parking spaces. Renovation work was started but not completed, and materials for the remaining work are still in the units.
The property is across from Caldwell Memorial Hospital. The lower-level suite has access to a parking area with 24 or more spaces and a designated signage area; the upper-level suite has 10 parking spaces. Renovation work was started but not completed, and materials for the remaining work are still in the units.
Key Highlights
- Two medical office suites, each approximately 2,048 square feet
- Lower suite includes 2 physician offices and 4 exam rooms
- Upper suite includes 9 exam rooms and 2 bathrooms, one with a shower
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$39,127
Suggested Prices Based on Cap Rates
Cap Rate 5%
$782,540
$782.5K
Cap Rate 7%
$558,957
$559.0K
Cap Rate 9%
$434,744
$434.7K
Market Conditions
NOI Build-Up for 4,096 SF
Gross rent
$71.3K $17.40/SF
− Vacancy
−$6.1K −$1.48/SF
EGI
$65.2K $15.92/SF
− OpEx
−$26.1K −$6.37/SF
NOI
$39.1K $9.55/SF
Area
Caldwell County, NC
Vacancy
8.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$782,540
Cap Rate 7%
$558,957
Cap Rate 9%
$434,744
Alternative Uses
Best Use
Office B
$686.0K
$600.2K – $800.3K
NOI $48,019 @ 7.0% cap · market cap 3,098.00%
Second Best
Healthcare Medical
$559.0K
$489.1K – $652.1K
NOI $39,127 @ 7.0% cap · market cap 2,524.32%
Theoretical Best
Office A
$934.7K
$817.9K – $1.09M
NOI $65,431 @ 7.0% cap · market cap 4,221.35%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
931
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 28645, NC
46,004
Population
21,558
Households
2.1
Avg Household Size
45
Median Age
17%
College-Educated
82%
High-School Grad
329.1 sq mi
ZIP Area
140
Density / Sq Mi
$50,529
Median Household Income
$34,526
Median Earnings
$726
Median Rent
$157,800
Median Home Value
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Medical Office Space - Two separately configured suites provide reception areas, exam rooms, restrooms, and storage.
Where is this medical office space located?
The property is located at 308 Mulberry Street SW Lenoir, NC.
What are key features of this property?
This property features: Two medical office suites, each approximately 2,048 square feet; Lower suite includes 2 physician offices and 4 exam rooms; Upper suite includes 9 exam rooms and 2 bathrooms, one with a shower
