Two-Building Office
For Sale
Contact for pricing
1655 East Arlington Boulevard, Greenville, NC 27858
Established office property with NNN occupancy, OR zoning, and a separate parcel for future development or parking.
Property Size25,989 SF
Lot Size3.85 Acres
Price / SF$192.39
Days on Market8
Property Features for 1655 East Arlington Boulevard
General Information
Standard status
Active
Size
25,989 SF
Class
A
Lot size
3.85 Acres
Property subtype
Office
Zoning
Office Residential (OR)
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Building Details
Year Built
2004
Year Renovated
2013
Buildings
2
Stories
2
Tenancy
Single
Listing Agency:
Kittrell & Armstrong LLC
(817) 559-3196
Listed By:
Stephanie Warren · License #340713
Source:
Crexi
Added: Jul 31
Changed: Aug 5
Last Checked: Aug 5 at 7:09AM
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 Kittrell & Armstrong LLC
Investment Insights
Based on property information with market context.
Built in 2004, the property comprises two office buildings totaling ±25,989 SF on ±2.89 acres. An additional ±0.96-acre parcel is included, providing land for future development, expansion, or parking. The office campus is fully leased under a Triple Net (NNN) structure and has maintained continuous occupancy for more than 20 years.
The property is located at 1655 and 1659 East Arlington Boulevard in Greenville, North Carolina, within the Bradford Park Office Development. It offers direct boulevard visibility and access to ECU Health Medical Center, East Carolina University, and nearby retail and commercial amenities. Office Residential (OR) zoning and ample parking support the property's established professional-office configuration.
The property is located at 1655 and 1659 East Arlington Boulevard in Greenville, North Carolina, within the Bradford Park Office Development. It offers direct boulevard visibility and access to ECU Health Medical Center, East Carolina University, and nearby retail and commercial amenities. Office Residential (OR) zoning and ample parking support the property's established professional-office configuration.
Key Highlights
- Two office buildings totaling ±25,989 SF
- ±2.89‑acre campus plus an additional ±0.96‑acre parcel
- 100% leased under a Triple Net (NNN) structure
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
$279,804
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
5.60%
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%
$5,596,080
$5.6M
Cap Rate 7%
$3,997,200
$4.0M
Cap Rate 9%
$3,108,933
$3.1M
Market Conditions
NOI Build-Up for 25,989 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
$452.2K $17.40/SF
− Vacancy
−$79.1K −$3.05/SF
EGI
$373.1K $14.35/SF
− OpEx
−$93.3K −$3.59/SF
NOI
$279.8K $10.77/SF
Area
Pitt County, NC
Vacancy
17.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$5,596,080
Cap Rate 7%
$3,997,200
Cap Rate 9%
$3,108,933
Alternative Uses
Best Use
Office B
$4.00M
$3.50M – $4.66M
NOI $279,804 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.66M
$4.95M – $6.60M
NOI $396,022 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,074
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Established office property with NNN occupancy, OR zoning, and a separate parcel for future development or parking.
Where is this office building located?
The property is located at 1655 East Arlington Boulevard Greenville, NC.
What is the asking price?
The asking price for this property is $5,000,000.
What are key features of this property?
This property features: Two office buildings totaling ±25,989 SF; ±2.89‑acre campus plus an additional ±0.96‑acre parcel; 100% leased under a Triple Net (NNN) structure
