Medical Office Building For
For Sale
Contact for pricing
Pending
511 Paladin Dr, Greenville, NC 27834
17,000 SF medical office building in Greenville, NC.
Property Size17,700 SF
Days on Market177
Property Features for 511 Paladin Dr
General Information
Standard status
Pending
Size
17,700 SF
Class
B
Total Parking Spaces
82
Property subtype
Office
Zoning
MO - Medical Office
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
1999
Year Renovated
2006
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
Mullarkey Real Estate Group
(252) 258-1160
Listed By:
Justin Mullarkey · License #NC 225875
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Jul 25 at 3:26PM
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 Mullarkey Real Estate Group
Investment Insights
Based on property information with market context.
The property at 511 Paladin Drive is a medical office building with ±17,000 square feet of space. It is situated within Greenville’s established healthcare corridor, conveniently located minutes from the ECU Health Medical District. Currently, the building is fully leased to Eastern Nephrology Associates (ENA) under a triple-net lease structure, providing in-place income. The tenant occupies the entire building. Constructed around 2006, the building includes a fully built-out ambulatory surgical center addition that is currently not in active use, presenting potential for future income or sublease opportunities. The tenant does not plan to renew their lease option.
Key Highlights
- ±17,000 SF medical office building near ECU Health Medical District.
- Currently leased to Eastern Nephrology Associates (ENA), providing stable income.
- Full building occupancy by ENA offers security of occupancy.
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
$199,603
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
6.44%
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%
$3,992,060
$4.0M
Cap Rate 7%
$2,851,471
$2.9M
Cap Rate 9%
$2,217,811
$2.2M
Market Conditions
NOI Build-Up for 17,700 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
$371.7K $21.00/SF
− Vacancy
−$39.0K −$2.21/SF
EGI
$332.7K $18.80/SF
− OpEx
−$133.1K −$7.52/SF
NOI
$199.6K $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%
$3,992,060
Cap Rate 7%
$2,851,471
Cap Rate 9%
$2,217,811
Alternative Uses
Best Use
Healthcare Medical
$2.85M
$2.50M – $3.33M
NOI $199,603 @ 7.0% cap · market cap 6.44%
Second Best
Office B
$2.72M
$2.38M – $3.18M
NOI $190,563 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$3.85M
$3.37M – $4.50M
NOI $269,714 @ 7.0% cap · market cap 8.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,148
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27834, NC
55,051
Population
27,368
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
88%
High-School Grad
174.3 sq mi
ZIP Area
316
Density / Sq Mi
$48,081
Median Household Income
$36,755
Median Earnings
$941
Median Rent
$161,700
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 - 17,000 SF medical office building in Greenville, NC.
Where is this medical office space located?
The property is located at 511 Paladin Dr Greenville, NC.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: ±17,000 SF medical office building near ECU Health Medical District.; Currently leased to Eastern Nephrology Associates (ENA), providing stable income.; Full building occupancy by ENA offers security of occupancy.
