Multi-Tenant Flex and Warehouse
For Sale
Contact for pricing
4660 North Creek Dr, Greenville, NC 27834
2021-built flex units plus a rear warehouse with roll-up doors offer flexible space for multiple tenants or an owner-user.
Property Size20,580 SF
Price / SF$187.07
Days on Market75
Property Features for 4660 North Creek Dr
General Information
Standard status
Active
Size
20,580 SF
Class
A
Property subtype
Industrial
Zoning
Heavy Commercial (CH)
Occupancy
63%
Additional Details
Highway Access
Yes
Building Details
Year Built
2021
Buildings
2
Units
3
Tenancy
Multi
Listing Agency:
The Overton Group
(252) 355-7006
Listed By:
Byron Aynes · License #NC 278747
Source:
Crexi
Added: May 29
Changed: Aug 8
Last Checked: Jun 6 at 3:49AM
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 and an approximately 9,000-square-foot rear warehouse. The front building is arranged as eight fully conditioned 1,500-square-foot units. Three contiguous vacant suites are currently available, totaling 4,500 square feet. Five of the front units are leased to three tenants, including RMP Mechanical, Numotion, and North Carolina Alcohol Law Enforcement (ALE), across three units.
The property is located within North Creek Business Park in Greenville’s industrial corridor. Access is described as convenient to major commercial corridors, with proximity to HWY 264 / I 587 and Pitt-Greenville Airport, as well as East Carolina University and Indigreen Corporate Park.
For tenants and owner-users, the combination of conditioned flex space and a rear warehouse with roll-up doors supports a range of light industrial, service, and distribution needs while allowing for multiple occupancy configurations in the front building. For buyers, the existing leased units provide current income while the contiguous vacancy offers straightforward options for an in-place expansion, additional leasing, or owner occupation.
The property is located within North Creek Business Park in Greenville’s industrial corridor. Access is described as convenient to major commercial corridors, with proximity to HWY 264 / I 587 and Pitt-Greenville Airport, as well as East Carolina University and Indigreen Corporate Park.
For tenants and owner-users, the combination of conditioned flex space and a rear warehouse with roll-up doors supports a range of light industrial, service, and distribution needs while allowing for multiple occupancy configurations in the front building. For buyers, the existing leased units provide current income while the contiguous vacancy offers straightforward options for an in-place expansion, additional leasing, or owner occupation.
Key Highlights
- 2021‑built multi‑tenant flex and warehouse property in North Creek Business Park, Greenville
- 12,000 SF front flex building with eight fully conditioned 1,500 SF units
- Three contiguous vacant suites available totaling 4,500 SF
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
$175,042
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
4.55%
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%
$3,500,840
$3.5M
Cap Rate 7%
$2,500,600
$2.5M
Cap Rate 9%
$1,944,911
$1.9M
Market Conditions
NOI Build-Up for 20,580 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
$288.9K $14.04/SF
− Vacancy
−$19.6K −$0.95/SF
EGI
$269.3K $13.09/SF
− OpEx
−$94.3K −$4.58/SF
NOI
$175.0K $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%
$3,500,840
Cap Rate 7%
$2,500,600
Cap Rate 9%
$1,944,911
Alternative Uses
Best Use
Flex RnD
$2.50M
$2.19M – $2.92M
NOI $175,042 @ 7.0% cap · market cap 4.55%
Second Best
Warehouse
$2.21M
$1.93M – $2.58M
NOI $154,557 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$4.48M
$3.92M – $5.23M
NOI $313,600 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
62.5%
Occupancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - 2021-built flex units plus a rear warehouse with roll-up doors offer flexible space for multiple tenants or an owner-user.
Where is this flex space located?
The property is located at 4660 North Creek 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: 2021‑built multi‑tenant flex and warehouse property in North Creek Business Park, Greenville; 12,000 SF front flex building with eight fully conditioned 1,500 SF units; Three contiguous vacant suites available totaling 4,500 SF
