Freestanding Medical Redevelopment
For Sale
Contact for pricing
3200 Wellons Blvd, New Bern, NC 28562
Freestanding medical building offers approximately 24,000 SF on about 5 acres in New Bern’s medical corridor.
Property Size24,000 SF
Lot Size5.00 Acres
Price / SF$177.08
Days on Market97
Property Features for 3200 Wellons Blvd
General Information
Standard status
Active
Size
24,000 SF
Lot size
5.00 Acres
Property subtype
FLEX_R_AND_D
Additional Details
Highway Access
Yes
Listing Agency:
Colliers | Raleigh
(919) 582-7930
Listed By:
David Stowe · License #207642
(919) 412-3221
Source:
Moodyscre
Added: Jun 10
Changed: Sep 9
Last Checked: Sep 13 at 6:50AM
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 Colliers | Raleigh
Investment Insights
Based on property information with market context.
Freestanding building totaling approximately 24,000 SF sits on approximately 5 acres and is positioned for redevelopment or as an owner-occupant opportunity. The property is described as a medical-oriented asset within a larger healthcare setting.
The building is located along New Bern’s medical corridor among several medical clinics and major healthcare providers. It is also noted for strong accessibility, with close proximity to New Bern, Craven County’s major retail corridors, and the Highway 17/Highway 70 interchange.
This offering is presented as a single freestanding facility, suited to buyers looking for an adaptable footprint on its own parcel.
The building is located along New Bern’s medical corridor among several medical clinics and major healthcare providers. It is also noted for strong accessibility, with close proximity to New Bern, Craven County’s major retail corridors, and the Highway 17/Highway 70 interchange.
This offering is presented as a single freestanding facility, suited to buyers looking for an adaptable footprint on its own parcel.
Key Highlights
- +/-24,000 SF freestanding medical building
- Located on +/-5.00 acres
- Situated in New Bern’s medical corridor among medical clinics and major healthcare providers
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
$324,778
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
7.64%
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%
$6,495,560
$6.5M
Cap Rate 7%
$4,639,686
$4.6M
Cap Rate 9%
$3,608,644
$3.6M
Market Conditions
NOI Build-Up for 24,000 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
$604.8K $25.20/SF
− Vacancy
−$63.5K −$2.65/SF
EGI
$541.3K $22.55/SF
− OpEx
−$216.5K −$9.02/SF
NOI
$324.8K $13.53/SF
Area
Craven County, NC
Vacancy
10.50%
Lease Rate
$25.20 /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%
$6,495,560
Cap Rate 7%
$4,639,686
Cap Rate 9%
$3,608,644
Alternative Uses
Best Use
Office B
$6.20M
$5.43M – $7.24M
NOI $434,331 @ 7.0% cap · market cap 10.22%
Second Best
Healthcare Medical
$4.64M
$4.06M – $5.41M
NOI $324,778 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$7.91M
$6.92M – $9.23M
NOI $553,890 @ 7.0% cap · market cap 13.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,146
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28562, NC
39,375
Population
18,812
Households
2.1
Avg Household Size
45
Median Age
33%
College-Educated
93%
High-School Grad
151.7 sq mi
ZIP Area
260
Density / Sq Mi
$74,620
Median Household Income
$40,215
Median Earnings
$1,131
Median Rent
$246,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Freestanding medical building offers approximately 24,000 SF on about 5 acres in New Bern’s medical corridor.
Where is this medical office space located?
The property is located at 3200 Wellons Blvd New Bern, NC.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: +/-24,000 SF freestanding medical building; Located on +/-5.00 acres; Situated in New Bern’s medical corridor among medical clinics and major healthcare providers
