Office Building with Clinical
New
For Sale
$1,795,000
5506 West Friendly Avenue, Greensboro, NC 27410
Two established office users occupy a property with clinical improvements and recent building upgrades.
Property Size10,000 SF
Days on Market1
Property Features for 5506 West Friendly Avenue
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Office
Building Details
Building Size
10,000 SF
Year Built
1971
Year Renovated
2024
Tenancy
Multi
Listed By:
Ben Bloodworth
(336) 655-1888
Source:
Ltpcommercial
Added: Sep 22
Last Checked: Sep 22 at 1:46PM
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 Ben Bloodworth
Investment Insights
Based on property information with market context.
The office building at 5506 West Friendly Avenue was constructed in 1971 and includes fully configured clinical and dental space occupied by Greensboro Dental, along with office space used by Brown & Brown Insurance. The property serves both medical and traditional office functions within the same building.
Building improvements include renovations completed in 2006 and 2024, a resurfaced parking lot, updated windows, and a roof installed in 2024. The property is near Guilford College in Greensboro, providing a setting for the existing dental and insurance operations.
Building improvements include renovations completed in 2006 and 2024, a resurfaced parking lot, updated windows, and a roof installed in 2024. The property is near Guilford College in Greensboro, providing a setting for the existing dental and insurance operations.
Key Highlights
- Greensboro Dental occupies fully built‑out clinical and dental space
- Brown & Brown Insurance is an existing office occupant
- Roof replacement completed in 2024
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
$136,773
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
7.62%
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%
$2,735,460
$2.7M
Cap Rate 7%
$1,953,900
$2.0M
Cap Rate 9%
$1,519,700
$1.5M
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
$200.4K $20.04/SF
− Vacancy
−$18.0K −$1.80/SF
EGI
$182.4K $18.24/SF
− OpEx
−$45.6K −$4.56/SF
NOI
$136.8K $13.68/SF
Area
Greensboro, NC
Vacancy
9.00%
Lease Rate
$20.04 /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%
$2,735,460
Cap Rate 7%
$1,953,900
Cap Rate 9%
$1,519,700
Alternative Uses
Best Use
Office B
$1.95M
$1.71M – $2.28M
NOI $136,773 @ 7.0% cap · market cap 7.62%
Second Best
Healthcare Medical
$1.57M
$1.38M – $1.83M
NOI $110,074 @ 7.0% cap · market cap 6.13%
Theoretical Best
Office A
$3.17M
$2.77M – $3.70M
NOI $221,894 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
869
Businesses Nearby
Explore this area
Business Placement
Demographics for 27410, NC
54,968
Population
26,279
Households
2.1
Avg Household Size
42
Median Age
57%
College-Educated
96%
High-School Grad
31.9 sq mi
ZIP Area
1,723
Density / Sq Mi
$84,225
Median Household Income
$47,784
Median Earnings
$1,307
Median Rent
$308,200
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Two established office users occupy a property with clinical improvements and recent building upgrades.
Where is this office building located?
The property is located at 5506 West Friendly Avenue Greensboro, NC.
What is the asking price?
The asking price for this property is $1,795,000.
What are key features of this property?
This property features: Greensboro Dental occupies fully built‑out clinical and dental space; Brown & Brown Insurance is an existing office occupant; Roof replacement completed in 2024
