Medical Office Condo For
For Sale
Contact for pricing
7 McDowell St, Asheville, NC 28801
Medical office condo near Mission Hospital, Asheville, NC.
Property Size6,410 SF
Lot Size1.12 Acres
Price / SF$333.85
Days on Market180
Property Features for 7 McDowell St
General Information
Standard status
Active
Size
6,410 SF
Class
B
Lot size
1.12 Acres
Property subtype
Office
Zoning
OB
Occupancy
100%
Lease Type
NNN
Net Operating Income
$148,552
Building Details
Year Built
1979
Year Renovated
2024
Buildings
1
Stories
1
Units
2
Tenancy
Single
Listing Agency:
Whitney Commercial Real Estate
Listed By:
Richard D. Whitney · License #NC 145226
Source:
Crexi
Added: Feb 23
Changed: Aug 8
Last Checked: Aug 8 at 2:44PM
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 Whitney Commercial Real Estate
Investment Insights
Based on property information with market context.
This offering features a medical office condo for sale, comprising two units (100 & 300) with a combined area of 6,410 square feet. The property is part of the 7 McDowell Street Condominiums, constructed in 1979 on a 1.117-acre lot. Recent upgrades to the building include a new roof and a resurfaced asphalt parking lot. The interior has been recently renovated by the tenant, Labcorp, a national tenant with a long-term presence. The property is centrally located and offers visibility to Mission Hospital, presenting an investment opportunity.
Key Highlights
- Long‑term national tenant (Labcorp) provides stable income.
- Prime centralized location within view of Mission Hospital.
- Combined square footage of 6,410 across two units.
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
$118,926
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
5.56%
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%
$2,378,520
$2.4M
Cap Rate 7%
$1,698,943
$1.7M
Cap Rate 9%
$1,321,400
$1.3M
Market Conditions
NOI Build-Up for 6,410 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
$162.3K $25.32/SF
− Vacancy
−$3.7K −$0.58/SF
EGI
$158.6K $24.74/SF
− OpEx
−$39.6K −$6.18/SF
NOI
$118.9K $18.55/SF
Area
Buncombe County, NC
Vacancy
2.30%
Lease Rate
$25.32 /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%
$2,378,520
Cap Rate 7%
$1,698,943
Cap Rate 9%
$1,321,400
Alternative Uses
Best Use
Office B
$1.70M
$1.49M – $1.98M
NOI $118,926 @ 7.0% cap · market cap 5.56%
Second Best
Healthcare Medical
$1.52M
$1.33M – $1.77M
NOI $106,414 @ 7.0% cap · market cap 4.97%
Theoretical Best
Office A
$2.03M
$1.77M – $2.36M
NOI $141,885 @ 7.0% cap · market cap 6.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,158
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28801, NC
15,148
Population
8,490
Households
1.8
Avg Household Size
39
Median Age
53%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
2,970
Density / Sq Mi
$51,125
Median Household Income
$38,829
Median Earnings
$1,130
Median Rent
$481,400
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 - Medical office condo near Mission Hospital, Asheville, NC.
Where is this medical office space located?
The property is located at 7 McDowell St Asheville, NC.
What is the asking price?
The asking price for this property is $2,140,000.
What are key features of this property?
This property features: Long‑term national tenant (Labcorp) provides stable income.; Prime centralized location within view of Mission Hospital.; Combined square footage of 6,410 across two units.
