Greensboro Corner Office
For Sale
Contact for pricing
720 Summit Ave, Greensboro, NC 27405
Adaptable office building in central Greensboro location.
Property Size13,700 SF
Price / SF$163.43
Days on Market169
Property Features for 720 Summit Ave
General Information
Standard status
Active
Size
13,700 SF
Class
B
Property subtype
Office
Zoning
GOM
Lease Type
NNN
Building Details
Year Built
1975
Buildings
1
Stories
2
Listing Agency:
The Nichols Company
(704) 373-9797
Listed By:
Lauren Bremer · License #NC 320844
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Aug 20 at 5:41PM
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 The Nichols Company
Investment Insights
Based on property information with market context.
Located at 720 Summit Ave in Greensboro, NC, this corner office building is available for sale, with select portions available for lease. The property, formerly a bank branch, has been converted to office use and includes an existing drive-through area. The building totals approximately 13,700 SF across two floors and is situated in a centrally positioned corridor. A portion of the first floor is currently occupied by a tenant. The vacant areas of the first floor, along with the entire second floor, are available for lease. Ownership is open to a short-term leaseback or full vacancy at closing in the event of a sale. The property features ample parking, strong visibility, and close proximity to Downtown Greensboro, presenting a compelling opportunity for users seeking immediate space or investors looking for adaptable occupancy strategies.
Key Highlights
- Highly accessible, centrally positioned location near Downtown Greensboro.
- Approximately 13,700 SF across two floors with flexible occupancy options.
- Adaptable for various users due to former bank branch conversion and existing drive‑through 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
$187,379
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
8.37%
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%
$3,747,580
$3.7M
Cap Rate 7%
$2,676,843
$2.7M
Cap Rate 9%
$2,081,989
$2.1M
Market Conditions
NOI Build-Up for 13,700 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
$274.5K $20.04/SF
− Vacancy
−$24.7K −$1.80/SF
EGI
$249.8K $18.24/SF
− OpEx
−$62.5K −$4.56/SF
NOI
$187.4K $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%
$3,747,580
Cap Rate 7%
$2,676,843
Cap Rate 9%
$2,081,989
Alternative Uses
Best Use
Office B
$2.68M
$2.34M – $3.12M
NOI $187,379 @ 7.0% cap · market cap 8.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.34M
$3.80M – $5.07M
NOI $303,995 @ 7.0% cap · market cap 13.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,830
Businesses Nearby
Explore this area
Business Placement
Demographics for 27405, NC
51,506
Population
21,762
Households
2.4
Avg Household Size
34
Median Age
23%
College-Educated
84%
High-School Grad
31.4 sq mi
ZIP Area
1,640
Density / Sq Mi
$46,498
Median Household Income
$31,677
Median Earnings
$1,002
Median Rent
$150,600
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?
Office building - Adaptable office building in central Greensboro location.
Where is this office building located?
The property is located at 720 Summit Ave Greensboro, NC.
What is the asking price?
The asking price for this property is $2,239,000.
What are key features of this property?
This property features: Highly accessible, centrally positioned location near Downtown Greensboro.; Approximately 13,700 SF across two floors with flexible occupancy options.; Adaptable for various users due to former bank branch conversion and existing drive‑through area.
