Updated Furnished
For Sale
Under Contract
$480,000
101 David Drive, Greenville, NC 27858
Residential Income, Greenville, NC
Property Size3,111 SF
Lot Size0.08 Acres
Price / SF$154.29
Days on Market11
Property Features for 101 David Drive
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
6
Full bathrooms
3
Half bathrooms
3
Rooms
Bedroom 4, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 6, Bedroom 3, Bedroom 6, Bathroom 5, Bedroom 1, Bathroom 1, Bedroom 5, Bedroom 2
Subdivision
Twin Oaks
Elementary school
Eastern Elementary
Middle school
C.M. Eppes Middle School
High school
J.H. Rose High School
High school district
Pitt County Schools
Directions
Take Greenville Blvd to David Drive, Building 101 is on the corner of David Drive & Laura Lane and backs up to Laura Lane.
Standard status
Active Under Contract
APN
038419
Size
3,111 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
TWIN OAKS TOWNHOMES COURT
HOA Fee
$1,380 Annually
Legal Description
TWIN OAKS TOWNHOMES COURT
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1981
Floors in Building
2
Number of units
3
Building materials
Brick, Wood Frame
Roof type
Shingle
Listing Agency:
Turner Realty Team
(252) 680-2525
Listed By:
Blair Turner · License #354673
(252) 565-2555
Added: Aug 11
Changed: Aug 21
Last Checked: Aug 21 at 9:06PM
MLS# 100595486
Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,111-square-foot triplex contains three individual units on a 0.08-acre parcel in Greenville. Built in 1981, the property has brick and wood-frame construction, a shingle roof, central air, and electric heat-pump systems. Each residence received fresh paint, LVP flooring, and quartz countertops within the last two years. Furnishings and appliances convey with the property.
The property is located at 101 David Drive near the ECU campus, with shopping and dining in the surrounding area. One unit is currently available for tours, while the other units are occupied. HOA dues cover exterior maintenance and landscaping, reducing the owner’s responsibility for those areas.
The property is located at 101 David Drive near the ECU campus, with shopping and dining in the surrounding area. One unit is currently available for tours, while the other units are occupied. HOA dues cover exterior maintenance and landscaping, reducing the owner’s responsibility for those areas.
Key Highlights
- Three individual units in a 3,111‑square‑foot triplex
- 0.08‑acre parcel near the ECU campus in Greenville
- Fresh paint, LVP flooring, and quartz countertops added within the last two years
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
$20,769
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
4.33%
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%
$415,380
$415.4K
Cap Rate 7%
$296,700
$296.7K
Cap Rate 9%
$230,767
$230.8K
Market Conditions
NOI Build-Up for 3,111 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
$31.7K $10.20/SF
− Vacancy
−$2.1K −$0.66/SF
EGI
$29.7K $9.54/SF
− OpEx
−$8.9K −$2.86/SF
NOI
$20.8K $6.68/SF
Area
Pitt County, NC
Vacancy
6.50%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
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%
$415,380
Cap Rate 7%
$296,700
Cap Rate 9%
$230,767
Alternative Uses
Best Use
Multifamily LT 5
$296.7K
$259.6K – $346.2K
NOI $20,769 @ 7.0% cap · market cap 4.33%
Second Best
Apartment 5plus
$276.3K
$241.8K – $322.4K
NOI $19,342 @ 7.0% cap · market cap 4.03%
Theoretical Best
Office A
$677.2K
$592.6K – $790.1K
NOI $47,406 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
377
Businesses Nearby
Explore this area
Business Placement
Demographics for 27858, NC
52,857
Population
26,281
Households
2
Avg Household Size
31
Median Age
46%
College-Educated
94%
High-School Grad
61.4 sq mi
ZIP Area
861
Density / Sq Mi
$60,915
Median Household Income
$34,598
Median Earnings
$1,042
Median Rent
$233,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three separately configured residences with recent interior improvements, furnishings, and appliances included.
Where is this triplex located?
The property is located at 101 David Drive Greenville, NC.
What is the asking price?
The asking price for this property is $480,000.
What are key features of this property?
This property features: Three individual units in a 3,111‑square‑foot triplex; 0.08‑acre parcel near the ECU campus in Greenville; Fresh paint, LVP flooring, and quartz countertops added within the last two years
