Three-Story Mixed-Use
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For Sale
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110 W 5th St, Greenville, NC 27858
Historic architectural detailing includes a polychrome terra cotta facade and a bas-relief sculpture.
Property Size23,242 SF
Price / SF$129.03
Days on Market5
Property Features for 110 W 5th St
General Information
Standard status
Active
Size
23,242 SF
Property subtype
MULTIFAMILY
Building Details
Year Built
1927
Buildings
1
Stories
3
Listing Agency:
Lee & Associates | Raleigh
(919) 576-2500
Listed By:
Kyle Gross
(919) 710-6400
Source:
Moodyscre
Added: Sep 18
Changed: Sep 21
Last Checked: Sep 21 at 11:50AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates | Raleigh
Investment Insights
Based on property information with market context.
The 23,242-square-foot building is a three-story mixed-use property constructed in 1927. Its architectural character includes an original polychrome terra cotta facade and a bas-relief sculpture positioned near the top of the structure. The property was built as a Montgomery Ward retail store, adding a documented commercial history to the asset.
Located at 110 W 5th St in Uptown Greenville, the building is adjacent to East Carolina University. The combination of historic detailing, vertical scale, and an established urban setting distinguishes the property within the local commercial landscape.
Located at 110 W 5th St in Uptown Greenville, the building is adjacent to East Carolina University. The combination of historic detailing, vertical scale, and an established urban setting distinguishes the property within the local commercial landscape.
Key Highlights
- 23,242‑square‑foot mixed‑use property
- Three‑story building constructed in 1927
- Original polychrome terra cotta facade
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
$144,500
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
4.82%
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%
$2,890,000
$2.9M
Cap Rate 7%
$2,064,286
$2.1M
Cap Rate 9%
$1,605,556
$1.6M
Market Conditions
NOI Build-Up for 23,242 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
$278.9K $12.00/SF
− Vacancy
−$16.2K −$0.70/SF
EGI
$262.7K $11.30/SF
− OpEx
−$118.2K −$5.09/SF
NOI
$144.5K $6.22/SF
Area
Pitt County, NC
Vacancy
5.80%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,890,000
Cap Rate 7%
$2,064,286
Cap Rate 9%
$1,605,556
Alternative Uses
Best Use
Mixed Use
$4.03M
$3.53M – $4.71M
NOI $282,390 @ 7.0% cap · market cap 9.42%
Second Best
Apartment 5plus
$2.06M
$1.81M – $2.41M
NOI $144,500 @ 7.0% cap · market cap 4.82%
Theoretical Best
Office A
$5.06M
$4.43M – $5.90M
NOI $354,163 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,359
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Historic architectural detailing includes a polychrome terra cotta facade and a bas-relief sculpture.
Where is this mixed-use property located?
The property is located at 110 W 5th St Greenville, NC.
What is the asking price?
The asking price for this property is $2,999,000.
What are key features of this property?
This property features: 23,242‑square‑foot mixed‑use property; Three‑story building constructed in 1927; Original polychrome terra cotta facade
