Remodeled Office Space Near
For Sale
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106 Memorial Dr, Greer, SC 29650
Charming, remodeled office space suitable for medical or professional services.
Property Size1,442 SF
Lot Size0.32 Acres
Price / SF$329.40
Days on Market196
Property Features for 106 Memorial Dr
General Information
Standard status
Active
Size
1,442 SF
Total Parking Spaces
8
Lot size
0.32 Acres
Property subtype
Office
Listing Agency:
Keller Williams Greenville Upstate
(864) 234-7500
Listed By:
Richard Garrick · License #145130
Source:
Crexi
Added: Jan 27
Changed: Aug 8
Last Checked: Aug 8 at 6:30AM
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 Keller Williams Greenville Upstate
Investment Insights
Based on property information with market context.
Located minutes from downtown Greer, this remodeled professional workspace offers a blend of historic charm and modern utility. The property, situated on a 0.32-acre lot, provides a welcoming environment. Previously used by medical and wellness practices, the 1,442-square-foot building is configured for patient care or professional services. The interior features a 200-square-foot reception area, creating a professional first impression. The layout includes three private offices, each approximately 150 square feet, designed for consultations or specialized treatments.
Key Highlights
- Remodeled 1,442 SF professional workspace blending historic charm with modern utility.
- Ideal for patient care or high‑end professional services, previously used by medical and wellness practices.
- Located minutes from downtown Greer on a 0.32‑acre lot.
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
$22,177
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
4.67%
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%
$443,540
$443.5K
Cap Rate 7%
$316,814
$316.8K
Cap Rate 9%
$246,411
$246.4K
Market Conditions
NOI Build-Up for 1,442 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
$33.2K $23.04/SF
− Vacancy
−$3.7K −$2.53/SF
EGI
$29.6K $20.51/SF
− OpEx
−$7.4K −$5.13/SF
NOI
$22.2K $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%
$443,540
Cap Rate 7%
$316,814
Cap Rate 9%
$246,411
Alternative Uses
Best Use
Office B
$316.8K
$277.2K – $369.6K
NOI $22,177 @ 7.0% cap · market cap 4.67%
Second Best
Healthcare Medical
$67.9K
$59.4K – $79.3K
NOI $4,755 @ 7.0% cap · market cap 1.00%
Theoretical Best
Office A
$616.1K
$539.1K – $718.8K
NOI $43,128 @ 7.0% cap · market cap 9.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,105
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29650, SC
38,721
Population
17,048
Households
2.3
Avg Household Size
39
Median Age
51%
College-Educated
94%
High-School Grad
18.0 sq mi
ZIP Area
2,151
Density / Sq Mi
$91,640
Median Household Income
$49,567
Median Earnings
$1,344
Median Rent
$332,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Charming, remodeled office space suitable for medical or professional services.
Where is this medical office space located?
The property is located at 106 Memorial Dr Greer, SC.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Remodeled 1,442 SF professional workspace blending historic charm with modern utility.; Ideal for patient care or high‑end professional services, previously used by medical and wellness practices.; Located minutes from downtown Greer on a 0.32‑acre lot.
