Second-Generation Medical Office
For Sale
Contact for pricing
411-497 N Wendover Rd, Charlotte, NC 28211
Condo suite within an established medical park, available for immediate occupancy.
Property Size1,591 SF
Price / SF$250.79
Days on Market163
Property Features for 411-497 N Wendover Rd
General Information
Standard status
Active
Size
1,591 SF
Property subtype
OFFICE
Listing Agency:
Flagship Healthcare Properties
(704) 619-0473
Listed By:
Reed Griffith · License #186046
(704) 619-0473
Source:
Moodyscre
Added: Mar 23
Changed: Aug 30
Last Checked: Aug 30 at 6:41AM
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 Flagship Healthcare Properties
Investment Insights
Based on property information with market context.
This 1,591-square-foot medical office condo offers second-generation space within an established medical park. The suite is positioned for medical office use and is available immediately.
The property is located at 411-497 N Wendover Rd in Charlotte, within the Midtown / Randolph Road medical submarket. The offering is part of a medical office condominium setting and provides an existing space rather than new construction.
The property is located at 411-497 N Wendover Rd in Charlotte, within the Midtown / Randolph Road medical submarket. The offering is part of a medical office condominium setting and provides an existing space rather than new construction.
Key Highlights
- 1,591‑square‑foot medical office condo
- Second‑generation medical office space
- Located within an established medical park
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
$24,571
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
6.16%
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%
$491,420
$491.4K
Cap Rate 7%
$351,014
$351.0K
Cap Rate 9%
$273,011
$273.0K
Market Conditions
NOI Build-Up for 1,591 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
$39.7K $24.96/SF
− Vacancy
−$6.9K −$4.37/SF
EGI
$32.8K $20.59/SF
− OpEx
−$8.2K −$5.15/SF
NOI
$24.6K $15.44/SF
Area
Charlotte, NC
Vacancy
17.50%
Lease Rate
$24.96 /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%
$491,420
Cap Rate 7%
$351,014
Cap Rate 9%
$273,011
Alternative Uses
Best Use
Office B
$351.0K
$307.1K – $409.5K
NOI $24,571 @ 7.0% cap · market cap 6.16%
Second Best
Healthcare Medical
$314.4K
$275.1K – $366.9K
NOI $22,011 @ 7.0% cap · market cap 5.52%
Theoretical Best
Office A
$529.8K
$463.6K – $618.1K
NOI $37,086 @ 7.0% cap · market cap 9.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,357
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28211, NC
31,917
Population
15,061
Households
2.1
Avg Household Size
39
Median Age
69%
College-Educated
96%
High-School Grad
11.0 sq mi
ZIP Area
2,902
Density / Sq Mi
$130,221
Median Household Income
$66,412
Median Earnings
$1,660
Median Rent
$701,900
Median Home Value
Market
Vacancy Rate% for Office in Charlotte, NC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Condo suite within an established medical park, available for immediate occupancy.
Where is this medical office space located?
The property is located at 411-497 N Wendover Rd Charlotte, NC.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: 1,591‑square‑foot medical office condo; Second‑generation medical office space; Located within an established medical park
