Income Producing Medical Building 8% cap $1.375M

$ 1,375,000.00

1138 N Road St, Elizabeth City, NC 27909, USA
  • Property ID: 2884
  • Date added: 01/25/22
  • Post Updated: 2022-02-28 17:50:00
  • Floors: 1
  • Status:
  • Area: 5675 sq ft
  • Lot size: 0.745 acres
  • Year built: 1994


Fully leased 5,675 sq ft medical building built in 1994 and renovated in 2019 leased for $22/sq ft ($124,850/yr) to Chesapeake Regional Medical Group through April 30, 2026. Services provided at this facility include surgical specialists, breast care, and cardiopulmonary care. LL expenses include $8478.36/yr in property tax, $5,715/yr in insurance, LL responsible for structural issues, exterior glass, major HVAC repairs (compressors, units, fan motors) and common areas like hallways and restrooms. No expenses other than taxes and insurance for LL since 2019. NOI for 2021 was $110,656.64 making this slightly higher than an 8% cap rate. 2 New HVAC’s in 2017, roof in 2018, paint/flooring in 2019.

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  • Pylon signage in place
  • Roof is in excellent condition
  • Survey on file
  • Central Electric Heat Pump(s)
  • Great location for Medical
  • Adjacent to Sentara Albemarle Medical Center
  • Long Term lease
  • City SEWER!
  • Not in a flood zone
  • Newly renovated
  • Handicapped access
  • Freestanding Building
  • Landscaping
  • Private Parking



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Properties Qty: 93 Rating:

This style property is located in Elizabeth City is currently and has been listed on The Rich Company. This property is listed at $ 1,375,000.00. It has bathrooms, and is 5675 sq ft. The property was built in 1994 year.