Greenville NC Industrial Complex For
For Sale
Contact for pricing
829 W Star St, Greenville, NC 27834
Industrial, flex, office, and warehouse complex in Greenville, NC.
Property Size11,464 SF
Price / SF$147.85
Days on Market880
Property Features for 829 W Star St
General Information
Standard status
Active
Size
11,464 SF
Property subtype
Industrial
Zoning
CH Heavy Commercial
Investment Type
Value Add
Building Details
Year Built
1995
Buildings
1
Stories
2
Listing Agency:
Keller Williams Realty Points East
(910) 729-9180
Listed By:
Tim Ferruzzi · License #NC 89665
Source:
Crexi
Added: Mar 25, 2024
Changed: Aug 14
Last Checked: Aug 20 at 8:05AM
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 complex, located in West Star Commercial Park off Alternate US Hwy 264 in Greenville, North Carolina, features industrial, flex, office, and warehouse spaces. Situated one mile from NC Hwy 11 Bypass/Beltline in Pitt County, the property benefits from its location in a thriving economic center and one of the fastest-growing regions in the state. The complex comprises two lots identified by Pitt County Parcel IDs 50066 and 50067. The property contains 11,464 square feet of space. The location offers companies lower-cost alternatives and room for growth.
Key Highlights
- Two‑lot complex offering flexibility for industrial, flex, office, or warehouse use.
- Located in West Star Commercial Park, a thriving economic center in Pitt County/Greenville.
- Conveniently situated off Alternate US Hwy 264 and 1 mile from NC Hwy 11 Bypass/Beltline.
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
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial, flex, office, and warehouse complex in Greenville, NC.
Where is this flex space located?
The property is located at 829 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: Two‑lot complex offering flexibility for industrial, flex, office, or warehouse use.; Located in West Star Commercial Park, a thriving economic center in Pitt County/Greenville.; Conveniently situated off Alternate US Hwy 264 and 1 mile from NC Hwy 11 Bypass/Beltline.
