Medical Office in Brevard,
For Sale
Contact for pricing
377 Gallimore Rd, Brevard, NC 28712
15,333 SF medical office building for sale.
Property Size15,333 SF
Price / SF$215.22
Days on Market148
Property Features for 377 Gallimore Rd
General Information
Standard status
Active
Size
15,333 SF
Class
B
Property subtype
Office
Investment Type
Owner/User
Listing Agency:
Dewey Property Advisors
(828) 548-0090
Listed By:
Austin Tyler · License #NC257685
Source:
Crexi
Added: Mar 26
Changed: Aug 19
Last Checked: Aug 19 at 5:49AM
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 Dewey Property Advisors
Investment Insights
Based on property information with market context.
This 15,333 square foot medical office building is available for purchase in Brevard, North Carolina. The well-maintained building features an expansive waiting room, 24 exam rooms, a lab, nurses station, several private offices, storage rooms, restrooms, and a break room. It is centrally located in a residentially dense area, making it suitable for a high-traffic medical practice such as a pediatrician or family medical practice. The property includes abundant handicap-accessible patient parking in the front with a covered portico, and a staff parking area in the rear.
Key Highlights
- 15,333 SF Medical Office Space
- Features 24 Exam Rooms
- Abundant Handicap Accessible Patient Parking** with Covered Portico
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
$237,079
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
7.18%
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%
$4,741,580
$4.7M
Cap Rate 7%
$3,386,843
$3.4M
Cap Rate 9%
$2,634,211
$2.6M
Market Conditions
NOI Build-Up for 15,333 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
$368.0K $24.00/SF
− Vacancy
−$51.9K −$3.38/SF
EGI
$316.1K $20.62/SF
− OpEx
−$79.0K −$5.15/SF
NOI
$237.1K $15.46/SF
Area
Transylvania County, NC
Vacancy
14.10%
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%
$4,741,580
Cap Rate 7%
$3,386,843
Cap Rate 9%
$2,634,211
Alternative Uses
Best Use
Office B
$3.39M
$2.96M – $3.95M
NOI $237,079 @ 7.0% cap · market cap 7.18%
Second Best
Healthcare Medical
$2.77M
$2.42M – $3.23M
NOI $193,748 @ 7.0% cap · market cap 5.87%
Theoretical Best
Office A
$4.52M
$3.95M – $5.27M
NOI $316,105 @ 7.0% cap · market cap 9.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28712, NC
18,928
Population
10,714
Households
1.8
Avg Household Size
52
Median Age
40%
College-Educated
94%
High-School Grad
116.2 sq mi
ZIP Area
163
Density / Sq Mi
$61,560
Median Household Income
$34,583
Median Earnings
$939
Median Rent
$372,900
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 - 15,333 SF medical office building for sale.
Where is this medical office space located?
The property is located at 377 Gallimore Rd Brevard, NC.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 15,333 SF Medical Office Space; Features **24 Exam Rooms**; Abundant Handicap Accessible Patient Parking** with Covered Portico
