Leased Medical Office
For Sale
Contact for pricing
701 E Roosevelt Blvd, Monroe, NC 28112
Three medical office suites total 6,524 SF, recently upfitted and renovated in 2024, with two new five-year leases.
Property Size6,524 SF
Price / SF$229.92
Days on Market392
Property Features for 701 E Roosevelt Blvd
General Information
Standard status
Active
Size
6,524 SF
Property subtype
Office
Zoning
Commercial
Occupancy
100%
Net Operating Income
$104,584
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Office Units
3
Building Details
Year Built
1989
Year Renovated
2024
Units
3
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Charlotte Uptown
Listed By:
Tim Gregg · License #NC 327779
Source:
Crexi
Added: Aug 19, 2025
Changed: Aug 14
Last Checked: Sep 14 at 5:19AM
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 Marcus & Millichap - Charlotte Uptown
Investment Insights
Based on property information with market context.
This medical office property features three suites totaling 6,524 square feet. The building was upfitted and renovated in 2024, and the current leasing includes two brand new five-year leases with 3% yearly increases and multiple extension options, including one with a corporate guarantee.
The property is located in an existing medical park and sits directly across Hwy 74 from Atrium Hospital. The asset is also identified as being within an Opportunity Zone.
Additional leasing includes a third suite that provides a value-add opportunity, with the potential to adjust rent levels and increase cash flow within the next twelve months.
The property is located in an existing medical park and sits directly across Hwy 74 from Atrium Hospital. The asset is also identified as being within an Opportunity Zone.
Additional leasing includes a third suite that provides a value-add opportunity, with the potential to adjust rent levels and increase cash flow within the next twelve months.
Key Highlights
- Medical office with 3 suites totaling 6,524 SF, recently upfitted and renovated in 2024
- Two brand‑new 5‑year leases with 3% yearly increases and multiple extension options, including one corporate guarantee
- Third suite offers value‑add potential to raise rent to market rent within 12 months to increase cash flow
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
$101,804
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
6.79%
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%
$2,036,080
$2.0M
Cap Rate 7%
$1,454,343
$1.5M
Cap Rate 9%
$1,131,156
$1.1M
Market Conditions
NOI Build-Up for 6,524 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
$169.9K $26.04/SF
− Vacancy
−$34.1K −$5.23/SF
EGI
$135.7K $20.81/SF
− OpEx
−$33.9K −$5.20/SF
NOI
$101.8K $15.60/SF
Area
Union County, NC
Vacancy
20.10%
Lease Rate
$26.04 /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%
$2,036,080
Cap Rate 7%
$1,454,343
Cap Rate 9%
$1,131,156
Alternative Uses
Best Use
Office B
$1.45M
$1.27M – $1.70M
NOI $101,804 @ 7.0% cap · market cap 6.79%
Second Best
Healthcare Medical
$1.30M
$1.14M – $1.51M
NOI $90,864 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$2.02M
$1.76M – $2.35M
NOI $141,059 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
890
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28112, NC
27,126
Population
11,021
Households
2.5
Avg Household Size
40
Median Age
21%
College-Educated
85%
High-School Grad
132.1 sq mi
ZIP Area
205
Density / Sq Mi
$74,853
Median Household Income
$42,046
Median Earnings
$1,124
Median Rent
$272,300
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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Frequently Asked Questions
What type of property is this?
Medical Office Space - Three medical office suites total 6,524 SF, recently upfitted and renovated in 2024, with two new five-year leases.
Where is this medical office space located?
The property is located at 701 E Roosevelt Blvd Monroe, NC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Medical office with 3 suites totaling 6,524 SF, recently upfitted and renovated in 2024; Two brand‑new 5‑year leases with 3% yearly increases and multiple extension options, including one corporate guarantee; Third suite offers value‑add potential to raise rent to market rent within 12 months to increase cash flow
