Historic Mixed-Use
New
For Sale
$3,262,000
114 East 5th Street, Greenville, NC 27858
Campus-adjacent asset combining loft apartments, retail suites, and private parking in a three-story historic building.
Property Size23,242 SF
Lot Size0.42 Acres
Price / SF$140.35
Days on Market3
Property Features for 114 East 5th Street
General Information
Standard status
Active
Size
23,242 SF
Total Parking Spaces
24
Lot size
0.42 Acres
Property subtype
Multifamily & Retail
Zoning
CD
Additional Details
Asking Price
$3,262,000
Multifamily Units
12
Building Details
Building Size
23,242 SF
Year Built
1927
Buildings
2
Stories
3
Listing Agency:
Lee & Associates - Raleigh Durham
(919) 710-6400
Listed By:
Kyle Gross
(919) 710-6400
Source:
Lee-associates
Added: Aug 16
Changed: Aug 17
Last Checked: Aug 18 at 5:08AM
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 Durham
Investment Insights
Based on property information with market context.
Constructed in 1927, this mixed-use property comprises a 23,242-square-foot main building, a 700 RSF adjacent structure, 12 apartments, 33 loft-style apartment beds, and two retail spaces. The principal building retains its original polychrome terra cotta exterior and a bas-relief “Spirit of Progress” sculpture. The property also includes a private parking lot with 24 spaces.
The asset consists of four parcels totaling 0.42 acres and carries CD zoning. It is adjacent to East Carolina University’s campus in Uptown Greenville, with walkable amenities and multiple nearby traffic generators identified in the property information. Capital improvements completed in 2026 exceeded $62,000.
The asset consists of four parcels totaling 0.42 acres and carries CD zoning. It is adjacent to East Carolina University’s campus in Uptown Greenville, with walkable amenities and multiple nearby traffic generators identified in the property information. Capital improvements completed in 2026 exceeded $62,000.
Key Highlights
- 23,242 SF main building plus a 700 RSF adjacent structure
- 12 apartments and 33 loft‑style apartment beds
- Two retail spaces within the mixed‑use asset
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
$282,390
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
8.66%
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%
$5,647,800
$5.6M
Cap Rate 7%
$4,034,143
$4.0M
Cap Rate 9%
$3,137,667
$3.1M
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
$502.0K $21.60/SF
− Vacancy
−$50.2K −$2.16/SF
EGI
$451.8K $19.44/SF
− OpEx
−$169.4K −$7.29/SF
NOI
$282.4K $12.15/SF
Area
Pitt County, NC
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$5,647,800
Cap Rate 7%
$4,034,143
Cap Rate 9%
$3,137,667
Alternative Uses
Best Use
Mixed Use
$4.03M
$3.53M – $4.71M
NOI $282,390 @ 7.0% cap · market cap 8.66%
Second Best
Retail
$2.81M
$2.46M – $3.28M
NOI $196,931 @ 7.0% cap · market cap 6.04%
Theoretical Best
Office A
$5.06M
$4.43M – $5.90M
NOI $354,163 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Campus-adjacent asset combining loft apartments, retail suites, and private parking in a three-story historic building.
Where is this mixed-use property located?
The property is located at 114 East 5th Street Greenville, NC.
What is the asking price?
The asking price for this property is $3,262,000.
What are key features of this property?
This property features: 23,242 SF main building plus a 700 RSF adjacent structure; 12 apartments and 33 loft‑style apartment beds; Two retail spaces within the mixed‑use asset
