Single-Story Office
For Sale
$384,900
1 Elizabeth Drive, Greenville, SC 29615
Updated professional space with reception, kitchen, storage, and an accessible restroom.
Property Size1,600 SF
Price / SF$240.56
Days on Market10
Property Features for 1 Elizabeth Drive
General Information
Standard status
Active
Size
1,600 SF
Total Parking Spaces
9
Property subtype
Commercial
Zoning
NC
Taxes and HOA fees
Annual Taxes
$2,140
Building Details
Buildings
1
Stories
1
Building Size
1,600 SF
Listing Agency:
Access Realty, LLC
(864) 908-7298
Listed By:
Sharon F Hall · License #12436
Source:
Kaydangerfield
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 30 at 5:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Access Realty, LLC
Investment Insights
Based on property information with market context.
This approximately 1,600 SF office building offers a practical one-level layout with 3 offices, a reception area, kitchen and breakroom space, storage, and 2 restrooms. One restroom is handicap accessible, and rear access includes a ramp. Recent improvements include interior and exterior paint, added office walls, and refreshed landscaping. The rear storage shed conveys in AS-IS condition, while the fireplace and appliances are also offered without seller warranty.
The property is located in the Wade Hampton Boulevard area, less than 15 minutes from downtown Greenville. It is zoned NC and positioned in a high-traffic area, supporting a range of business and professional uses. Approximately 9 parking spaces serve the building, with spaces at both the front and rear, including 1 handicap parking space.
The property is located in the Wade Hampton Boulevard area, less than 15 minutes from downtown Greenville. It is zoned NC and positioned in a high-traffic area, supporting a range of business and professional uses. Approximately 9 parking spaces serve the building, with spaces at both the front and rear, including 1 handicap parking space.
Key Highlights
- Approximately 1,600 SF one‑level office building
- 3 offices plus reception, kitchen/breakroom, storage, and 2 restrooms
- Approximately 9 parking spaces; 5 in front and 4 at rear
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
$24,607
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
6.39%
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%
$492,140
$492.1K
Cap Rate 7%
$351,529
$351.5K
Cap Rate 9%
$273,411
$273.4K
Market Conditions
NOI Build-Up for 1,600 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
$36.9K $23.04/SF
− Vacancy
−$4.1K −$2.53/SF
EGI
$32.8K $20.51/SF
− OpEx
−$8.2K −$5.13/SF
NOI
$24.6K $15.38/SF
Area
Greenville County, SC
Vacancy
11.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
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%
$492,140
Cap Rate 7%
$351,529
Cap Rate 9%
$273,411
Alternative Uses
Best Use
Office B
$351.5K
$307.6K – $410.1K
NOI $24,607 @ 7.0% cap · market cap 6.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$683.6K
$598.2K – $797.6K
NOI $47,853 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
618
Businesses Nearby
Explore this area
Business Placement
Demographics for 29615, SC
38,684
Population
19,687
Households
2
Avg Household Size
40
Median Age
52%
College-Educated
96%
High-School Grad
19.2 sq mi
ZIP Area
2,015
Density / Sq Mi
$74,200
Median Household Income
$44,960
Median Earnings
$1,203
Median Rent
$348,600
Median Home Value
Market
Vacancy Rate% for Office in Greenville, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Updated professional space with reception, kitchen, storage, and an accessible restroom.
Where is this office building located?
The property is located at 1 Elizabeth Drive Greenville, SC.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: Approximately 1,600 SF one‑level office building; 3 offices plus reception, kitchen/breakroom, storage, and 2 restrooms; Approximately 9 parking spaces; 5 in front and 4 at rear
