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    496 Altapass Hwy Spruce Pine, NC 28777

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    For Lease
    Contact for pricing

    5,313 SF Medical Office for Lease

    Lot size:
    5,313 SF

    Property Features for 496 Altapass Hwy

    General Information

    Property type
    Medical offices
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,313 SF
    Class
    C
    Total Rate
    6862.63

    Spaces For Lease

    at 496 Altapass Hwy, Spruce Pine, NC 28777 Contact us
    Unit Available space

    $15 /Mo

    Size
    5,313 SF
    Contact us

    We can help!

    Listing Contact
    Jesse Toller
    Jesse Toller

    Listing Agency: Dewey Property Advisors Listing Agent: Jesse Toller

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional 5,313-square-foot free-standing medical office building is available for lease in Spruce Pine, North Carolina. Ideally situated on the campus of MH Blue Ridge Medical Center, this Class C property offers unparalleled convenience and visibility. The single-tenant building boasts ample parking, ensuring easy access for patients and staff. The well-designed layout includes a spacious reception and waiting area, creating a welcoming atmosphere. Five private offices provide ample space for individual practitioners or administrative staff. Additional features include a dedicated conference room for meetings and consultations, a convenient break room, eight supply rooms for efficient storage, a fully equipped exam room, and four bathrooms for patient and staff use. Two exits ensure convenient and safe egress. The building's location within a medical center campus provides a synergistic environment and strong potential for patient referrals. This property presents a unique opportunity for medical professionals seeking a well-appointed and strategically located office space in a thriving community. The entire 5,313 square feet is currently vacant and ready for immediate occupancy. Located in Mitchell County, North Carolina, with the address 496 Altapass Highway, Spruce Pine, NC 28777.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Dr. David W. ... Physician Ervine Jr Harry ... Physician Dr. Allison Sharp, ... Alternative Medicine Practice Dr. James A. Haaga, ... Pediatrician George Methven Physician

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spruce Pine
    County
    Mitchell
    State
    North Carolina
    Longitude
    -82.0639946
    Latitude
    35.9092411

    Nearby Similar for Lease

    • $16 SF/Yr
      1,514 SF

      Spruce Pine Medical Office Space

      1,514 SF Medical Office for Lease
      36 Hospital Dr, Spruce Pine, NC 28777
      View Details

    FAQs

    What type of property is this?
    Medical office - 5,313 SF Medical Office for Lease
    Where is this medical office located?
    The property is located at 496 Altapass Hwy Spruce Pine, NC.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: 5,313 SF free-standing medical office building available for lease in Spruce Pine, NC.; Ample parking available.; Large layout suitable for multiple exam rooms.
    Request Owner's contact information
    496 Altapass Hwy Spruce Pine, NC 28777
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    496 Altapass Hwy Spruce Pine, NC 28777
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Jesse Toller
    Jesse Toller
    Real Estate License ID: 339207
    Learn more
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