Medical Hub Investment
For Sale
Contact for pricing
320 Jake Alexander Blvd W, Salisbury, NC 28147
Prime medical office space in thriving Salisbury location for sale.
Property Size10,871 SF
Price / SF$343.54
Days on Market145
Property Features for 320 Jake Alexander Blvd W
General Information
Standard status
Active
Size
10,871 SF
Class
B
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$261,423
Building Details
Year Built
2008
Year Renovated
2018
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
MPV Properties
(704) 248-2140
Listed By:
Ferris Edwards · License #308212
Source:
Crexi
Added: Mar 27
Changed: Aug 16
Last Checked: Aug 16 at 6:41PM
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 MPV Properties
Investment Insights
Based on property information with market context.
Located in Salisbury, at the heart of the I-85 Charlotte–Greensboro corridor, this property benefits from a high-traffic location on W. Jake Alexander Blvd, which sees 36,500 vehicles daily. The property is situated within a thriving medical hub, near Novant Health Piedmont Neurosurgery & Spine and Atrium Health Urgent Care. The location is ideal for medical office space and other commercial real estate ventures. The area has a substantial population, with nearly 4 million residents within a 60-mile radius. The property is occupied by Commonwealth Pain & Spine, which has over 39 locations and plans to expand nationally by 2030, and Select Physical Therapy, which has over 1,900 centers. Commonwealth Pain & Spine has annual escalations of 2.4% through the base term and 2.5% through options, while Select Physical Therapy has 2.0% annual increases.
Key Highlights
- Located in the high‑traffic I‑85 Charlotte–Greensboro corridor (36,500 vehicles daily).
- Anchored by credit tenants: Commonwealth Pain & Spine and Select Physical Therapy.
- Located within a thriving medical hub with synergistic tenants (Novant Health, Atrium Health).
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
$190,655
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
5.11%
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%
$3,813,100
$3.8M
Cap Rate 7%
$2,723,643
$2.7M
Cap Rate 9%
$2,118,389
$2.1M
Market Conditions
NOI Build-Up for 10,871 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
$283.1K $26.04/SF
− Vacancy
−$28.9K −$2.66/SF
EGI
$254.2K $23.38/SF
− OpEx
−$63.6K −$5.85/SF
NOI
$190.7K $17.54/SF
Area
Rowan County, NC
Vacancy
10.20%
Lease Rate
$26.04 /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%
$3,813,100
Cap Rate 7%
$2,723,643
Cap Rate 9%
$2,118,389
Alternative Uses
Best Use
Office B
$2.72M
$2.38M – $3.18M
NOI $190,655 @ 7.0% cap · market cap 5.11%
Second Best
Healthcare Medical
$2.34M
$2.05M – $2.73M
NOI $164,050 @ 7.0% cap · market cap 4.39%
Theoretical Best
Office A
$3.42M
$2.99M – $3.99M
NOI $239,510 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
471
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28147, NC
26,618
Population
10,095
Households
2.6
Avg Household Size
40
Median Age
19%
College-Educated
86%
High-School Grad
77.6 sq mi
ZIP Area
343
Density / Sq Mi
$59,770
Median Household Income
$36,118
Median Earnings
$1,036
Median Rent
$241,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Prime medical office space in thriving Salisbury location for sale.
Where is this medical office space located?
The property is located at 320 Jake Alexander Blvd W Salisbury, NC.
What is the asking price?
The asking price for this property is $3,734,620.
What are key features of this property?
This property features: Located in the high‑traffic I‑85 Charlotte–Greensboro corridor (36,500 vehicles daily).; Anchored by credit tenants: Commonwealth Pain & Spine and Select Physical Therapy.; Located within a thriving medical hub with synergistic tenants (Novant Health, Atrium Health).
