Former Bank
For Sale
$925,000
3111 S Memorial Drive, Greenville, NC 27834
COMMERCIAL - Greenville, NC
Property Size5,220 SF
Lot Size0.96 Acres
Price / SF$177.20
Days on Market34
Property Features for 3111 S Memorial Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CH
Subdivision
Not In Subdivision
Directions
Get on I-440 E from US-401 N/Capital Blvd 8 min (4.0 mi) Take US-264 E/US-64 E and I-587 to Stantonsburg Rd in Pitt County 1 hr 4 min (76.2 mi) Follow Stantonsburg Rd, W Arlington Blvd and NC-11 S/NC-43 S/NC-903 S/S Memorial Dr to your destination in Greenville 8 min (3.6 mi) 3111 S Memorial Dr Greenville, NC 27834
Standard status
Active
APN
000936
Size
5,220 SF
Lot size
0.96 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6952
Utilities
Heating system
Electric (Heating)
Building Details
Year built
1970
Listing Agency:
The Overton Group
(252) 714-8706
Listed By:
Michael Overton · License #241885
(252) 714-8706
Added: Jul 17
Changed: Aug 19
Last Checked: Aug 19 at 6:06PM
MLS# 100589714
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.
The property includes a 5,220-square-foot former bank building constructed in 1970 on a 0.96-acre site. Electric heating serves the existing improvements, and the property carries CH zoning.
Located at 3111 S Memorial Drive in Greenville, the site sits along a major commercial corridor near the intersection of S Memorial Drive and Greenville Blvd. Reported traffic volumes are 22,500+ vehicles per day on Memorial Drive and 32,500+ vehicles per day on Greenville Blvd. The surrounding area includes retail and hospitality businesses, with East Carolina University and ECU Health Medical Center located nearby.
Located at 3111 S Memorial Drive in Greenville, the site sits along a major commercial corridor near the intersection of S Memorial Drive and Greenville Blvd. Reported traffic volumes are 22,500+ vehicles per day on Memorial Drive and 32,500+ vehicles per day on Greenville Blvd. The surrounding area includes retail and hospitality businesses, with East Carolina University and ECU Health Medical Center located nearby.
Key Highlights
- 5,220 SF former bank building on 0.96 acres
- CH zoning with electric heating
- Constructed in 1970
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
22,500 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
550
Businesses Nearby
346k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 48%
Shops & Services 27%
Apparel 20%
Hotels & Casinos 4%
Academy Sports + Outdoors
Apparel
65,956 visits/mo
0.4 miles
Hobby Lobby
Shops & Services
48,582 visits/mo
0.4 miles
Texas Roadhouse
Dining
39,972 visits/mo
0.2 miles
Cracker Barrel Old Country Store
Dining
35,431 visits/mo
0.2 miles
7-Eleven
Shops & Services
21,623 visits/mo
0.4 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
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Frequently Asked Questions
What type of property is this?
Bank - Commercial site with a former bank facility, electric heating, and CH zoning.
Where is this bank located?
The property is located at 3111 S Memorial Drive 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: 5,220 SF former bank building on 0.96 acres; CH zoning with electric heating; Constructed in 1970
