2-Unit
New
For Sale
$330,000
114 N Meade Street, Greenville, NC 27858
Residential Income, Greenville, NC
Property Size1,862 SF
Lot Size0.22 Acres
Price / SF$177.23
Days on Market2
Property Features for 114 N Meade Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R6
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 6, Bedroom 1
Parking features
Off Street
Patio and Porch features
Porch
Interior features
Blinds/Shades
Appliances
Built-In Microwave, Refrigerator, Range, Dryer, Dishwasher
Subdivision
University
Elementary school
Wahl-Coates Elementary School of the Arts
Middle school
C.M. Eppes Middle School
High school
J.H. Rose High School
High school district
Pitt County Schools
Directions
Head east on 10th St, Turn left onto Elm St. Make a left onto E 1st St., then make a right turn onto N. Meade St. Property is on the right.
Standard status
Active
APN
010152
Size
1,862 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
Johnston Heights
Tax Annual Amount
2466
Legal Description
Johnston Heights
Utilities
Heating system
Forced Air, Heat Pump (Heating), Natural Gas
Cooling system
Heat Pump
Building Details
Year built
1965
Floors in Building
1
Number of units
2
Flooring type
Lvt/lvp
Building materials
Brick, Wood Frame
Roof type
Shingle
Listing Agency:
United Real Estate East Carolina
(252) 355-3129
Listed By:
Clay Cartwright · License #262093
(252) 944-7948
Added: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 100606395
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 1,862-square-foot duplex contains two 931-square-foot residences, each arranged with three bedrooms and one bathroom. Built in 1965, the property has brick and wood-frame construction, a porch, and off-street parking. Both units are currently leased, and the parcel measures 0.22 acres with R6 zoning.
At 114 N Meade Street in Greenville, the property is within walking distance of ECU. Interior and appliance features include LVT/LVP flooring, blinds or shades, a built-in microwave, refrigerator, range, dryer, and dishwasher.
At 114 N Meade Street in Greenville, the property is within walking distance of ECU. Interior and appliance features include LVT/LVP flooring, blinds or shades, a built-in microwave, refrigerator, range, dryer, and dishwasher.
Key Highlights
- Two residences, each measuring 931 square feet
- Both units have 3 bedrooms and 1 bathroom
- Both residences are leased
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
$12,431
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
3.77%
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%
$248,620
$248.6K
Cap Rate 7%
$177,586
$177.6K
Cap Rate 9%
$138,122
$138.1K
Market Conditions
NOI Build-Up for 1,862 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
$19.0K $10.20/SF
− Vacancy
−$1.2K −$0.66/SF
EGI
$17.8K $9.54/SF
− OpEx
−$5.3K −$2.86/SF
NOI
$12.4K $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%
$248,620
Cap Rate 7%
$177,586
Cap Rate 9%
$138,122
Alternative Uses
Best Use
Multifamily LT 5
$177.6K
$155.4K – $207.2K
NOI $12,431 @ 7.0% cap · market cap 3.77%
Second Best
Apartment 5plus
$165.4K
$144.7K – $192.9K
NOI $11,576 @ 7.0% cap · market cap 3.51%
Theoretical Best
Office A
$405.3K
$354.7K – $472.9K
NOI $28,373 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
514
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, with three-bedroom layouts and one bath apiece.
Where is this duplex located?
The property is located at 114 N Meade Street Greenville, NC.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: Two residences, each measuring 931 square feet; Both units have 3 bedrooms and 1 bathroom; Both residences are leased
