Downtown Mixed-Use
For Sale
$519,000
117 Asbury Ave, Greenville, SC 29601
Existing infill building with MX-2 zoning, flexible room layout, hardwood floors, and strong natural light.
Property Size1,732 SF
Price / SF$299.65
Days on Market12
Property Features for 117 Asbury Ave
General Information
Standard status
Active
Size
1,732 SF
Zoning
MX-2
Additional Details
Road Access
Yes
Land Use
mixed-use
Building Details
Buildings
1
Building Size
1,732 SF
Listing Agency:
RE/MAX Reach
(864) 421-2621
Listed By:
Tyler Mauk · License #95109
Source:
Willmorenz
Added: Aug 18
Changed: Aug 28
Last Checked: Aug 28 at 2:15PM
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 RE/MAX Reach
Investment Insights
Based on property information with market context.
Located at 117 Asbury Avenue, this approximately 1,732-square-foot existing building occupies an infill site in downtown Greenville. The structure features high ceilings, hardwood flooring, abundant natural light, and multiple rooms, with existing residential infrastructure that may support adaptive reuse subject to applicable approvals. MX-2 zoning accommodates residential, commercial, or mixed-use strategies, subject to zoning, permitting, parking, signage, building-code, and other governmental requirements.
The property is near Unity Park, The Commons, the Prisma Health Swamp Rabbit Trail, Hampton-Pinckney, Main Street, Academy Street, and established residential neighborhoods. Its Greenville, SC 29601 location provides access to downtown amenities and the broader central business district while retaining a neighborhood-scale setting. Buyers should independently verify permitted uses and all development criteria with the appropriate authorities.
The property is near Unity Park, The Commons, the Prisma Health Swamp Rabbit Trail, Hampton-Pinckney, Main Street, Academy Street, and established residential neighborhoods. Its Greenville, SC 29601 location provides access to downtown amenities and the broader central business district while retaining a neighborhood-scale setting. Buyers should independently verify permitted uses and all development criteria with the appropriate authorities.
Key Highlights
- Approximately 1,732 SF existing building at 117 Asbury Ave
- MX‑2 zoning supports residential, commercial, or mixed‑use strategies subject to approvals
- High ceilings, hardwood floors, multiple rooms, and abundant natural light
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
$26,637
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
5.13%
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%
$532,740
$532.7K
Cap Rate 7%
$380,529
$380.5K
Cap Rate 9%
$295,967
$296.0K
Market Conditions
NOI Build-Up for 1,732 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
$39.9K $23.04/SF
− Vacancy
−$4.4K −$2.53/SF
EGI
$35.5K $20.51/SF
− OpEx
−$8.9K −$5.13/SF
NOI
$26.6K $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%
$532,740
Cap Rate 7%
$380,529
Cap Rate 9%
$295,967
Alternative Uses
Best Use
Office B
$380.5K
$333.0K – $444.0K
NOI $26,637 @ 7.0% cap · market cap 5.13%
Second Best
Mixed Use
$256.1K
$224.1K – $298.8K
NOI $17,926 @ 7.0% cap · market cap 3.45%
Theoretical Best
Office A
$740.0K
$647.5K – $863.4K
NOI $51,801 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,756
Businesses Nearby
Explore this area
Business Placement
Demographics for 29601, SC
13,261
Population
8,067
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
3,157
Density / Sq Mi
$73,321
Median Household Income
$55,727
Median Earnings
$1,406
Median Rent
$583,200
Median Home Value
Market
Vacancy Rate% for Office in Greenville, SC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Existing infill building with MX-2 zoning, flexible room layout, hardwood floors, and strong natural light.
Where is this mixed-use property located?
The property is located at 117 Asbury Ave Greenville, SC.
What is the asking price?
The asking price for this property is $519,000.
What are key features of this property?
This property features: Approximately 1,732 SF existing building at 117 Asbury Ave; MX‑2 zoning supports residential, commercial, or mixed‑use strategies subject to approvals; High ceilings, hardwood floors, multiple rooms, and abundant natural light
