Medical Office with NNN
For Sale
$2,400,000
241 Freedom Way, Jacksonville, NC 28544
A renovated medical facility occupied by a large medical practice under a triple-net lease.
Property Size10,438 SF
Days on Market194
Property Features for 241 Freedom Way
General Information
Standard status
Active
Size
10,438 SF
Class
A
Property subtype
Medical/Healthcare
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Building Size
10,438 SF
Year Built
1992
Year Renovated
2017
Tenancy
Single
Listing Agency:
Coldwell Banker Commercial Sun Coast Partners
(910) 350-1200
Listed By:
Martin Aragona · License #192973
(910) 350-1200
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 8:37PM
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 Coldwell Banker Commercial Sun Coast Partners
Investment Insights
Based on property information with market context.
This medical office property was built in 1992 and underwent a full renovation in 2017. A new roof was installed in 2020. The entire building is leased to a large medical practice under a NNN lease, providing an established healthcare occupancy profile.
The property is located at 241 Freedom Way in Jacksonville, North Carolina, along Hwy 24 near the intersection with Piney Green Rd. Its existing medical-office configuration and lease structure support continued use as a healthcare facility.
The property is located at 241 Freedom Way in Jacksonville, North Carolina, along Hwy 24 near the intersection with Piney Green Rd. Its existing medical-office configuration and lease structure support continued use as a healthcare facility.
Key Highlights
- NNN lease with a large medical practice
- Entire building renovated in 2017
- New roof installed in 2020
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
$129,189
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
5.38%
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%
$2,583,780
$2.6M
Cap Rate 7%
$1,845,557
$1.8M
Cap Rate 9%
$1,435,433
$1.4M
Market Conditions
NOI Build-Up for 10,438 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
$225.5K $21.60/SF
− Vacancy
−$10.1K −$0.97/SF
EGI
$215.3K $20.63/SF
− OpEx
−$86.1K −$8.25/SF
NOI
$129.2K $12.38/SF
Area
Onslow County, NC
Vacancy
4.50%
Lease Rate
$21.60 /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%
$2,583,780
Cap Rate 7%
$1,845,557
Cap Rate 9%
$1,435,433
Alternative Uses
Best Use
Healthcare Medical
$1.85M
$1.61M – $2.15M
NOI $129,189 @ 7.0% cap · market cap 5.38%
Second Best
Office B
$1.71M
$1.50M – $2.00M
NOI $119,776 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$2.27M
$1.98M – $2.65M
NOI $158,724 @ 7.0% cap · market cap 6.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28544, NC
4,283
Population
2,311
Households
1.9
Avg Household Size
28
Median Age
18%
College-Educated
85%
High-School Grad
10.6 sq mi
ZIP Area
404
Density / Sq Mi
$49,449
Median Household Income
$29,576
Median Earnings
$1,165
Median Rent
$136,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - A renovated medical facility occupied by a large medical practice under a triple-net lease.
Where is this medical office space located?
The property is located at 241 Freedom Way Jacksonville, NC.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: NNN lease with a large medical practice; Entire building renovated in 2017; New roof installed in 2020
