Industrial Flex Space with
For Sale
$1,695,000
829-843 W Star Street, Greenville, NC 27834
COMMERCIAL - Greenville, NC
Property Size11,464 SF
Lot Size2.46 Acres
Price / SF$147.85
Days on Market397
Property Features for 829-843 W Star Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Industrial
Parking features
Secured, Parking Lot
Subdivision
Not In Subdivision
Directions
Greenville Blvd SE to Frog Level Rd, left onto Frog Level Rd, left onto W Star St Destination will be on the right
Standard status
Active
APN
4666358331
Size
11,464 SF
Lot size
2.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
WEST STAR INDUSTRIAL PARK
Legal Description
WEST STAR INDUSTRIAL PARK
Utilities
Heating system
Electric (Heating), Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1995
Flooring type
Concrete, Carpet
Building materials
Metal Siding, Wood Frame
Roof type
Composition, Metal
Listing Agency:
Keller Williams Realty Points East
(252) 355-6000
Listed By:
Timothy Ferruzzi · License #89665
(910) 729-9180
Added: Jul 19, 2025
Changed: Aug 19
Last Checked: Aug 19 at 6:06PM
MLS# 100520335
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.
This industrial flex property includes 11,464 square feet of building area on 2.46 acres, along with three shelters totaling 5,000 square feet. Built in 1995, the facility combines metal siding and wood-frame construction with concrete and carpet flooring. Electric heat, heat pumps, and heat-pump cooling support the interior environment, while public water serves the property.
The site is designated Industrial and includes a secured parking lot. Composition and metal roofing are present across the improvements. The combination of enclosed flex space and substantial shelter area provides a range of physical configurations for operations requiring building and covered exterior capacity.
The site is designated Industrial and includes a secured parking lot. Composition and metal roofing are present across the improvements. The combination of enclosed flex space and substantial shelter area provides a range of physical configurations for operations requiring building and covered exterior capacity.
Key Highlights
- 11,464‑square‑foot flex property on 2.46 acres
- Three shelters totaling 5,000 square feet
- Industrial zoning supports the property’s commercial setting
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
$97,506
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
5.75%
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%
$1,950,120
$2.0M
Cap Rate 7%
$1,392,943
$1.4M
Cap Rate 9%
$1,083,400
$1.1M
Market Conditions
NOI Build-Up for 11,464 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
$161.0K $14.04/SF
− Vacancy
−$10.9K −$0.95/SF
EGI
$150.0K $13.09/SF
− OpEx
−$52.5K −$4.58/SF
NOI
$97.5K $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%
$1,950,120
Cap Rate 7%
$1,392,943
Cap Rate 9%
$1,083,400
Alternative Uses
Best Use
Flex RnD
$1.39M
$1.22M – $1.63M
NOI $97,506 @ 7.0% cap · market cap 5.75%
Second Best
Industrial
$1.01M
$886.3K – $1.18M
NOI $70,902 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$2.50M
$2.18M – $2.91M
NOI $174,689 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
143
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 - Industrial-zoned facility with additional covered structures, secured parking, and adaptable space for commercial operations.
Where is this flex space located?
The property is located at 829-843 W Star Street Greenville, NC.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 11,464‑square‑foot flex property on 2.46 acres; Three shelters totaling 5,000 square feet; Industrial zoning supports the property’s commercial setting
