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3283 Frog Level Rd 29,000 SF Industrial Building Greenville, NC 27834 $3,733,000 ($128.72/SF) 6.75% Cap Rate
INVESTMENT HIGHLIGHTS
- Strategic location
- Major employers - regional anchors include Thermo Fisher Scientific, Grady White Boats, Mayne Pharma, DSM Dyneema, and Hyster-Yale.
- ECU and PCC produce a steady pipeline of technical and professional talent fueling regional industrial expansion.
- Diverse economic base
- Ranked by Forbes among the Top 10 Best Small Places for Business & Careers and Top 25 Mid-City Growth Markets in the U.S.
EXECUTIVE SUMMARY
3283 Frog Level Road presents investors with the opportunity to acquire a single tenant industrial facility built in 1988 and leased to GMS Southeast, Inc., a wholly owned subsidiary of GMS Inc. (NYSE: GMS) operating regionally as Colonial Materials—one of North America’s largest interior building-products distributors.
The property is located in the rapidly expanding Greenville, North Carolina industrial market, within the established West Star Industrial Corridor, a hub for manufacturing, logistics, and construction-supply users.
The property totals ± 29,000 SF, including ± 23,000 SF of warehouse space and an additional ± 6,000 SF shell building for future expansion. Designed for high-functionality, the facility offers 21-foot clear heights, three-phase power,(2) dock-high and (2) drive-through doors, and sits on ± 6.19 acres with secure laydown and yard space.
The tenant will occupy the property under a75-month Triple Net (NNN) lease commencing November 1, 2025, with base rent beginning February 1, 2026following a three-month abatement. The lease features 2 % fixed annual rent increases and three (3) renewal options of three years each at market rates. All operating expenses—including real estate taxes, insurance, and maintenance—are the responsibility of the tenant, providing the investor with passive, predictable income growth throughout the term. Offered at $ 3,733,000, representing a 6.75 % capitalization rate on Year 1 NOI of $ 252,000, this investment combines institutional-grade credit tenancy with modern construction and strong market fundamentals. Greenville’s connectivity via U.S. 264 / I-587, proximity to I-95, and its access to a skilled labor pool from East Carolina University position the property for long-term stability and value appreciation.
The property is located in the rapidly expanding Greenville, North Carolina industrial market, within the established West Star Industrial Corridor, a hub for manufacturing, logistics, and construction-supply users.
The property totals ± 29,000 SF, including ± 23,000 SF of warehouse space and an additional ± 6,000 SF shell building for future expansion. Designed for high-functionality, the facility offers 21-foot clear heights, three-phase power,(2) dock-high and (2) drive-through doors, and sits on ± 6.19 acres with secure laydown and yard space.
The tenant will occupy the property under a75-month Triple Net (NNN) lease commencing November 1, 2025, with base rent beginning February 1, 2026following a three-month abatement. The lease features 2 % fixed annual rent increases and three (3) renewal options of three years each at market rates. All operating expenses—including real estate taxes, insurance, and maintenance—are the responsibility of the tenant, providing the investor with passive, predictable income growth throughout the term. Offered at $ 3,733,000, representing a 6.75 % capitalization rate on Year 1 NOI of $ 252,000, this investment combines institutional-grade credit tenancy with modern construction and strong market fundamentals. Greenville’s connectivity via U.S. 264 / I-587, proximity to I-95, and its access to a skilled labor pool from East Carolina University position the property for long-term stability and value appreciation.
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
PROPERTY FACTS
| Price | $3,733,000 | Rentable Building Area | 29,000 SF |
| Price Per SF | $128.72 | No. Stories | 1 |
| Sale Type | Investment | Year Built | 1988 |
| Cap Rate | 6.75% | Tenancy | Single |
| Property Type | Industrial | Parking Ratio | 1.38/1,000 SF |
| Property Subtype | Warehouse | Clear Ceiling Height | 21’ |
| Building Class | B | No. Dock-High Doors/Loading | 2 |
| Lot Size | 6.00 AC | No. Drive In / Grade-Level Doors | 2 |
| Zoning | CH - Heavy Commercial - The CH district is primarily designed to provide roadside uses which will best accommodate the needs of the motoring public and of businesses demand | ||
| Price | $3,733,000 |
| Price Per SF | $128.72 |
| Sale Type | Investment |
| Cap Rate | 6.75% |
| Property Type | Industrial |
| Property Subtype | Warehouse |
| Building Class | B |
| Lot Size | 6.00 AC |
| Rentable Building Area | 29,000 SF |
| No. Stories | 1 |
| Year Built | 1988 |
| Tenancy | Single |
| Parking Ratio | 1.38/1,000 SF |
| Clear Ceiling Height | 21’ |
| No. Dock-High Doors/Loading | 2 |
| No. Drive In / Grade-Level Doors | 2 |
| Zoning | CH - Heavy Commercial - The CH district is primarily designed to provide roadside uses which will best accommodate the needs of the motoring public and of businesses demand |
AMENITIES
- Fenced Lot
- Reception
- Air Conditioning
UTILITIES
- Lighting
- Gas - Natural
- Water - City
- Sewer
- Heating - Electric
PROPERTY TAXES
| Parcel Number | 047037 | Improvements Assessment | $1,457,779 (2025) |
| Land Assessment | $150,000 (2025) | Total Assessment | $1,607,779 (2025) |
PROPERTY TAXES
Parcel Number
047037
Land Assessment
$150,000 (2025)
Improvements Assessment
$1,457,779 (2025)
Total Assessment
$1,607,779 (2025)
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3283 Frog Level Rd
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