Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2401 Memorial Dr Greenville, NC 27834-8141
    Back to Search
    Property profile & analytics

    2401 Memorial Dr Greenville, NC 27834-8141

    View on Map
    • Drive through restaurants
    • 3,770 SF
    • 0.90 lot acres
    Off-Market
    Last Sale Jul 27, 2023
    $1,659,000
    Property ID
    US53-1920418
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Burger King / Restaurant

    Property Details for 2401 Memorial Dr

    Year built
    1994
    Construction
    FRAME
    Lot size
    0.90 lot acres
    Property size
    3,770 SF
    Zone code
    IU
    Property type
    Drive through restaurants
    APN
    53478
    APU
    53478

    Description

    This exceptional investment opportunity features a 2,860 square foot Burger King restaurant in Greenville, North Carolina, operating under a long-term net lease with a strong corporate guarantee. Built in 1994 and renovated in 2011, the property sits on a 1.29-acre lot and boasts a 5.50% cap rate with a substantial NOI. The lease, commenced December 22, 2014, has approximately 10.1 years remaining until expiration on December 31, 2034, with annual rent increases of 1%. The asking price is $1,583,218, translating to $553.57 per square foot. This is a single-tenant, triple-net (NNN) lease, offering a passive income stream with minimal landlord responsibilities. The property enjoys 100% occupancy. The lease is guaranteed by a publicly traded company operating over 1000 Burger King locations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Greenville
    County
    Pitt
    State
    North Carolina
    Longitude
    -77.3662
    Latitude
    35.6532
    CBSA code
    24780
    CBSA name
    GREENVILLE, NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $9,826
    $235,224
    $601,993
    $837,217
    -
    $235,224
    $601,993
    $837,217

    Comparable in this City

    • Value Estimation by Request
      1,500 SF

      1200 Greene St

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,500 SF
      1200 Greene St, Greenville, NC 27834-1418
      View Details
    • Value Estimation by Request
      3,458 SF

      Memorial Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,458 SF
      Memorial Dr, Greenville, NC 27834
      View Details
    • Value Estimation by Request
      2,811 SF

      202 Greenville Blvd

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,811 SF
      202 Greenville Blvd, Greenville, NC 27834-6908
      View Details
    • Value Estimation by Request
      1,640 SF

      820 Memorial Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,640 SF
      820 Memorial Dr, Greenville, NC 27834-3740
      View Details
    • Value Estimation by Request
      1,672 SF

      1915 Memorial Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 1,672 SF
      1915 Memorial Dr, Greenville, NC 27834-1134
      View Details
    • Value Estimation by Request
      2,745 SF

      626 Memorial Dr

      DRIVE-THRU RESTAURANT, FAST FOOD • 2,745 SF
      626 Memorial Dr, Greenville, NC 27834-2854
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Adaptable Retail or Office Space

      1,200 SF space suitable for retail or office use.
      803 Moye Blvd, Greenville, NC 27834
      View Details
    • $325,000
      2,600 SF

      Uptown Greenville Commercial Building

      Commercial building in the heart of Uptown Greenville, North Carolina.
      811 Dickinson Ave, Greenville, NC 27834
      View Details
    • $294,900
      3,300 SF

      Commercial Property with Auto Business

      3,300 sq ft commercial property with established auto business.
      2227 S Memorial Dr, Greenville, NC 27834
      View Details
    • Contact for pricing
      20,320 SF

      Greenville Commercial Property For Sale

      20,320 SF commercial property with warehouse, office, and showroom.
      1512 Hooker Rd, Greenville, NC 27834
      View Details
    • $11,500,000

      32 Acres Mixed Use Land

      32 acres of mixed-use land in Greenville's Medical District.
      W Arlington Blvd, Greenville, NC 27834
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Developing Retail Building Near Royal Farms

      Developing 5,791 SF building with drive-thru potential near ECU.
      2610 Dickinson Ave, Greenville, NC 27834
      View Details
    • Contact for pricing
      4,626 SF

      Mixed-Use Space in Downtown Greenville

      Versatile 4,626 sq ft space in a high-traffic downtown location.
      306 E 10Th St, Greenville, NC 27834
      View Details
    • Contact for pricing

      Prime Commercial Land For Rent

      1.54-acre commercial land with high visibility and accessibility.
      2611 Dickinson Ave, Greenville, NC 27834
      View Details
    • Contact for pricing
      750 SF

      Retail Space in Established Area

      Retail space available in established Greenville neighborhood.
      100 E Victoria Ct, Greenville, NC 27834
      View Details
    • Contact for pricing
      4,976 SF

      Retail Space Anchored by Fresh Market

      Premier neighborhood retail center anchored by The Fresh Market.
      950 Criswell Dr, Greenville, NC 27834
      View Details
    • Contact for pricing
      5,575 SF

      Retail Space in Buyer's Market

      Recently renovated retail space in Greenville's Medical District.
      2400 S Memorial Dr, Greenville, NC 27834
      View Details
    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.
    2401 Memorial Dr
    Greenville, NC 27834-8141
    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
    2401 Memorial Dr, 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!