Industrial Flex Space with
For Sale
$1,695,000
829843 829-843 W Star St, Greenville, NC 27834
Flexible industrial facility with additional shelter structures for manufacturing, warehousing, or distribution operations.
Property Size11,464 SF
Price / SF$147.85
Days on Market9
Property Features for 829843 829-843 W Star St
General Information
Standard status
Active
Size
11,464 SF
Building Details
Year Built
1995
Listing Agency:
Keller Williams Realty Points East
(910) 729-9180
Listed By:
Timothy Ferruzzi · License #89665
Source:
Ibxcoastalliving
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 10:42AM
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 Keller Williams Realty Points East
Investment Insights
Based on property information with market context.
This industrial flex property contains 11,464 square feet and was constructed in 1995. The facility is supported by three additional shelters totaling 5,000 square feet, providing separate covered areas alongside the primary building.
The property is positioned for manufacturing, warehousing, or distribution use, with a configuration that combines enclosed flex space and substantial supplemental shelter capacity. The additional structures broaden the available operational area without changing the core industrial character of the asset.
The property is positioned for manufacturing, warehousing, or distribution use, with a configuration that combines enclosed flex space and substantial supplemental shelter capacity. The additional structures broaden the available operational area without changing the core industrial character of the asset.
Key Highlights
- 11,464‑square‑foot industrial flex property
- Three shelters totaling 5,000 square feet
- Built in 1995
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
Warehouse
$1.23M
$1.08M – $1.43M
NOI $86,095 @ 7.0% cap · market cap 5.08%
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
Current Use
Location Intelligence
Trade Area within ½ mile
136
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 - Flexible industrial facility with additional shelter structures for manufacturing, warehousing, or distribution operations.
Where is this flex space located?
The property is located at 829843 829-843 W Star St 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 industrial flex property; Three shelters totaling 5,000 square feet; Built in 1995
