Full-Brick Two-Story
For Sale
$212,500
204 Kristin Drive A/B, Greenville, NC 27834
Fully occupied income property with month-to-month tenancy and recent interior and exterior updates.
Property Size1,990 SF
Price / SF$106.78
Days on Market23
Property Features for 204 Kristin Drive A/B
General Information
Standard status
Active
Size
1,990 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$18,000
Multifamily Units
2
Building Details
Year Built
1981
Buildings
1
Stories
2
Construction
full-brick
Tenancy
Multi
Listing Agency:
Grimes Real Estate Group
Listed By:
Melissia Larson · License #246951
(252) 717-1418
Source:
Bradberrygarnerrealestate
Added: Aug 13
Changed: Sep 3
Last Checked: Sep 1 at 10:12PM
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 Grimes Real Estate Group
Investment Insights
Based on property information with market context.
This 1,990-square-foot duplex was built in 1981 and features full-brick construction across two stories. The property is fully occupied with month-to-month tenants, providing an existing rental arrangement. Interior updates include LVP flooring on the lower level, carpet on the upper level, and refreshed paint colors.
Additional improvements include a 2021 roof and a stove from 2024/2025. The duplex is within Greenville city limits and has been maintained by a local owner. Other duplexes at 103 A/B and 105 A/B Mosby Circle are also available for individual or combined purchase.
Additional improvements include a 2021 roof and a stove from 2024/2025. The duplex is within Greenville city limits and has been maintained by a local owner. Other duplexes at 103 A/B and 105 A/B Mosby Circle are also available for individual or combined purchase.
Key Highlights
- 1,990 SF full‑brick duplex with two‑story construction
- Fully occupied with month‑to‑month tenants
- Built in 1981
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
$13,285
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
6.25%
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%
$265,700
$265.7K
Cap Rate 7%
$189,786
$189.8K
Cap Rate 9%
$147,611
$147.6K
Market Conditions
NOI Build-Up for 1,990 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
$20.3K $10.20/SF
− Vacancy
−$1.3K −$0.66/SF
EGI
$19.0K $9.54/SF
− OpEx
−$5.7K −$2.86/SF
NOI
$13.3K $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%
$265,700
Cap Rate 7%
$189,786
Cap Rate 9%
$147,611
Alternative Uses
Best Use
Multifamily LT 5
$189.8K
$166.1K – $221.4K
NOI $13,285 @ 7.0% cap · market cap 6.25%
Second Best
Apartment 5plus
$176.7K
$154.7K – $206.2K
NOI $12,372 @ 7.0% cap · market cap 5.82%
Theoretical Best
Office A
$433.2K
$379.1K – $505.4K
NOI $30,324 @ 7.0% cap · market cap 14.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
298
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied income property with month-to-month tenancy and recent interior and exterior updates.
Where is this duplex located?
The property is located at 204 Kristin Drive A/B Greenville, NC.
What is the asking price?
The asking price for this property is $212,500.
What are key features of this property?
This property features: 1,990 SF full‑brick duplex with two‑story construction; Fully occupied with month‑to‑month tenants; Built in 1981
