Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Arts District Retail Space Title is generated by Realmo AI

    622 S Pitt St, Greenville, NC 27834

    View on Map
    Claim this Listing
    For Lease
    Contact for pricing

    3,000 SF retail space in Greenville's Arts District.

    Type:Retail
    Property size:
    3,000 SF
    Added:
    Jun 7, 2023
    Days on Market:
    1090
    Last Refresh:
    May 12 at 9:21 pm

    Property Features for 622 S Pitt St

    General Information

    Standard status
    Active
    Size
    3,000 SF
    Property subtype
    Retail

    Spaces For Lease

    at 622 S Pitt St Contact us

    $15/Mo

    Size
    3,000 SF
    Type
    Retail
    Contact us

    We can help!

    Listing Contact
    Taylor Beale
    Taylor Beale

    Listing agent Taylor Beale License #NC 334144

    Listing office The Overton Group

    Listing date Jun 7, 2023

    Source Crexi

    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

    HighLights

    • Located in the heart of the Arts District in downtown Greenville.
    • Large 3,000 square foot space.
    • Versatile, open layout.
    • Opportunity to contribute to the growth of Greenville's Arts District.
    • Original ceilings exude timeless charm.
    • Built in 1948.

    Overview

    This retail space is located in the Arts District of downtown Greenville. Constructed in 1948, the property retains its original ceilings. The space offers 3,000 square feet of area and an open layout, providing a versatile environment. This leasing opportunity is located in an area experiencing steady growth.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greenville
    County
    Pitt
    State
    North Carolina
    Longitude
    -77.376918
    Latitude
    35.610226

    Nearby Similar for Lease

    • $1,300/Mo
      970 SF

      Greenville Office Space For Rent

      Office space featuring multiple offices, conference room, and reception area.
      1025 Director Court, Greenville, NC 27858
      View Details
    • $1,500/Mo
      1,250 SF

      Office Space in Medical District

      Office space for lease in Greenville's Medical District.
      835 Johns Hopkins Drive, Greenville, NC 27834
      View Details
    • $500/Mo
      150 SF

      Move-in Ready Greenville Office Spaces

      Individual office spaces available for lease with all-inclusive amenities.
      404 St Andrews Drive, Greenville, NC 27834
      View Details
    • $2,800/Mo
      1,730 SF

      Move-in Ready Office Space Available

      Office space for lease with all-inclusive amenities in Greenville.
      404 St Andrews Drive, Greenville, NC 27834
      View Details
    • $2,850/Mo
      1,510 SF

      Move-in Ready Office Space Available

      Office space for lease in Greenville, NC with all-inclusive amenities.
      404 St Andrews Drive, Greenville, NC 27834
      View Details
    • $2,850/Mo
      1,575 SF

      Move-in Ready Office Space Available

      Well-maintained commercial property with flexible office options in Greenville, NC.
      404 St Andrews Drive, Greenville, NC 27834
      View Details
    • $2,900/Mo
      1,945 SF

      Move-in Ready Office Space Available

      Well-maintained office complex with flexible options and all-inclusive amenities.
      404 St Andrews Drive, Greenville, NC 27834
      View Details
    • $2,900/Mo
      1,775 SF

      Move-in Ready Office Space Available

      Well-maintained office complex with flexible leasing options and all-inclusive amenities.
      404 St Andrews Drive, Greenville, NC 27834
      View Details
    • $15 SF/Yr
      2,635 SF

      Remodeled Office Suites in Greenville

      Completely remodeled office suites in the heart of Greenville.
      2408 S Charles Blvd, Greenville, NC 27858
      View Details
    • $1,875/Mo
      1,500 SF

      Commercial Space For Rent

      Commercial space available for rent in Greenville, North Carolina.
      1909 E Fire Tower Road, Greenville, NC 27858
      View Details
    • $18 SF/Yr
      1,755 SF

      Medical Office Suite For Rent

      1,755 SF medical office suite in a desirable location.
      1011 WH Smith Blvd, Greenville, NC
      View Details
    • $17 SF/Yr
      3,261 SF

      Retail Space Near East Carolina

      Commercial space near East Carolina University and downtown Greenville.
      211 S Jarvis St, Greenville, NC
      View Details

    FAQs

    What type of property is this?
    Retail space - 3,000 SF retail space in Greenville's Arts District.
    Where is this retail space located?
    The property is located at 622 S Pitt St Greenville, NC.
    What is the lease rate?
    The lease rate is $15 SF/Yr.
    What are key features of this property?
    This property features: Located in the heart of the Arts District in downtown Greenville.; Large 3,000 square foot space.; Versatile, open layout.
    (252) 355-7006 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Taylor Beale
    Taylor Beale
    Real Estate License ID: NC 334144
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    622 S Pitt St, Greenville, NC 27834
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!