Bank-Style Retail with
For Sale
Contact for pricing
3111 S Memorial Dr, Greenville, NC 27834
Former bank space offers a large open area, multiple offices, reception, and a three-lane drive-through window.
Property Size5,220 SF
Price / SF$177.20
Days on Market165
Property Features for 3111 S Memorial Dr
General Information
Standard status
Active
Size
5,220 SF
Property subtype
OFFICE
Lease Type
NNN
Additional Details
Traffic Count
25,000 vehicles/day
Properties For Sale
at 3111 S Memorial Dr Contact us- Floor
- 1
- Size
- 5,220 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE
Former Bank for Lease
3111 S Memorial Drive is a 5,220 SF former bank that sits on 0.96 acres along S Memorial...
show more
Contact us
Listing Agency:
The Overton Group
(252) 292-3487
Listed By:
Andrew Denton · License #278747
(252) 292-3487
Source:
Moodyscre
Added: Mar 3
Changed: Aug 12
Last Checked: Aug 15 at 3:51AM
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 The Overton Group
Investment Insights
Based on property information with market context.
Former First Citizens Bank available for lease, featuring a large open area, multiple offices, and a substantial reception area for client traffic. The building also includes a drive-through with three lanes designed for non-contact interaction.
The property is located on a popular thoroughfare with 25,000 VPD and sits near a high concentration of national retailers. It is positioned between Greenville’s Convention District and the HWY 11/Pitt Community College District, providing strong accessibility for customers and employees.
This configuration supports both front-of-house reception and separated back-office or office functions within a drive-through capable site.
The property is located on a popular thoroughfare with 25,000 VPD and sits near a high concentration of national retailers. It is positioned between Greenville’s Convention District and the HWY 11/Pitt Community College District, providing strong accessibility for customers and employees.
This configuration supports both front-of-house reception and separated back-office or office functions within a drive-through capable site.
Key Highlights
- Former First Citizens Bank building available for lease with a large open area, multiple offices, and a large reception area
- Three‑lane drive‑through window with three lanes for non‑contact customer interaction
- Located on a popular thoroughfare with 25,000 VPD
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
$67,510
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
7.30%
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%
$1,350,200
$1.4M
Cap Rate 7%
$964,429
$964.4K
Cap Rate 9%
$750,111
$750.1K
Market Conditions
NOI Build-Up for 5,220 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
$94.0K $18.00/SF
− Vacancy
−$3.9K −$0.76/SF
EGI
$90.0K $17.24/SF
− OpEx
−$22.5K −$4.31/SF
NOI
$67.5K $12.93/SF
Area
Pitt County, NC
Vacancy
4.20%
Lease Rate
$18.00 /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%
$1,350,200
Cap Rate 7%
$964,429
Cap Rate 9%
$750,111
Alternative Uses
Best Use
Specialty Retail
$964.4K
$843.9K – $1.13M
NOI $67,510 @ 7.0% cap · market cap 7.30%
Second Best
Retail
$631.8K
$552.9K – $737.2K
NOI $44,229 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$1.14M
$994.3K – $1.33M
NOI $79,543 @ 7.0% cap · market cap 8.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
833
Businesses Nearby
102k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Dining 36%
Groceries 14%
Electronics 3%
McDonald's
Dining
23,074 visits/mo
0.2 miles
Royal Farms
Shops & Services
21,891 visits/mo
0.5 miles
Piggly Wiggly
Groceries
13,869 visits/mo
0.3 miles
Dunkin' Donuts
Dining
10,772 visits/mo
0.5 miles
Circle K
Shops & Services
9,327 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Bank - Former bank space offers a large open area, multiple offices, reception, and a three-lane drive-through window.
Where is this bank located?
The property is located at 3111 S Memorial Dr Greenville, NC.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Former First Citizens Bank building available for lease with a large open area, multiple offices, and a large reception area; Three‑lane drive‑through window with three lanes for non‑contact customer interaction; Located on a popular thoroughfare with 25,000 VPD
