Multi-Tenant Flex and
For Sale
Contact for pricing
4660 N Crk Dr, Greenville, NC 27834
Modern 2021 flex and warehouse property offers eight front units and a 9,000-square-foot rear warehouse with roll-up doors.
Property Size21,000 SF
Price / SF$183.33
Days on Market60
Property Features for 4660 N Crk Dr
General Information
Standard status
Active
Size
21,000 SF
Property subtype
INDUSTRIAL
Additional Details
Highway Access
Yes
Building Details
Year Built
2021
Tenancy
Multi
Listing Agency:
The Overton Group
(252) 714-8706
Listed By:
Michael Overton · License #278747
(252) 714-8706
Source:
Moodyscre
Added: Jun 23
Changed: Aug 8
Last Checked: Aug 21 at 11:04AM
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.
Built in 2021, this multi-tenant flex and warehouse property includes a 12,000-square-foot front flex building divided into eight 1,500-square-foot units. Three contiguous front flex suites are currently available for a combined 4,500 square feet, while five of the front units are leased to three tenants, including RMP Mechanical, Numotion, and North Carolina Alcohol Law Enforcement (ALE) (3 units).
A rear, approximately 9,000-square-foot unconditioned warehouse supports additional storage and operations, and it features roll-up doors. The property is located within North Creek Business Park in Greenville’s industrial area, with convenient access to major commercial corridors.
The overall configuration provides separate front flex suites for light industrial and office-support uses, paired with dedicated warehouse space in the rear building.
A rear, approximately 9,000-square-foot unconditioned warehouse supports additional storage and operations, and it features roll-up doors. The property is located within North Creek Business Park in Greenville’s industrial area, with convenient access to major commercial corridors.
The overall configuration provides separate front flex suites for light industrial and office-support uses, paired with dedicated warehouse space in the rear building.
Key Highlights
- Built in 2021 flex and warehouse property within North Creek Business Park
- 12,000 SF front flex building with eight 1,500 SF units
- 3 contiguous vacant suites totaling 4,500 SF in the front flex building
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
$178,614
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
4.64%
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%
$3,572,280
$3.6M
Cap Rate 7%
$2,551,629
$2.6M
Cap Rate 9%
$1,984,600
$2.0M
Market Conditions
NOI Build-Up for 21,000 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
$294.8K $14.04/SF
− Vacancy
−$20.0K −$0.95/SF
EGI
$274.8K $13.09/SF
− OpEx
−$96.2K −$4.58/SF
NOI
$178.6K $8.51/SF
Area
Pitt County, NC
Vacancy
6.80%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$3,572,280
Cap Rate 7%
$2,551,629
Cap Rate 9%
$1,984,600
Alternative Uses
Best Use
Flex RnD
$2.55M
$2.23M – $2.98M
NOI $178,614 @ 7.0% cap · market cap 4.64%
Second Best
Warehouse
$2.25M
$1.97M – $2.63M
NOI $157,711 @ 7.0% cap · market cap 4.10%
Theoretical Best
Office A
$4.57M
$4.00M – $5.33M
NOI $320,000 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Modern 2021 flex and warehouse property offers eight front units and a 9,000-square-foot rear warehouse with roll-up doors.
Where is this flex space located?
The property is located at 4660 N Crk Dr Greenville, NC.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: Built in 2021 flex and warehouse property within North Creek Business Park; 12,000 SF front flex building with eight 1,500 SF units; 3 contiguous vacant suites totaling 4,500 SF in the front flex building
