Climate-Controlled Garage
For Sale
$369,000
24 Gladys Drive, Greenville, SC 29607
Commercial/Industrial, Greenville, SC
Property Size1,000 SF
Price / SF$369
Days on Market92
Property Features for 24 Gladys Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
030
Standard status
Active
APN
62-0000-40-100
Utilities
Heating system
Electric (Heating)
Water source
Public
Amenities
private gated community
climate controlled
overhead automatic garage door
commercial walk door
rough in plumbing for bathroom and shower
200 AMP service panel
GFCI outlets throughout
LED commercial lighting
overhead fan
fully insulated
reinforced concrete floor
Building Details
Flooring type
Concrete
Building materials
Metal
Listing Agency:
The Real Estate Shoppe LLC
(864) 884-6901
Listed By:
Jennifer Kendrick · License #51695
(864) 884-6901
Added: May 30
Changed: Aug 19
Last Checked: Aug 29 at 1:06PM
MLS# 1593317
Copyright © 2026 Greater Greenville Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
These privately owned garage condominiums are arranged within a gated community and designed for vehicles and recreational equipment. Each suite measures 20'Wx50'Dx19'H, with 1000 sf on the first floor, climate-controlled HVAC, a 14'Wx15'H automatic overhead garage door, and a 3070 commercial walk door. Construction details include a reinforced concrete floor, full insulation, LED commercial lighting, an overhead fan, and GFCI outlets throughout.
The electrical system includes a 200 AMP service panel, while rough-in plumbing accommodates a future bathroom and shower. Optional improvements may include restrooms, bars, kitchens, theatres, and other customized amenities. Additional suites can be purchased and combined when more space is needed. The property uses metal construction, concrete flooring, electric heating, and public water.
The electrical system includes a 200 AMP service panel, while rough-in plumbing accommodates a future bathroom and shower. Optional improvements may include restrooms, bars, kitchens, theatres, and other customized amenities. Additional suites can be purchased and combined when more space is needed. The property uses metal construction, concrete flooring, electric heating, and public water.
Key Highlights
- 20'Wx50'Dx19'H suites with 1000 sf on the first floor
- Climate‑controlled HVAC with full insulation and overhead fan
- 14'Wx15'H automatic overhead garage door plus 3070 commercial walk door
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$14,819
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.02%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$296,380
$296.4K
Cap Rate 7%
$211,700
$211.7K
Cap Rate 9%
$164,656
$164.7K
Market Conditions
NOI Build-Up for 1,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$22.0K $21.96/SF
− Vacancy
−$791 −$0.79/SF
EGI
$21.2K $21.17/SF
− OpEx
−$6.4K −$6.35/SF
NOI
$14.8K $14.82/SF
Area
Greenville County, SC
Vacancy
3.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$296,380
Cap Rate 7%
$211,700
Cap Rate 9%
$164,656
Alternative Uses
Best Use
Retail
$211.7K
$185.2K – $247.0K
NOI $14,819 @ 7.0% cap · market cap 4.02%
Second Best
Industrial
$55.1K
$48.2K – $64.2K
NOI $3,854 @ 7.0% cap · market cap 1.04%
Theoretical Best
Office A
$427.3K
$373.9K – $498.5K
NOI $29,908 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,560
Businesses Nearby
375k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 78%
Dining 14%
Shops & Services 6%
Electronics 2%
Belk
Apparel
81,099 visits/mo
0.3 miles
JCPenney
Apparel
74,448 visits/mo
0.4 miles
Dillard's
Apparel
72,045 visits/mo
0.3 miles
Macy's
Apparel
57,742 visits/mo
0.4 miles
Jason's Deli
Dining
25,965 visits/mo
0.5 miles
Demographics for 29607, SC
44,216
Population
22,288
Households
2
Avg Household Size
35
Median Age
50%
College-Educated
94%
High-School Grad
29.0 sq mi
ZIP Area
1,525
Density / Sq Mi
$69,249
Median Household Income
$46,549
Median Earnings
$1,339
Median Rent
$315,100
Median Home Value
Market
Vacancy Rate% for Retail in Greenville, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Private gated garage space includes HVAC, commercial lighting, and a reinforced concrete floor.
Where is this parking lot & garage located?
The property is located at 24 Gladys Drive Greenville, SC.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: 20'Wx50'Dx19'H suites with 1000 sf on the first floor; Climate‑controlled HVAC with full insulation and overhead fan; 14'Wx15'H automatic overhead garage door plus 3070 commercial walk door
