Medical Office and Office
For Sale
$285,000
517 N 2nd Ave, Siler City, NC 27344
Modular medical office plus a separate mobile home office on a corner lot with strong road frontage and parking.
Property Size1,775 SF
Price / SF$160.56
Days on Market153
Property Features for 517 N 2nd Ave
General Information
Standard status
Active
Size
1,775 SF
Total Parking Spaces
15
Taxes and HOA fees
Annual Taxes
$3,294
Building Details
Stories
2
Listing Agency:
Harris Realty & Auction
(919) 498-4077
Listed By:
Scott Harris · License #159569
(919) 498-4077
Source:
Exprealty
Added: Mar 23
Changed: Aug 20
Last Checked: Aug 22 at 9:52AM
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 Harris Realty & Auction
Investment Insights
Based on property information with market context.
The property includes a primary 1,775 sq ft modular office building configured for professional and medical use. The main level features a reception area, multiple office spaces, and a half bath. The upper level provides an additional office, a full bathroom with shower, and a large bonus area that can support office, meeting, or storage needs. A secondary 1,456 sq ft mobile home on the site has been converted into office space and is currently producing rental income.
Located at 517 N 2nd Ave in Siler City, this corner-lot site offers strong road frontage and convenient access for visitors and clients. The property includes approximately 15 parking spaces, supporting day-to-day operations and customer parking.
For a tenant, buyer, or owner-operator, the layout supports a variety of professional uses, including medical, office, and service-oriented operations, with the bonus area offering flexibility for additional workspace or storage. The presence of two separate office-configured structures creates options for combining operations, maintaining space for multiple functions, or pursuing an owner-user arrangement alongside rental income from the secondary unit.
Located at 517 N 2nd Ave in Siler City, this corner-lot site offers strong road frontage and convenient access for visitors and clients. The property includes approximately 15 parking spaces, supporting day-to-day operations and customer parking.
For a tenant, buyer, or owner-operator, the layout supports a variety of professional uses, including medical, office, and service-oriented operations, with the bonus area offering flexibility for additional workspace or storage. The presence of two separate office-configured structures creates options for combining operations, maintaining space for multiple functions, or pursuing an owner-user arrangement alongside rental income from the secondary unit.
Key Highlights
- Main building: 1,775 sq ft modular structure designed for a chiropractic office
- Main level includes reception, multiple office spaces, and a half bath
- Upper level features an additional office, full bath with shower, and a large bonus area
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
Property Profile
Current Use
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
Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Modular medical office plus a separate mobile home office on a corner lot with strong road frontage and parking.
Where is this medical office space located?
The property is located at 517 N 2nd Ave 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: Main building: 1,775 sq ft modular structure designed for a chiropractic office; Main level includes reception, multiple office spaces, and a half bath; Upper level features an additional office, full bath with shower, and a large bonus area
