Industrial Facility Near Downtown
For Sale
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108 Pennsylvania Avenue, Greer, SC 29650
105,000 SF industrial facility near I-85 and downtown Greer.
Property Size105,000 SF
Price / SF$50
Days on Market109
Property Features for 108 Pennsylvania Avenue
General Information
Standard status
Active
Size
105,000 SF
Property subtype
Industrial
Zoning
Commercial
Lease Type
NNN
Building Details
Year Built
1955
Year Renovated
2025
Listing Agency:
Lyons Industrial Properties
(864) 583-0094
Listed By:
Bobby Lyons · License #SC 18212
Source:
Crexi
Added: May 13
Changed: Aug 24
Last Checked: Aug 28 at 9:14PM
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 Lyons Industrial Properties
Investment Insights
Based on property information with market context.
This industrial facility offers approximately 105,000 square feet of space and is located within walking distance of downtown Greer. The property features an FDA-compliant, food-grade area suitable for food processing, packaging, or storage. Situated along the I-85 corridor between Greenville/Spartanburg and Charlotte, it provides convenient access to major roadways and destinations, including I-85, the Inland Port of Greer, and the Greenville-Spartanburg International Airport. The property is suitable for retail, commercial, industrial, or office use.
Key Highlights
- ±105,000 SF Industrial Facility
- FDA‑compliant food grade area available
- Located within walking distance from downtown Greer
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
$404,629
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
7.71%
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%
$8,092,580
$8.1M
Cap Rate 7%
$5,780,414
$5.8M
Cap Rate 9%
$4,495,878
$4.5M
Market Conditions
NOI Build-Up for 105,000 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
$631.1K $6.01/SF
− Vacancy
−$53.0K −$0.50/SF
EGI
$578.0K $5.51/SF
− OpEx
−$173.4K −$1.65/SF
NOI
$404.6K $3.85/SF
Area
Greenville County, SC
Vacancy
8.40%
Lease Rate
$6.01 /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%
$8,092,580
Cap Rate 7%
$5,780,414
Cap Rate 9%
$4,495,878
Alternative Uses
Best Use
Retail
$22.23M
$19.45M – $25.93M
NOI $1,555,954 @ 7.0% cap · market cap 29.64%
Second Best
Warehouse
$7.02M
$6.14M – $8.19M
NOI $491,336 @ 7.0% cap · market cap 9.36%
Theoretical Best
Office A
$44.86M
$39.25M – $52.34M
NOI $3,140,370 @ 7.0% cap · market cap 59.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
792
Businesses Nearby
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 Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Industrial property - 105,000 SF industrial facility near I-85 and downtown Greer.
Where is this industrial property located?
The property is located at 108 Pennsylvania Avenue Greer, SC.
What is the asking price?
The asking price for this property is $5,250,000.
What are key features of this property?
This property features: ±105,000 SF Industrial Facility; FDA‑compliant food grade area available; Located within walking distance from downtown Greer
