Veterinary Clinic NNN Investment
For Sale
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4110 Bayswater Rd, Winterville, NC 28590
Single-tenant veterinary clinic with long-term NNN lease in Winterville, NC.
Property Size10,000 SF
Lot Size1.37 Acres
Price / SF$256.06
Days on Market138
Property Features for 4110 Bayswater Rd
General Information
Standard status
Active
Size
10,000 SF
Class
A
Lot size
1.37 Acres
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$160,038
Building Details
Year Built
2016
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Matthews
Listed By:
Andrew Evans · License #CA - 0255475
Source:
Crexi
Added: Mar 27
Changed: Aug 9
Last Checked: Aug 11 at 6:27AM
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 single-tenant property is a veterinary clinic leased to Mission Pet Health. The property features an approximately 10,000 square foot building situated on 1.37 acres. The tenant has approximately 8.36 years remaining on an NNN lease. The property is located in Winterville, NC. The lease includes 2.5% annual rent increases and five, five-year renewal options. The property is priced at $2,560,608, reflecting a 6.25% cap rate and a net operating income of $160,038. The NNN lease structure provides for minimal landlord responsibilities.
Key Highlights
- Long‑term NNN lease with ±8.36 years remaining, providing stable income.
- Credit Tenant: Leased to Mission Pet Health, a well‑established veterinary clinic.
- Attractive investment metrics: 6.25% cap rate and $160,038 Net Operating Income (NOI).**
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
$112,770
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
4.40%
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%
$2,255,400
$2.3M
Cap Rate 7%
$1,611,000
$1.6M
Cap Rate 9%
$1,253,000
$1.3M
Market Conditions
NOI Build-Up for 10,000 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
$210.0K $21.00/SF
− Vacancy
−$22.1K −$2.21/SF
EGI
$188.0K $18.80/SF
− OpEx
−$75.2K −$7.52/SF
NOI
$112.8K $11.28/SF
Area
Pitt County, NC
Vacancy
10.50%
Lease Rate
$21.00 /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%
$2,255,400
Cap Rate 7%
$1,611,000
Cap Rate 9%
$1,253,000
Alternative Uses
Best Use
Healthcare Medical
$1.61M
$1.41M – $1.88M
NOI $112,770 @ 7.0% cap · market cap 4.40%
Second Best
Office B
$1.54M
$1.35M – $1.79M
NOI $107,663 @ 7.0% cap · market cap 4.20%
Theoretical Best
Office A
$2.18M
$1.90M – $2.54M
NOI $152,381 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
228
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 28590, NC
28,326
Population
11,793
Households
2.4
Avg Household Size
37
Median Age
42%
College-Educated
93%
High-School Grad
41.2 sq mi
ZIP Area
688
Density / Sq Mi
$83,318
Median Household Income
$48,116
Median Earnings
$1,076
Median Rent
$243,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Firetower Animal Clinic — 4110 bayswater rd, winterville, nc 28590
- Eldridge Anne DVM — 650 E Fire Tower Rd Suite A, Winterville, NC 28590
- Medhus Brad DVM — 650 E Fire Tower Rd, Winterville, NC 28590, United States
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-tenant veterinary clinic with long-term NNN lease in Winterville, NC.
Where is this medical office space located?
The property is located at 4110 Bayswater Rd Winterville, NC.
What is the asking price?
The asking price for this property is $2,560,608.
What are key features of this property?
This property features: Long‑term NNN lease with ±8.36 years remaining, providing stable income.; Credit Tenant: Leased to Mission Pet Health, a well‑established veterinary clinic.; Attractive investment metrics: 6.25% cap rate and $160,038 Net Operating Income (NOI).**
