Medical Office
For Sale
Contact for pricing
411 N Wendover Road, Charlotte, NC 28211
Second-generation medical office condo in an established medical park, available immediately for purchase.
Property Size1,591 SF
Price / SF$250.79
Days on Market97
Property Features for 411 N Wendover Road
General Information
Standard status
Active
Size
1,591 SF
Property subtype
Office
Investment Type
Owner/User
Building Details
Year Built
1985
Year Renovated
2011
Listing Agency:
Flagship Healthcare Properties
Listed By:
Reed Griffith · License #186046
(704) 619-0473
Source:
Crexi
Added: Jun 1
Changed: Aug 27
Last Checked: Sep 4 at 5:54PM
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 small medical office condo is located within an established medical park and represents a second-generation medical space. The unit is being offered for sale and is available immediately.
Positioned in the Midtown / Randolph Road medical submarket, the property is set up to support medical-related occupancy and is described as suitable for a variety of uses.
As a condo within a medical park, it offers an ownership option for professionals seeking an immediately available office space in a medical-focused setting.
Positioned in the Midtown / Randolph Road medical submarket, the property is set up to support medical-related occupancy and is described as suitable for a variety of uses.
As a condo within a medical park, it offers an ownership option for professionals seeking an immediately available office space in a medical-focused setting.
Key Highlights
- Second‑generation medical office condo in an established medical park
- Year built: 1985
- Available immediately
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
Property Profile
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Second-generation medical office condo in an established medical park, available immediately for purchase.
Where is this medical office space located?
The property is located at 411 N Wendover Road 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: Second‑generation medical office condo in an established medical park; Year built: 1985; Available immediately
