Renovated Warehouse with
For Sale
Contact for pricing
Pending
2329 JOE BROWN DR, Greensboro, NC 27405
Renovated 18,750 SF warehouse with fenced gravel yard, dock access, and conditioned 480 SF office.
Property Size18,750 SF
Lot Size1.69 Acres
Days on Market70
Property Features for 2329 JOE BROWN DR
General Information
Standard status
Pending
Size
18,750 SF
Class
C
Total Parking Spaces
20
Lot size
1.69 Acres
Property subtype
Industrial
Zoning
LI
Site & Location
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Clear Height
15 ft
Dock-High Doors
5
Drive-In Doors
1
Heavy Power
Yes
Building Details
Year Built
1987
Year Renovated
2025
Buildings
1
Stories
1
Units
1
Listing Agency:
McGee Commerical Real Estate
Listed By:
Tim McGee · License #NC 270174
Source:
Crexi
Added: Jul 7
Changed: Aug 16
Last Checked: Sep 14 at 5:30AM
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 McGee Commerical Real Estate
Investment Insights
Based on property information with market context.
This warehouse property includes an 18,750 SF building with 15’ clear height, recently renovated with a new corrugated metal roof, replaced interior insulation in 2026, and LED lighting installed throughout the warehouse. The conditioned 480 SF office area is served by a heat pump. Power is available with 400 AMP, 240-V, three-phase service.
The site sits on a 1.69 fenced lot with a .4-acre gravel yard and dock access on the east side. There is a single front drive-in door near Joe Brown Drive measuring 14’ H x 24’ W, plus a rear dock door measuring 14’ H x 11’ W. Four side dock doors measure 12’ H x 10’ W. The area closest to Joe Brown Drive features concrete slab floors.
An original 7,750 SF building is located in the rear, with wood flooring over a crawl space. Access is available from Hwy-29 in NE Greensboro.
The site sits on a 1.69 fenced lot with a .4-acre gravel yard and dock access on the east side. There is a single front drive-in door near Joe Brown Drive measuring 14’ H x 24’ W, plus a rear dock door measuring 14’ H x 11’ W. Four side dock doors measure 12’ H x 10’ W. The area closest to Joe Brown Drive features concrete slab floors.
An original 7,750 SF building is located in the rear, with wood flooring over a crawl space. Access is available from Hwy-29 in NE Greensboro.
Key Highlights
- 18,750 SF warehouse with 15’ clear height on a 1.69‑acre fenced lot off Joe Brown Dr in NE Greensboro
- Dock‑access site with .4‑acre gravel yard and east‑side dock access
- Loading includes a front drive‑in door (14’H x 24’W), rear dock door (14’H x 11’W), and four side dock doors (12’H x 10’W)
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
$107,750
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
6.73%
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%
$2,155,000
$2.2M
Cap Rate 7%
$1,539,286
$1.5M
Cap Rate 9%
$1,197,222
$1.2M
Market Conditions
NOI Build-Up for 18,750 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
$135.0K $7.20/SF
− Vacancy
−$8.2K −$0.44/SF
EGI
$126.8K $6.76/SF
− OpEx
−$19.0K −$1.01/SF
NOI
$107.8K $5.75/SF
Area
Greensboro, NC
Vacancy
6.10%
Lease Rate
$7.20 /SF/Yr
Expense Ratio
15.00%
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%
$2,155,000
Cap Rate 7%
$1,539,286
Cap Rate 9%
$1,197,222
Alternative Uses
Best Use
Warehouse
$1.54M
$1.35M – $1.80M
NOI $107,750 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.94M
$5.20M – $6.93M
NOI $416,052 @ 7.0% cap · market cap 26.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
15 ft
Clear height
5
Dock-high doors
1
Drive-in doors
Yes
Heavy power
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 27405, NC
51,506
Population
21,762
Households
2.4
Avg Household Size
34
Median Age
23%
College-Educated
84%
High-School Grad
31.4 sq mi
ZIP Area
1,640
Density / Sq Mi
$46,498
Median Household Income
$31,677
Median Earnings
$1,002
Median Rent
$150,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in South region
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Frequently Asked Questions
What type of property is this?
Warehouse - Renovated 18,750 SF warehouse with fenced gravel yard, dock access, and conditioned 480 SF office.
Where is this warehouse located?
The property is located at 2329 JOE BROWN DR Greensboro, NC.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 18,750 SF warehouse with 15’ clear height on a 1.69‑acre fenced lot off Joe Brown Dr in NE Greensboro; Dock‑access site with .4‑acre gravel yard and east‑side dock access; Loading includes a front drive‑in door (14’H x 24’W), rear dock door (14’H x 11’W), and four side dock doors (12’H x 10’W)
