Metal Workshop Building and
For Sale
$750,000
103 Smith St, Greenwood, SC 29649
COMMERCIAL - Greenwood, SC
Property Size5,000 SF
Price / SF$98.68
Days on Market47
Property Features for 103 Smith St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-2
Subdivision
Greenwood 2E
Standard status
Active
Size
7,600 SF
Building Details
Year built
2008
Listing Agency:
eXp Realty LLC (Greenville)
(888) 440-2798
Listed By:
Dana Merritt · License #102295
(864) 992-1987
Added: Jul 20
Changed: Aug 4
Last Checked: Sep 4 at 12:06PM
MLS# 140256
Copyright © 2026 Greenwood 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.
This mixed-use property includes a 50' x 100' metal workshop building built in 2008, offering approximately 5,000 square feet of versatile space with 12-foot garage doors. It also features a brick home with dedicated office space, described as having a newer roof from 2008–2009. Two additional residentially zoned lots are included, providing options for future residential development or expansion subject to zoning and local approvals.
The property is located at 103 Smith St in Greenwood, South Carolina. Zoning is listed as C-2, and the remarks note the area has the option of natural gas and city water.
With multiple buildings and flexible configurations, this site supports a range of business uses tied to the workshop and office spaces while maintaining room for further development across the included lots.
The property is located at 103 Smith St in Greenwood, South Carolina. Zoning is listed as C-2, and the remarks note the area has the option of natural gas and city water.
With multiple buildings and flexible configurations, this site supports a range of business uses tied to the workshop and office spaces while maintaining room for further development across the included lots.
Key Highlights
- Built in 2008, 50' x 100' metal commercial building with approx. 5,000 SF and 12‑ft garage doors
- Includes equipment/storage/warehouse‑style space suited for automotive use, workshop, or other business ventures
- Brick home with dedicated office space for business use, meeting clients, or additional workspaces
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
$44,768
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
5.97%
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%
$895,360
$895.4K
Cap Rate 7%
$639,543
$639.5K
Cap Rate 9%
$497,422
$497.4K
Market Conditions
NOI Build-Up for 7,600 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
$68.4K $9.00/SF
− Vacancy
−$4.4K −$0.59/SF
EGI
$64.0K $8.42/SF
− OpEx
−$19.2K −$2.52/SF
NOI
$44.8K $5.89/SF
Area
Greenwood County, SC
Vacancy
6.50%
Lease Rate
$9.00 /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%
$895,360
Cap Rate 7%
$639,543
Cap Rate 9%
$497,422
Alternative Uses
Best Use
Office B
$1.85M
$1.62M – $2.16M
NOI $129,682 @ 7.0% cap · market cap 17.29%
Second Best
Mixed Use
$1.07M
$940.5K – $1.25M
NOI $75,240 @ 7.0% cap · market cap 10.03%
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,122 @ 7.0% cap · market cap 22.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
15
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29649, SC
27,485
Population
11,966
Households
2.3
Avg Household Size
38
Median Age
35%
College-Educated
93%
High-School Grad
53.6 sq mi
ZIP Area
513
Density / Sq Mi
$56,268
Median Household Income
$37,221
Median Earnings
$937
Median Rent
$207,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Mixed-use property with a 50' x 100' metal workshop plus a brick home featuring dedicated office space and additional lots.
Where is this flex space located?
The property is located at 103 Smith St Greenwood, SC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Built in 2008, 50' x 100' metal commercial building with approx. 5,000 SF and 12‑ft garage doors; Includes equipment/storage/warehouse‑style space suited for automotive use, workshop, or other business ventures; Brick home with dedicated office space for business use, meeting clients, or additional workspaces
