Fully Leased Medical Office
For Sale
Contact for pricing
905 Johns Hopkins Dr, Greenville, NC 27834
20,458 SF medical office on 4.35-acre site, leased to ECU Physicians with lease expiring Feb. 29, 2028.
Property Size20,458 SF
Lot Size4.35 Acres
Price / SF$212.63
Days on Market132
Property Features for 905 Johns Hopkins Dr
General Information
Standard status
Active
Size
20,458 SF
Class
A
Total Parking Spaces
92
Lot size
4.35 Acres
Property subtype
Office
Zoning
MO
Occupancy
100%
Lease Type
Gross
Net Operating Income
$357,271
Additional Details
Cap Rate
8.21%
Building Details
Year Built
1989
Year Renovated
2008
Buildings
1
Stories
2
Tenancy
Single
Listing Agency:
The Overton Group
Listed By:
Michael Overton · License #NC 241885
(252) 355-7006
Source:
Crexi
Added: Apr 29
Changed: Sep 4
Last Checked: Sep 7 at 9:12AM
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 Overton Group
Investment Insights
Based on property information with market context.
905 Johns Hopkins Drive is a 20,458 SF medical office building on a 4.35-acre site. The property is fully leased to ECU Physicians, with rent backed by the State of North Carolina (AA credit) and annual 2% escalations through February 2028. Ownership has been formally notified of ECU’s intent not to renew the lease upon expiration on February 29, 2028.
The building is adjacent to ECU Health Medical Center and the Brody School of Medicine in Greenville, NC. Based on the current 2026 budget, the property is projected to generate $465,243.78 in gross rental income against estimated operating expenses of $107,973.12, resulting in an estimated net operating income (NOI) of $357,270.66. This is approximately $17.46 per square foot in NOI and reflects an estimated 8.21% capitalization rate.
The building is adjacent to ECU Health Medical Center and the Brody School of Medicine in Greenville, NC. Based on the current 2026 budget, the property is projected to generate $465,243.78 in gross rental income against estimated operating expenses of $107,973.12, resulting in an estimated net operating income (NOI) of $357,270.66. This is approximately $17.46 per square foot in NOI and reflects an estimated 8.21% capitalization rate.
Key Highlights
- 20,458 SF medical office building built in 1989 on a 4.35‑acre site in Greenville, NC
- Fully leased to ECU Physicians with rent backed by the State of North Carolina (AA‑credit)
- Lease expires Feb. 29, 2028; ECU has notified ownership of its intent not to renew
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
$230,705
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
5.30%
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%
$4,614,100
$4.6M
Cap Rate 7%
$3,295,786
$3.3M
Cap Rate 9%
$2,563,389
$2.6M
Market Conditions
NOI Build-Up for 20,458 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
$429.6K $21.00/SF
− Vacancy
−$45.1K −$2.21/SF
EGI
$384.5K $18.80/SF
− OpEx
−$153.8K −$7.52/SF
NOI
$230.7K $11.28/SF
Area
Pitt County, NC
Vacancy
10.50%
Lease Rate
$21.00 /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%
$4,614,100
Cap Rate 7%
$3,295,786
Cap Rate 9%
$2,563,389
Alternative Uses
Best Use
Healthcare Medical
$3.30M
$2.88M – $3.85M
NOI $230,705 @ 7.0% cap · market cap 5.30%
Second Best
Office B
$3.15M
$2.75M – $3.67M
NOI $220,256 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$4.45M
$3.90M – $5.20M
NOI $311,741 @ 7.0% cap · market cap 7.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,925
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 27834, NC
55,051
Population
27,368
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
88%
High-School Grad
174.3 sq mi
ZIP Area
316
Density / Sq Mi
$48,081
Median Household Income
$36,755
Median Earnings
$941
Median Rent
$161,700
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 - 20,458 SF medical office on 4.35-acre site, leased to ECU Physicians with lease expiring Feb. 29, 2028.
Where is this medical office space located?
The property is located at 905 Johns Hopkins Dr Greenville, NC.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 20,458 SF medical office building built in 1989 on a 4.35‑acre site in Greenville, NC; Fully leased to ECU Physicians with rent backed by the State of North Carolina (AA‑credit); Lease expires Feb. 29, 2028; ECU has notified ownership of its intent not to renew
