Hospital-Adjacent Medical Office
For Sale
Contact for pricing
3511 Graystone Pl SE, Conover, NC 28613
Medical office asset with a hospital tenant, NNN lease structure, and CPI increases.
Property Size9,920 SF
Price / SF$205.80
Days on Market138
Property Features for 3511 Graystone Pl SE
General Information
Standard status
Active
Size
9,920 SF
Class
B
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$168,216
Additional Details
Cap Rate
8.24%
Building Details
Year Built
1974
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
Matthews
Listed By:
Ryan Burke · License #333307
Source:
Crexi
Added: Apr 16
Changed: Aug 30
Last Checked: Aug 30 at 3:47PM
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 Matthews
Investment Insights
Based on property information with market context.
This medical office property contains 9,920 square feet and was built in 1974. The asset is occupied by a hospital tenant and is structured under an NNN lease, with CPI increases identified in the lease terms.
Located at 3511 Graystone Pl SE in Conover, North Carolina, the property is adjacent to a hospital. The offering reflects an 8.24% cap rate and combines an established medical-office use with a defined lease structure and rent-adjustment provision.
Located at 3511 Graystone Pl SE in Conover, North Carolina, the property is adjacent to a hospital. The offering reflects an 8.24% cap rate and combines an established medical-office use with a defined lease structure and rent-adjustment provision.
Key Highlights
- 9,920‑square‑foot medical office property
- Hospital tenant in place
- NNN lease structure
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
$130,974
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
6.42%
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%
$2,619,480
$2.6M
Cap Rate 7%
$1,871,057
$1.9M
Cap Rate 9%
$1,455,267
$1.5M
Market Conditions
NOI Build-Up for 9,920 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
$214.3K $21.60/SF
− Vacancy
−$39.6K −$4.00/SF
EGI
$174.6K $17.60/SF
− OpEx
−$43.7K −$4.40/SF
NOI
$131.0K $13.20/SF
Area
Catawba County, NC
Vacancy
18.50%
Lease Rate
$21.60 /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%
$2,619,480
Cap Rate 7%
$1,871,057
Cap Rate 9%
$1,455,267
Alternative Uses
Best Use
Office B
$1.87M
$1.64M – $2.18M
NOI $130,974 @ 7.0% cap · market cap 6.42%
Second Best
Healthcare Medical
$1.53M
$1.33M – $1.78M
NOI $106,754 @ 7.0% cap · market cap 5.23%
Theoretical Best
Office A
$2.90M
$2.54M – $3.38M
NOI $202,844 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
419
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28613, NC
22,970
Population
10,222
Households
2.2
Avg Household Size
41
Median Age
20%
College-Educated
85%
High-School Grad
42.4 sq mi
ZIP Area
542
Density / Sq Mi
$55,690
Median Household Income
$38,932
Median Earnings
$822
Median Rent
$208,400
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 - Medical office asset with a hospital tenant, NNN lease structure, and CPI increases.
Where is this medical office space located?
The property is located at 3511 Graystone Pl SE Conover, NC.
What is the asking price?
The asking price for this property is $2,041,500.
What are key features of this property?
This property features: 9,920‑square‑foot medical office property; Hospital tenant in place; NNN lease structure
