Two-Unit Duplex
New
For Sale
$175,000
114 Ridge Pl Unit A & B, Greenville, NC 27834
Tenant-occupied duplex on a cul-de-sac lot with separate two-bedroom, one-and-a-half-bath residences.
Property Size1,920 SF
Lot Size0.39 Acres
Price / SF$91.15
Days on Market6
Property Features for 114 Ridge Pl Unit A & B
General Information
Standard status
Active
Size
1,920 SF
Lot size
0.39 Acres
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1.5BA
Multifamily Units
2
Additional Details
Gross Income
$19,500
Road Access
Yes
Building Details
Year Built
1979
Buildings
1
Tenancy
Multi
Listing Agency:
Century 21 The Realty Group
Listed By:
Tahaia (Kunny) Brothers · License #212607
(252) 531-1872
Source:
Findnorthcarolinaproperties
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 22 at 5:29PM
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 Century 21 The Realty Group
Investment Insights
Based on property information with market context.
This 1,920-square-foot duplex contains two residences on one parcel, with each side offering 2 bedrooms and 1.5 bathrooms. Built in 1979, the property sits on approximately 0.39 acres and is configured for continued residential rental use. Both units are currently occupied by tenants.
The property is located at 114 Ridge Pl Unit A & B in Greenville, NC, on a cul-de-sac lot. Shopping, dining, medical facilities, and other Greenville amenities are located nearby, providing convenient access to everyday services.
The property is located at 114 Ridge Pl Unit A & B in Greenville, NC, on a cul-de-sac lot. Shopping, dining, medical facilities, and other Greenville amenities are located nearby, providing convenient access to everyday services.
Key Highlights
- 1,920 SF duplex on approximately 0.39 acres
- Two units on one parcel at 114 Ridge Pl Unit A & B
- Each residence includes 2 bedrooms and 1.5 bathrooms
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
$12,818
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
7.32%
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%
$256,360
$256.4K
Cap Rate 7%
$183,114
$183.1K
Cap Rate 9%
$142,422
$142.4K
Market Conditions
NOI Build-Up for 1,920 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
$19.6K $10.20/SF
− Vacancy
−$1.3K −$0.66/SF
EGI
$18.3K $9.54/SF
− OpEx
−$5.5K −$2.86/SF
NOI
$12.8K $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%
$256,360
Cap Rate 7%
$183,114
Cap Rate 9%
$142,422
Alternative Uses
Best Use
Multifamily LT 5
$183.1K
$160.2K – $213.6K
NOI $12,818 @ 7.0% cap · market cap 7.32%
Second Best
Apartment 5plus
$170.5K
$149.2K – $199.0K
NOI $11,937 @ 7.0% cap · market cap 6.82%
Theoretical Best
Office A
$418.0K
$365.7K – $487.6K
NOI $29,257 @ 7.0% cap · market cap 16.72%
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
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
456
Businesses Nearby
Explore this area
Business Placement
Demographics for 27834, NC
55,051
Population
27,368
Households
2
Avg Household Size
34
Median Age
28%
College-Educated
88%
High-School Grad
174.3 sq mi
ZIP Area
316
Density / Sq Mi
$48,081
Median Household Income
$36,755
Median Earnings
$941
Median Rent
$161,700
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?
Duplex - Tenant-occupied duplex on a cul-de-sac lot with separate two-bedroom, one-and-a-half-bath residences.
Where is this duplex located?
The property is located at 114 Ridge Pl Unit A & B Greenville, NC.
What is the asking price?
The asking price for this property is $175,000.
What are key features of this property?
This property features: 1,920 SF duplex on approximately 0.39 acres; Two units on one parcel at 114 Ridge Pl Unit A & B; Each residence includes 2 bedrooms and 1.5 bathrooms
