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706 Wilkins St 4,671 SF 100% Leased Office Building Smithfield, NC 27577 $833,333 ($178.41/SF) 6% Cap Rate
Executive Summary
FOR SALE: STABLE MEDICAL OFFICE INVESTMENT | LONG-TERM LEASES | STRONG NOI
Property Overview
High-quality, fully leased medical office investment offering stable cash flow and long-term upside. This property features established medical tenants with extended lease terms, making it an ideal acquisition for investors seeking predictable income and low management intensity.
Investment Highlights
- Strong Net Operating Income: $50,000/year
- Fully leased with $4,500/month gross rental income
- Long-term tenant stability, including medical practices
- Favorable lease structure with reliable tenants
- Low annual expenses ($3,500 property taxes)
- Consistent, recession-resistant medical tenancy
Tenant Profile
The property includes multiple units with a mix of long-standing and newer tenants. Two tenants are established medical practices, providing durable occupancy and reduced turnover risk. Lease terms include long-duration agreements, enhancing income security and investment appeal.
Financial Summary
- Gross Annual Rent: $54,000
- Expenses (Taxes): $3,500
- Net Operating Income (NOI): $50,000
Investment Positioning
Medical office assets continue to outperform traditional office due to necessity-based demand and tenant stickiness. This property offers a rare combination of:
- Long-term leases
- Medical tenancy
- Below-market rents with upside potential
Property Overview
High-quality, fully leased medical office investment offering stable cash flow and long-term upside. This property features established medical tenants with extended lease terms, making it an ideal acquisition for investors seeking predictable income and low management intensity.
Investment Highlights
- Strong Net Operating Income: $50,000/year
- Fully leased with $4,500/month gross rental income
- Long-term tenant stability, including medical practices
- Favorable lease structure with reliable tenants
- Low annual expenses ($3,500 property taxes)
- Consistent, recession-resistant medical tenancy
Tenant Profile
The property includes multiple units with a mix of long-standing and newer tenants. Two tenants are established medical practices, providing durable occupancy and reduced turnover risk. Lease terms include long-duration agreements, enhancing income security and investment appeal.
Financial Summary
- Gross Annual Rent: $54,000
- Expenses (Taxes): $3,500
- Net Operating Income (NOI): $50,000
Investment Positioning
Medical office assets continue to outperform traditional office due to necessity-based demand and tenant stickiness. This property offers a rare combination of:
- Long-term leases
- Medical tenancy
- Below-market rents with upside potential
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Medical
Building Size
4,671 SF
Building Class
C
Year Built/Renovated
1968/2020
Price
$833,333
Price Per SF
$178.41
Cap Rate
6%
NOI
$50,000
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
4,200 SF
Building FAR
0.32
Lot Size
0.34 AC
Zoning
OFF - General Office
Parking
30 Spaces (5.24 Spaces per 1,000 SF Leased)
Amenities
- Signage
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Ali Lung Clinic & Sleep Lab
- Health Care and Social Assistance
- -
- -
- -
- Digestive Disease Ctr
- Health Care and Social Assistance
- -
- -
- -
- Vinson Orthodontics
- Health Care and Social Assistance
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Ali Lung Clinic & Sleep Lab | Health Care and Social Assistance | - | - | - | ||
| Digestive Disease Ctr | Health Care and Social Assistance | - | - | - | ||
| Vinson Orthodontics | Health Care and Social Assistance | - | - | - |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 15010043 | Improvements Assessment | $194,190 |
| Land Assessment | $165,870 | Total Assessment | $360,060 |
Property Taxes
Parcel Number
15010043
Land Assessment
$165,870
Improvements Assessment
$194,190
Total Assessment
$360,060
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706 Wilkins St
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