Two-Unit
For Sale
$330,000
114 N Meade St Unit A & B, Greenville, NC 27858
Both residences are leased, with three bedrooms and one bathroom in each unit.
Property Size1,862 SF
Price / SF$177.23
Days on Market14
Property Features for 114 N Meade St Unit A & B
General Information
Standard status
Active
Size
1,862 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1965
Listing Agency:
United Real Estate East Carolina
Listed By:
Clay Cartwright · License #262093
(252) 944-7948
Source:
Coastalrealtyassociates
Added: Sep 21
Changed: Oct 1
Last Checked: Oct 2 at 9:10PM
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 United Real Estate East Carolina
Investment Insights
Based on property information with market context.
This 1965 duplex contains two 931-square-foot units, each configured with three bedrooms and one bathroom. The property totals 1,862 square feet, and both units are currently rented.
The building is at 114 N Meade St in Greenville, within walking distance of ECU.
The building is at 114 N Meade St in Greenville, within walking distance of ECU.
Key Highlights
- Two 931‑square‑foot units
- Each unit has 3 bedrooms and 1 bathroom
- Both units are currently rented
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
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Frequently Asked Questions
What type of property is this?
Duplex - Both residences are leased, with three bedrooms and one bathroom in each unit.
Where is this duplex located?
The property is located at 114 N Meade St Unit A & B 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 931‑square‑foot units; Each unit has 3 bedrooms and 1 bathroom; Both units are currently rented
