Duplex with Wraparound
For Sale
$185,500
Pending
1400 Chestnut Street, Greenville, NC 27834
Residential Income, Greenville, NC
Property Size2,371 SF
Lot Size0.15 Acres
Days on Market169
Property Features for 1400 Chestnut Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R6
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3
Parking features
Off Street
Window features
Storm Window(s)
Patio and Porch features
Porch
Interior features
2nd Kitchen, Apt/Suite, Pantry
Exterior features
Storm Doors, Thermal Doors
Subdivision
Not In Subdivision
Lot features
Corner Lot
Elementary school
South Greenville
Middle school
C.M. Eppes Middle School
High school
J.H. Rose High School
High school district
Pitt County Schools
Directions
NC-11 N to Greenville. Follow Dickinson Ave to Chestnut St.
Standard status
Pending
APN
011484
Size
2,371 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
1400 CHESTNUT STREET IN GREENVILLE, NC 27834/TWO SEPARATE APARTMENTS
Tax Annual Amount
1467
Legal Description
1400 CHESTNUT STREET IN GREENVILLE, NC 27834/TWO SEPARATE APARTMENTS
Utilities
Heating system
Electric (Heating), Forced Air
Cooling system
Central Air
Amenities
yard
wraparound porch
Building Details
Year built
1908
Floors in Building
2
Number of units
2
Flooring type
Wood, Vinyl, Parquet Wood
Building materials
Vinyl Siding, Wood Frame
Roof type
Shingle
Listing Agency:
Select Premium Properties Inc.
(910) 518-9280
Listed By:
Stephanie Smith · License #233506
(703) 831-6806
Added: Apr 10
Changed: Sep 12
Last Checked: Sep 25 at 4:06PM
MLS# 100566409
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 2,371-square-foot duplex includes two units, each with a private entrance and separate water, electric, and gas meters. The property also includes an additional building with separate water and electric metering; it was previously rented as a studio apartment and may serve as storage, a work studio, or an office. Interior features include a second kitchen, pantry, wood and vinyl flooring, forced-air electric heat, and central air conditioning.
Situated on a 0.15-acre lot at 1400 Chestnut Street in Greenville, the property has off-street parking, a spacious yard, vinyl siding, a shingle roof, and a wraparound porch renovated in 2022. The R6-zoned property is minutes from a hospital, schools, shopping, grocery stores, and East Carolina University. Downtown entertainment is approximately a 10-minute walk away. The property is offered in as-is condition.
Situated on a 0.15-acre lot at 1400 Chestnut Street in Greenville, the property has off-street parking, a spacious yard, vinyl siding, a shingle roof, and a wraparound porch renovated in 2022. The R6-zoned property is minutes from a hospital, schools, shopping, grocery stores, and East Carolina University. Downtown entertainment is approximately a 10-minute walk away. The property is offered in as-is condition.
Key Highlights
- 2,371‑square‑foot duplex on a 0.15‑acre lot
- Two units with separate entrances and individual water, electric, and gas metering
- Additional building with separate water and electric meters
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
$15,829
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
8.53%
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%
$316,580
$316.6K
Cap Rate 7%
$226,129
$226.1K
Cap Rate 9%
$175,878
$175.9K
Market Conditions
NOI Build-Up for 2,371 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
$24.2K $10.20/SF
− Vacancy
−$1.6K −$0.66/SF
EGI
$22.6K $9.54/SF
− OpEx
−$6.8K −$2.86/SF
NOI
$15.8K $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%
$316,580
Cap Rate 7%
$226,129
Cap Rate 9%
$175,878
Alternative Uses
Best Use
Multifamily LT 5
$226.1K
$197.9K – $263.8K
NOI $15,829 @ 7.0% cap · market cap 8.53%
Second Best
Apartment 5plus
$210.6K
$184.3K – $245.7K
NOI $14,741 @ 7.0% cap · market cap 7.95%
Theoretical Best
Office A
$516.1K
$451.6K – $602.2K
NOI $36,129 @ 7.0% cap · market cap 19.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
926
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
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 - Two separately metered units plus an additional building provide flexible residential and workspace configuration.
Where is this duplex located?
The property is located at 1400 Chestnut Street Greenville, NC.
What is the asking price?
The asking price for this property is $185,500.
What are key features of this property?
This property features: 2,371‑square‑foot duplex on a 0.15‑acre lot; Two units with separate entrances and individual water, electric, and gas metering; Additional building with separate water and electric meters
