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    Planned Mixed-Use Development Opportunity Title is generated by Realmo AI

    0 Gateway Drive, Greenville, NC 27834

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    14+ acre mixed-use development opportunity in Greenville, North Carolina.

    Type:Land
    Lot size:
    14.00 Acres
    Added:
    Apr 5, 2021
    Days on Market:
    1887
    Last Refresh:
    May 19 at 9:05 pm

    Property Features for 0 Gateway Drive

    General Information

    Standard status
    Active
    Lot size
    14.00 Acres
    Property subtype
    Land

    We can help!

    Listing Contact
    Byron Aynes
    Byron Aynes

    Listing agent Byron Aynes License #NC 278747

    Listing office The Overton Group

    Listing date Apr 5, 2021

    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 at the last signaled intersection between Greenville and Raleigh, offering high visibility and accessibility.
    • Anchored by high‑performing Speedway, Walmart Neighborhood Market, and Dollar General, ensuring consistent customer traffic.
    • Positioned off I‑587, serving as the main entrance to Greenville from western cities.
    • Located in Greenville's Medical District, near ECU Health's Medical Campus, a Level 1 Trauma Center and major employer.
    • Proximity to a high concentration of multifamily residences.
    • Greenville is the 10th largest city in North Carolina with a large metropolitan area and home to East Carolina University.

    Overview

    Gateway Marketplace is a planned mixed-use development spanning over 14 acres. The development currently features a high-producing Speedway, Walmart Neighborhood Market, and Dollar General. It is located near a high concentration of multifamily rooftops. The site is positioned off I-587, serving as the main entrance to Greenville from western cities such as Raleigh, Durham, Greensboro, Winston-Salem, and Charlotte. Gateway Drive is situated in Greenville's medical district, home to ECU Health's medical campus, the only Tier 1 trauma hospital east of I-95. ECU Health employs over 6,000 individuals in Greenville. Greenville is the tenth-largest city in North Carolina, with a metropolitan area exceeding 230,000 residents. The city is home to East Carolina University (ECU), the third-largest university in the state, with an enrollment of over 28,500 students and 5,600 employees. Greenville is also home to ECU Health's medical campus, formerly Vidant Medical Center, a large hospital system in the US. ECU Health's medical campus is the only Level 1 Trauma Center east of I-95, with 1,712 licensed beds, serving 1,400,000 people and employing 6,800 individuals in Greenville.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Greenville
    County
    Pitt
    State
    North Carolina
    Longitude
    -77.3482
    Latitude
    35.6768

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    FAQs

    What type of property is this?
    Commercial land - 14+ acre mixed-use development opportunity in Greenville, North Carolina.
    Where is this commercial land located?
    The property is located at 0 Gateway Drive Greenville, NC.
    What is the asking price?
    The asking price for this property is $577,550.
    What are key features of this property?
    This property features: Located at the last signaled intersection between Greenville and Raleigh, offering **high visibility and accessibility**.; Anchored by **high‑performing Speedway, Walmart Neighborhood Market, and Dollar General, ensuring consistent customer traffic**.; Positioned off I‑587, serving as the main entrance to Greenville from western cities.
    (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 Byron Aynes
    Byron Aynes
    Real Estate License ID: NC 278747
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    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.

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