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The Lofts on 5th 114 E 5th St 14 Unit Apartment Building $3,262,000 ($233,000/Unit) 6.50% Cap Rate Greenville, NC 27858
Investment Highlights
- Steps from ECU’s West Campus
- Includes Private Parking Lot w/ 24 Spaces
- Multitudes of Nearby Traffic Generators / Walkable Amenities
- 12 Apartments; 33-Bed Loft Style Apartments; 2 Retail Spaces
- Located in Uptown Greenville
- Recent capital improvements in 2026 exceed $62,000
Executive Summary
Lee & Associates is pleased to present for sale “The Lofts on 5th”, a mixed-use asset strategically located adjacent to East Carolina University in Uptown Greenville. This building was originally constructed in 1927 as a three-story Montgomery Ward retail store, and was once described as “one of the most beautiful and imposing of any mercantile structure in the State”. Remnants of it’s history are still on display today through it’s original polychrome terra cotta facade, and bas-relief sculpture of the “Spirit of Progress” that can still be seen at the top of the building.
In 1995, the building was converted into apartments and a restaurant space on the ground floor. The upper levels of the main building consist of 12 student, apartment units, with 33 bedrooms in total, and the lower level of the main building is occupied by a ±4500 SF restaurant called “Nash Hot Chicken”. The site includes adjacent courtyard spaces, a private parking lot with 24 spaces, and an additional adjacent retail building, consisting of ±700 RSF and occupied by “Nash Studios”.
In 1995, the building was converted into apartments and a restaurant space on the ground floor. The upper levels of the main building consist of 12 student, apartment units, with 33 bedrooms in total, and the lower level of the main building is occupied by a ±4500 SF restaurant called “Nash Hot Chicken”. The site includes adjacent courtyard spaces, a private parking lot with 24 spaces, and an additional adjacent retail building, consisting of ±700 RSF and occupied by “Nash Studios”.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Courtyard
- Property Manager on Site
- On-Site Retail
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 1 | - | 600 |
| 2+1 | 1 | - | 900 |
| 2+1.5 | 1 | - | 900 |
| 3+2.5 | 8 | - | 1,500 |
| 4+2 | 1 | - | 1,800 |
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Moderately walkable
70/100
Exceptionally drivable
100/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 001357 | Improvements Assessment | $1,074,212 |
| Land Assessment | $174,240 | Total Assessment | $1,248,452 |
Property Taxes
Parcel Number
001357
Land Assessment
$174,240
Improvements Assessment
$1,074,212
Total Assessment
$1,248,452
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