12-Unit Townhome
For Sale
$1,930,000
2915 MacGregor Downs Rd, Greenville, NC 27858
Fully leased residential property with two-bedroom, two-and-a-half-bath townhome layouts.
Property Size14,000 SF
Days on Market13
Property Features for 2915 MacGregor Downs Rd
General Information
Standard status
Active
Size
14,000 SF
Property subtype
Multifamily
Building Details
Building Size
14,000 SF
Year Built
2016
Listed By:
David Divine, SIOR
(919) 669-4931
Source:
Lee-associates
Added: Aug 23
Changed: Aug 29
Last Checked: Sep 2 at 2:27PM
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 David Divine, SIOR
Investment Insights
Based on property information with market context.
This multifamily offering includes twelve townhomes presented together as one package. Each residence features a two-bedroom, 2.5-bath layout, providing a consistent configuration across the property. The community was built in 2016 and is currently 100% leased. Existing occupants are working professionals, with no current student tenants reported.
The property is located at 2915 MacGregor Downs Rd in Greenville, North Carolina, within minutes of ECU Health Medical Center, East Carolina University, and Downtown Greenville. Its established leasing history, uniform floor plans, and fully occupied status provide a clear operating profile for a multifamily buyer.
The property is located at 2915 MacGregor Downs Rd in Greenville, North Carolina, within minutes of ECU Health Medical Center, East Carolina University, and Downtown Greenville. Its established leasing history, uniform floor plans, and fully occupied status provide a clear operating profile for a multifamily buyer.
Key Highlights
- Twelve townhomes offered together as one package
- 100% leased multifamily property
- Built in 2016
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
$87,041
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
4.51%
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%
$1,740,820
$1.7M
Cap Rate 7%
$1,243,443
$1.2M
Cap Rate 9%
$967,122
$967.1K
Market Conditions
NOI Build-Up for 14,000 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
$168.0K $12.00/SF
− Vacancy
−$9.7K −$0.70/SF
EGI
$158.3K $11.30/SF
− OpEx
−$71.2K −$5.09/SF
NOI
$87.0K $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%
$1,740,820
Cap Rate 7%
$1,243,443
Cap Rate 9%
$967,122
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $87,041 @ 7.0% cap · market cap 4.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.05M
$2.67M – $3.56M
NOI $213,333 @ 7.0% cap · market cap 11.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
685
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?
Multifamily property - Fully leased residential property with two-bedroom, two-and-a-half-bath townhome layouts.
Where is this multifamily property located?
The property is located at 2915 MacGregor Downs Rd Greenville, NC.
What is the asking price?
The asking price for this property is $1,930,000.
What are key features of this property?
This property features: Twelve townhomes offered together as one package; 100% leased multifamily property; Built in 2016
