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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    400 Spring Forest Rd Greenville, NC 27834

    • Medical offices
    • 10,146 SF
    • 2.25 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US53-0985464
    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.

    Current Use by Public Records

    • Dr. Richard P. Rizzuti, M.D / Physician / Medical Clinic
    • J. Lynne Garrison, M.D. / Physician
    • Greenville Plastic Surgery / Medical Clinic

    Property Details for 400 Spring Forest Rd

    Year built
    1995
    Construction
    FRAME
    Lot size
    2.25 lot acres
    Property size
    10,146 SF
    Zone code
    MO
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    59386
    APU
    59386

    Description

    This exceptional 10,146 square foot medical office building, located at 400 Spring Forest Rd in Greenville, NC, presents a unique leasing opportunity. Situated on a 2.25-acre lot in the Greenville MSA, this Class B property enjoys a highly desirable location between ECU Health Medical Center and Physicians East, ensuring high visibility and accessibility. Built in 1995, the two-story building offers a single tenancy and is zoned MO (Medical Office). The property's strategic placement within the Eastern North Carolina submarket provides excellent access to a large patient base. Features include an AAAASF-accredited operating room suite. Pitt County tax records list the APN as 4677072312. This is an ideal space for medical practices seeking a prominent location with strong medical synergy and convenient access for both patients and staff. The building's size and amenities make it suitable for a variety of medical specialties. This opportunity allows for immediate occupancy and the chance to establish a thriving practice in a high-demand area. Don't miss this chance to secure a prime location in a thriving medical hub.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $680,000
      Market price range: $203k - $684k

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,255,000
      Current use
      RESTAURANT
      $1,775,000
      Change: +41% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $1,010,000
      Change: -20% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Greenville
    County
    Pitt
    State
    North Carolina
    Longitude
    -77.4178
    Latitude
    35.601
    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
    $25,908
    $588,060
    $1,619,531
    $2,207,591
    -
    $588,060
    $1,619,531
    $2,207,591

    Comparable in this City

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      36,480 SF

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    • Value Estimation
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      9,832 SF

      8 Medical Dr

      MEDICAL BUILDING • 9,832 SF
      8 Medical Dr, Greenville, NC 27834
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    • Value Estimation
      $720,000
      6,848 SF

      2425 Hemby Ln

      MEDICAL BUILDING • 6,848 SF
      2425 Hemby Ln, Greenville, NC 27834-3790
      View Details
    • Value Estimation
      $1,190,000
      11,342 SF

      801 Wh Smith Blvd

      MEDICAL BUILDING • 11,342 SF
      801 Wh Smith Blvd, Greenville, NC 27834-3764
      View Details
    • Value Estimation
      $1,155,000
      10,640 SF

      503 Bowman Gray Dr

      MEDICAL BUILDING • 10,640 SF
      503 Bowman Gray Dr, Greenville, NC 27834-7286
      View Details
    • Value Estimation by Request
      11.77 Acres

      Spg Frst Rd

      MEDICAL BUILDING • 11.77 Acres
      Spg Frst Rd, Greenville, NC 27834
      View Details

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    Similar Nearby for Lease

    • $15 SF/Yr
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      Medical Office Near ECU Health

      Medical office space available across from ECU Health's Medical Center.
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      View Details
    • $18 SF/Yr
      10,146 SF

      Medical Office Space For Rent

      Medical office space in a major medical district.
      400 Spring Forest Rd, Greenville, NC 27834
      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 27834
      View Details
    • $16 SF/Yr
      5,795 SF

      Medical Office in Greenville's District

      Freestanding medical/office building in Greenville's medical district for lease.
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    • $1,550,000
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      Greenville Medical Office Space Available

      Premier medical office space for sale or lease in Greenville.
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    • $9 SF/Yr
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      20,320 SF commercial space with warehouse, office, and showroom.
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    Greenville, NC 27834
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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.

    More about this property
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