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    Unique Greenville Office Space Available Title is generated by Realmo AI

    86 Allen St, Greenville, SC 29605

    View on Map
    For Lease
    $3,250 /Mo

    3,250 SF Office For Lease

    Added:
    Jan 23, 2025
    Days on Market:
    495
    Last Refresh:
    Mar 16 at 9:05 am

    Property Features for 86 Allen St

    General Information

    Standard status
    Active
    Property type
    Other office properties, Office buildings, Office Units, Office Spaces
    Class
    C
    Elevators
    N/A
    Lease Type
    Modified Gross
    Lease Term
    Negotiable
    Rate Type
    Monthly

    We can help!

    Listing Contact
    Carl Hocker

    Listing agent Carl

    Listing office Reedy Commercial

    Listing date Jan 23, 2025

    HighLights

    • Former fire station most recently used as office/warehouse space
    • Main garage area - 39'x16'
    • 6 interior rooms
    • Ceiling height 11'
    • Kitchen and two private bathrooms
    • One (1) roll up door in basement area
    • Nearly ±3,000 sqft of storage
    • Two (2) separate spaces with two (2) standard entry doors
    • Fenced
    • ± 2.5 miles to downtown Greenville
    • Tenant is responsible for landscaping and utilities

    Overview

    This 3,250 square foot office space is available for lease in Greenville, South Carolina, approximately 2.5 miles from downtown. The property, formerly a fire station, features a blend of office and warehouse space. It includes a main garage area measuring 39 feet by 16 feet, six interior rooms, and 11-foot ceilings. Additional features are a kitchen and two private bathrooms. The property also offers a roll-up door in the basement, nearly 3,000 square feet of storage, two separate spaces each with standard entry doors, and a fenced yard. The lease is a modified gross lease with negotiable terms. The tenant is responsible for landscaping and utilities. This versatile space is suitable for various businesses seeking a unique and well-equipped office environment in a convenient Greenville location. The property's history as a fire station provides character and ample space, while its proximity to downtown offers easy access to city amenities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Spaces

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Hair Salon Dental Office Nail Salon Building Supply Gym & Fitness Center Accounting Firm Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Greenville
    County
    Greenville
    State
    South Carolina
    Longitude
    -82.424656
    Latitude
    34.81952

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    FAQs

    What type of property is this?
    Office property - 3,250 SF Office For Lease
    Where is this office property located?
    The property is located at 86 Allen St Greenville, SC.
    What is the lease rate?
    The lease rate is $3,250 /Mo.
    What are key features of this property?
    This property features: Former fire station most recently used as office/warehouse space; Main garage area - 39'x16'; 6 interior rooms
    (864) 680-7654
    We can help!
    Listing Contact
    Carl Hocker
    Request Owner's contact information
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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.

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