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    Property profile & analytics

    605 Grove St Salisbury, NC 28144

    • Medical Office Space
    • 8,205 SF
    • 0.38 lot acres
    For Sale
    View listing
    $1,500,000
    Last Sale
    Mar 14, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-1718160
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Edmund P. Schumacher, PT / Physician
    • Ethan Wiesler / Physician
    • George Adam Flowers / Physician
    • Edman Schumacher / Physician
    • Boyd Watts, MD / Physician

    Property Details for 605 Grove St

    Year built
    1996
    Lot size
    0.38 lot acres
    Property size
    8,205 SF
    Zone code
    B1
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    006 028
    APU
    6028

    Description

    This exceptional two-story medical office building presents a unique investment opportunity in Salisbury, NC. Strategically located in the city's thriving medical corridor, just one block from Novant Health Rowan Medical Center, this property boasts unparalleled visibility and accessibility. The building comprises two distinct suites, each offering complete independence and functionality. The upper suite encompasses 4,688 square feet, while the lower suite provides 4,313 square feet of space. Each suite features its own private entrance, ample parking, a dedicated reception area, multiple offices, and several exam rooms. Furthermore, the suites are equipped with separate utility meters, providing efficient cost management for individual occupants. This configuration makes the building perfect for a single large medical practice seeking expansive space or for two separate practices looking for a collaborative yet independent environment. The property's prime location, coupled with its versatile layout and modern amenities, makes it an attractive proposition for a wide range of medical users, from orthopedics to urgent care facilities. The asking price is $1,500,000. This is a rare opportunity to acquire a well-established and highly visible medical office building in a rapidly growing area. Don't miss out on this exceptional investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,085,000
      Market price range: $476k - $1.78M
      AI Estimate
      $721,000
      Market price range: $348k - $1.09M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,155,000
      Current use
      AUTO REPAIR, GARAGE
      $1,195,000
      Change: +3% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,095,000
      Change: -6% Conversion: Easy
      RESTAURANT
      $985,000
      Change: -15% Conversion: Difficult
      OFFICE BUILDING
      $940,000
      Change: -19% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Salisbury
    County
    Rowan
    State
    North Carolina
    Longitude
    -80.4723
    Latitude
    35.6791
    CBSA code
    16740
    CBSA name
    CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $17,445
    $225,500
    $1,233,151
    $1,458,651
    -
    $225,500
    $1,233,151
    $1,458,651

    Comparable in this City

    • Value Estimation
      $1,530,000
      12,080 SF

      140 Mahaley Ave

      MEDICAL BUILDING • 12,080 SF
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      View Details
    • Value Estimation by Request
      3,080 SF

      420 Mocksville Ave

      MEDICAL BUILDING • 3,080 SF
      420 Mocksville Ave, Salisbury, NC 28144-2712
      View Details
    • Value Estimation
      $1,350,000
      6,958 SF

      203 Mocksville Ave

      MEDICAL BUILDING • 6,958 SF
      203 Mocksville Ave, Salisbury, NC 28144-3359
      View Details
    • Value Estimation
      $530,000
      3,970 SF

      229 Mocksville Ave

      MEDICAL BUILDING • 3,970 SF
      229 Mocksville Ave, Salisbury, NC 28144-3325
      View Details
    • Value Estimation by Request
      5,420 SF

      628 Innes St

      MEDICAL BUILDING • 5,420 SF
      628 Innes St, Salisbury, NC 28144-4143
      View Details
    • Value Estimation by Request
      1,543 SF

      138 Mocksville Ave

      MEDICAL BUILDING • 1,543 SF
      138 Mocksville Ave, Salisbury, NC 28144-3324
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      13,575 SF

      Class A Medical Office Building in Salisbury, NC

      13,575 SF Multi-Tenant Medical Office Building
      203 Mocksville Ave, Salisbury, NC 28144
      View Details
    • $1,089,500

      Updated Office Space For Sale

      Updated office space in brick building with ample parking.
      1035 Lincolnton Rd, Salisbury, NC 28144
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    • $462,400

      Updated Office Space For Sale

      Prime office space in excellent condition, ready for business.
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    • $108,000
      0.38 Acres

      Salisbury Commercial Land For Sale

      Land zoned for hospital services near Novant Health Rowan.
      1045 Highland Ave, Salisbury, NC 28144
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      Updated Office Space For Sale

      Medical/professional suite in excellent condition with ample parking.
      1035 Lincolnton Rd, Salisbury, NC 28144
      View Details
    • $450,000
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      Salisbury Office Building - Great ROI

      Fully occupied, high-return office building.
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    Similar Nearby for Lease

    • Contact for pricing
      13,575 SF

      Class A Medical Office, Salisbury NC

      Prime Medical Office Space Available - Salisbury, NC
      203 Mocksville Ave, Salisbury, NC 28144
      View Details
    • $3,600 /Mo
      4,356 SF

      Remodeled Commercial Building For Lease

      Fully remodeled commercial building in the heart of Granite Quarry.
      106 N Main St, Granite Quarry, NC 28144
      View Details
    • New
      $2,200 /Mo
      8,276 SF

      Salisbury Commercial Building For Rent

      Freestanding commercial building near Novant Rowan Medical Center.
      721 Grove St, Salisbury, NC 28144
      View Details
    • New
      $1,104 /Mo

      Downtown Salisbury Office Space Available

      Office space in downtown Salisbury with shared amenities and parking.
      204 E Innes St Unit, Salisbury, NC 28144
      View Details
    • Contact for pricing
      43,000 SF

      Prime Salisbury Executive Office Space

      43,000 SF Office Building - Available Now
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      View Details
    • $800 /Mo

      Office Space in Salisbury, NC

      Office space with reception area and two separate offices.
      315 N Main St, Salisbury, NC 28144
      View Details
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    605 Grove St
    Salisbury, NC 28144
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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
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