Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1901 I 587 Greenville, NC 27834

    Sponsored
    Picture of Land at I 587 1901, Greenville, NC
    For Sale
    Pending
    $45,000

    LAND - Greenville, NC

    Lot size:
    14.50 Acres
    Days on Market:
    80
    Last Refresh:
    Feb 5 at 8:06 am

    Property Features for 1901 I 587

    General Information

    Special listing conditions
    Standard
    Property type
    Land
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Pending
    Zoning
    Res
    APN
    023817
    Lot size
    14.50 Acres

    We can help!

    Listing Contact
    The Tingen Team

    Prime Properties of Greenville, Inc. (252) 321-1990

    Listing agent The Tingen Team (252) 321-6161 License #217303

    Listing date Nov 18, 2025

    MLS# 100530173 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Landlocked Greenville Acreage with Billboard

    This parcel, identified as 23817, comprises approximately 14.5 acres as measured from the aerial tax map. The property is located on the south side of I 587 W and is currently landlocked with no direct access. Zoned RR for rural residential and agricultural use by Pitt County, the land features a billboard site leased to the Lamar Companies. The billboard lease was most recently renewed on June 17, 2019, for a 10-year term, with an automatic 10-year renewal under the same terms. Approximately 14 years remain on the lease term. The owner reports an annual rent of $2,000, with no specified rent escalations in the lease agreement. The lessee has the right of first refusal to purchase the billboard site should the lessor decide to sell. Additionally, the lessee can purchase a perpetual easement for the billboard site for $12,000, which is six times the annual rent, if the lessor chooses to sell the property. The lessee also retains the right to terminate the lease at any time with written notice. The present value of the $2,000 annual income stream is $18,589.9.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Parking lots & garages

    Map

    City
    Greenville
    County
    Pitt
    State
    North Carolina
    Longitude
    -77.473665
    Latitude
    35.606919

    Nearby Similar for Sale

    • New
      $225,900
      1,602 SF

      Versatile Investment Property Near ECU

      Multifamily property near East Carolina University with flexible investment options.
      2801 Jefferson Dr, Greenville, NC 27858
      View Details
    • New
      $55,000
      1,255 SF

      Greenville Duplex Value-Add Opportunity

      Duplex with renovation potential in Greenville's growing market.
      521 Vance St, Greenville, NC 27834
      View Details
    • $165,000
      2,312 SF

      Greenville Duplex: Investment Opportunity

      Duplex in high-demand Greenville rental area near ECU and downtown.
      306 Watauga Ave, Greenville, NC 27834
      View Details
    • $499,000
      0.16 Acres

      Greenville Triplex with Commercial Potential

      Vacant triplex with commercial development potential in Greenville, NC.
      1301 Dickinson Ave, Greenville, NC 27834
      View Details
    • $275,000
      2,000 SF

      Greenville Duplex Near Schools

      Duplex with three-bedroom units, close to schools.
      2505 E 3Rd St, Greenville, NC 27858
      View Details
    • $200,000
      Pending

      Greenville Duplex: Investment Opportunity

      Duplex in Greenville, NC with long-term leases and recent updates.
      1214 Davenport St, Greenville, NC 27834
      View Details
    • $430,000
      4,544 SF

      Greenville Multi-Unit Investment Opportunity

      Three duplexes on one parcel, offering income and renovation potential.
      519 Mckinley Ave, Greenville, NC 27834
      View Details
    • $220,000
      1,407 SF

      Remodeled Home on Nearly Acre

      Completely remodeled home on nearly an acre in desirable school district.
      3156 Black Jack Simpson Rd, Greenville, NC 27858
      View Details
    • $360,000
      Pending

      Greenville Multifamily Investment Opportunity

      Turnkey triplex with income potential in Greenville, North Carolina.
      1503 Pari St, Greenville, NC 27834
      View Details
    • $255,000
      Pending

      Greenville Multifamily Investment Opportunity

      Turnkey multifamily property in Greenville, NC with income potential.
      403 Paris Ave, Greenville, NC 27834
      View Details
    • $190,000
      Pending

      Greenville Multifamily Investment Opportunity

      Multifamily property in Greenville, NC with income potential.
      804 Imperial St, Greenville, NC 27834
      View Details
    • $255,000
      Pending

      Greenville Multifamily Investment Opportunity

      Turnkey multifamily property with income potential in Greenville, North Carolina.
      405 Paris Ave, Greenville, NC 27834
      View Details

    FAQs

    What type of property is this?
    Land - 14.5 acres zoned RR with billboard lease income.
    Where is this land located?
    The property is located at 1901 I 587 Greenville, NC.
    What is the asking price?
    The asking price for this property is $45,000.
    What are key features of this property?
    This property features: - 14.5 acres of land zoned RR (rural residential and/agricultural use) by Pitt County.; - Existing billboard lease with Lamar Companies provides annual income.; - Billboard lease has approximately 14 years remaining on the term.
    (252) 321-6161
    Request Owner's contact information
    1901 I 587 Greenville, NC 27834
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1901 I 587
    Greenville, NC 27834
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    1901 I 587 Greenville, NC 27834
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    The Tingen Team
    Real Estate License ID: 217303
    (252) 321-6161
    Learn more
    Google sign-in failed. Please try again or use another login method.