Office/Medical Condo Suite with
For Sale
$1,790,000
317 N King St, Hendersonville, NC 28792
Office/medical condo suite with 18 deeded parking spaces and added on-street parking, offered with a tenant set to vacate.
Property Size5,918 SF
Price / SF$302.47
Days on Market296
Property Features for 317 N King St
General Information
Standard status
Active
Size
5,918 SF
Total Parking Spaces
18
Listing Agency:
Pulliam Properties, Inc
(828) 545-9002
Listed By:
Paul Ellis · License #246015
(828) 545-9002
Source:
Exprealty
Added: Oct 29, 2025
Changed: Aug 20
Last Checked: Aug 19 at 12:05PM
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 Pulliam Properties, Inc
Investment Insights
Based on property information with market context.
Office/Medical Condo #4 is offered for sale at 317 N King St. The suite provides 918+/- square feet of office space and is configured as an individual condo unit within a downtown property. The offering includes 18 parking spaces that are included on the deed, with additional on-street parking available.
The property is located in Downtown Hendersonville on N. King St. The current tenant will move out within 12 months, creating a near-term window for an owner-operator or an investor to plan for occupancy after turnover. Access for showings requires scheduling in advance.
Brokers require 48 hours prior notice to show the unit, which should be considered when coordinating tours. With its condo ownership structure and dedicated parking count included on the deed, this space can fit a range of office and medical-adjacent uses where parking availability and individual ownership matter. The seller’s timeline for tenant move-out supports planning for occupancy or re-tenanting following the current lease term.
The property is located in Downtown Hendersonville on N. King St. The current tenant will move out within 12 months, creating a near-term window for an owner-operator or an investor to plan for occupancy after turnover. Access for showings requires scheduling in advance.
Brokers require 48 hours prior notice to show the unit, which should be considered when coordinating tours. With its condo ownership structure and dedicated parking count included on the deed, this space can fit a range of office and medical-adjacent uses where parking availability and individual ownership matter. The seller’s timeline for tenant move-out supports planning for occupancy or re-tenanting following the current lease term.
Key Highlights
- Office/medical condo suite in downtown Hendersonville on N. King St.
- 918+/- SF office space configured for an office/medical use.
- 18 parking spaces included on the deed, with additional on‑street parking available.
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
$103,541
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
5.78%
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%
$2,070,820
$2.1M
Cap Rate 7%
$1,479,157
$1.5M
Cap Rate 9%
$1,150,456
$1.2M
Market Conditions
NOI Build-Up for 5,918 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
$142.0K $24.00/SF
− Vacancy
−$4.0K −$0.67/SF
EGI
$138.1K $23.33/SF
− OpEx
−$34.5K −$5.83/SF
NOI
$103.5K $17.50/SF
Area
Henderson County, NC
Vacancy
2.80%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
25.00%
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%
$2,070,820
Cap Rate 7%
$1,479,157
Cap Rate 9%
$1,150,456
Alternative Uses
Best Use
Office B
$1.48M
$1.29M – $1.73M
NOI $103,541 @ 7.0% cap · market cap 5.78%
Second Best
Healthcare Medical
$1.18M
$1.04M – $1.38M
NOI $82,833 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$1.97M
$1.73M – $2.30M
NOI $138,055 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,331
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28792, NC
35,962
Population
18,121
Households
2
Avg Household Size
44
Median Age
26%
College-Educated
87%
High-School Grad
102.9 sq mi
ZIP Area
349
Density / Sq Mi
$55,066
Median Household Income
$32,312
Median Earnings
$1,131
Median Rent
$249,300
Median Home Value
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Office/medical condo suite with 18 deeded parking spaces and added on-street parking, offered with a tenant set to vacate.
Where is this medical office space located?
The property is located at 317 N King St Hendersonville, NC.
What is the asking price?
The asking price for this property is $1,790,000.
What are key features of this property?
This property features: Office/medical condo suite in downtown Hendersonville on N. King St.; 918+/- SF office space configured for an office/medical use.; 18 parking spaces included on the deed, with additional on‑street parking available.
