Medical Office Property with Two
For Sale
$285,000
517 N 2nd Avenue, Siler City, NC 27344
Commercial Sale, Siler City, NC
Property Size1,775 SF
Lot Size0.28 Acres
Price / SF$160.56
Days on Market197
Property Features for 517 N 2nd Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
H-CHighway Commercial Dis
Parking
15
Accessibility
Accessible Approach with Ramp
Standard status
Active
APN
0015322
Size
1,775 SF
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
103-1-1 Deed Book 1784 Page 173 (Tract 2) Plat Book 90 Page 334
Tax Annual Amount
3294
Legal Description
103-1-1 Deed Book 1784 Page 173 (Tract 2) Plat Book 90 Page 334
Building Details
Year built
1998
Floors in Building
1
Building materials
Vinyl Siding
Listing Agency:
Harris Realty & Auction
(919) 742-3286
Listed By:
Scott Harris · License #159569
(919) 498-4077
Added: Mar 23
Changed: Aug 19
Last Checked: Oct 5 at 7:06AM
MLS# 10155155
Copyright © 2026 Doorify MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical office property includes a 1,775-square-foot modular building and a separate 1,456-square-foot mobile home converted for office use. The main structure, built in 1998, provides a reception area, multiple offices, a half bath, an additional upper-level office, a full bathroom with shower, and a bonus area suitable for meetings, office functions, or storage. Vinyl siding and an accessible approach with ramp are among the noted improvements.
The second building is generating rental income and expands the site's existing office configuration. The 0.28-acre property occupies a corner lot at 517 N 2nd Avenue in Siler City, North Carolina, with road frontage and approximately 15 parking spaces. Its Highway Commercial zoning and existing professional-office layout support medical, professional, retail, or service-oriented use as described for the property.
The second building is generating rental income and expands the site's existing office configuration. The 0.28-acre property occupies a corner lot at 517 N 2nd Avenue in Siler City, North Carolina, with road frontage and approximately 15 parking spaces. Its Highway Commercial zoning and existing professional-office layout support medical, professional, retail, or service-oriented use as described for the property.
Key Highlights
- 1,775‑square‑foot modular main building with reception, multiple offices, half bath, and upper‑level workspace
- Separate 1,456‑square‑foot mobile home converted into office space and producing rental income
- Approximately 15 parking spaces on a 0.28‑acre corner lot
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
$24,423
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
8.57%
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%
$488,460
$488.5K
Cap Rate 7%
$348,900
$348.9K
Cap Rate 9%
$271,367
$271.4K
Market Conditions
NOI Build-Up for 1,775 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
$44.7K $25.20/SF
− Vacancy
−$4.0K −$2.27/SF
EGI
$40.7K $22.93/SF
− OpEx
−$16.3K −$9.17/SF
NOI
$24.4K $13.76/SF
Area
Chatham County, NC
Vacancy
9.00%
Lease Rate
$25.20 /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%
$488,460
Cap Rate 7%
$348,900
Cap Rate 9%
$271,367
Alternative Uses
Best Use
Office B
$391.6K
$342.7K – $456.9K
NOI $27,413 @ 7.0% cap · market cap 9.62%
Second Best
Healthcare Medical
$348.9K
$305.3K – $407.1K
NOI $24,423 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$573.2K
$501.5K – $668.7K
NOI $40,122 @ 7.0% cap · market cap 14.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
506
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27344, NC
17,834
Population
8,086
Households
2.2
Avg Household Size
40
Median Age
22%
College-Educated
76%
High-School Grad
166.3 sq mi
ZIP Area
107
Density / Sq Mi
$62,493
Median Household Income
$32,823
Median Earnings
$1,072
Median Rent
$176,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in South region
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Similar Off Market Nearby
- Third Street Veterinary Clinic — 312 E 3rd St, Siler City, NC 27344
- Chatham Veterinary Service — 1114 Greensboro Ave, Siler City, NC 27344
- Tysor Veterinary Clinic — 1401 N 2nd Ave, Siler City, NC 27344
Frequently Asked Questions
What type of property is this?
Medical Office Space - The corner-lot site combines office functionality, an accessible ramp, and on-site parking.
Where is this medical office space located?
The property is located at 517 N 2nd Avenue Siler City, NC.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 1,775‑square‑foot modular main building with reception, multiple offices, half bath, and upper‑level workspace; Separate 1,456‑square‑foot mobile home converted into office space and producing rental income; Approximately 15 parking spaces on a 0.28‑acre corner lot
