Flex Space with Dock
For Sale
Contact for pricing
121 Osage Drive, Greenville, SC 29605
New construction combines industrial capacity with office accommodation and multiple loading options.
Property Size25,600 SF
Lot Size4.29 Acres
Price / SF$166.02
Days on Market10
Property Features for 121 Osage Drive
General Information
Standard status
Active
Size
25,600 SF
Total Parking Spaces
30
Lot size
4.29 Acres
Property subtype
Office, Industrial
Zoning
I-1
Lease Type
NNN
Warehouse & Industrial
Clear Height
20 ft
Office Build-Out
780 SF
Dock-High Doors
8
Drive-In Doors
4
Sprinkler System
Yes
Building Details
Year Built
2026
Building Size
25,600 SF
Listing Agency:
Reedy Commercial
(864) 201-2221
Listed By:
Chandler Ayers · License #104450
Source:
Crexi
Added: Aug 12
Changed: Aug 18
Last Checked: Aug 20 at 3:41PM
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 Reedy Commercial
Investment Insights
Based on property information with market context.
Scheduled for completion in 2026, this ±25,600 SF flex facility is designed for adaptable industrial use. The building includes ±780 SF of spec or build-to-suit office space, 20' eave heights, 24' center clearance, eight dock-high doors, four oversized drive-in doors, an ESFR sprinkler system, a 6-inch concrete slab, and standing seam metal roofing. Approximately 30 parking spaces are planned on the ±4.29-acre site.
The property carries I-1 zoning and is adjacent to Donaldson Airport and the South Carolina Technology & Aviation Center (SCTAC), placing it within the Upstate industrial and aerospace corridor. Space options range from ±6,400 SF to the full building, supporting a range of occupancy configurations for industrial operations.
The property carries I-1 zoning and is adjacent to Donaldson Airport and the South Carolina Technology & Aviation Center (SCTAC), placing it within the Upstate industrial and aerospace corridor. Space options range from ±6,400 SF to the full building, supporting a range of occupancy configurations for industrial operations.
Key Highlights
- ±25,600 SF flex facility scheduled for completion in 2026
- Eight dock‑high doors and four oversized drive‑in doors
- 20' eave heights and 24' center clearance
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
$119,792
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
2.82%
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%
$2,395,840
$2.4M
Cap Rate 7%
$1,711,314
$1.7M
Cap Rate 9%
$1,331,022
$1.3M
Market Conditions
NOI Build-Up for 25,600 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
$153.9K $6.01/SF
− Vacancy
−$12.9K −$0.50/SF
EGI
$140.9K $5.51/SF
− OpEx
−$21.1K −$0.83/SF
NOI
$119.8K $4.68/SF
Area
Greenville County, SC
Vacancy
8.40%
Lease Rate
$6.01 /SF/Yr
Expense Ratio
15.00%
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%
$2,395,840
Cap Rate 7%
$1,711,314
Cap Rate 9%
$1,331,022
Alternative Uses
Best Use
Warehouse
$1.71M
$1.50M – $2.00M
NOI $119,792 @ 7.0% cap · market cap 2.82%
Second Best
Industrial
$1.41M
$1.23M – $1.64M
NOI $98,652 @ 7.0% cap · market cap 2.32%
Theoretical Best
Office A
$10.94M
$9.57M – $12.76M
NOI $765,652 @ 7.0% cap · market cap 18.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
8
Dock-high doors
4
Drive-in doors
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29605, SC
36,970
Population
17,013
Households
2.2
Avg Household Size
37
Median Age
34%
College-Educated
86%
High-School Grad
24.8 sq mi
ZIP Area
1,491
Density / Sq Mi
$63,717
Median Household Income
$39,518
Median Earnings
$1,049
Median Rent
$228,300
Median Home Value
Market
Vacancy Rate% for Industrial in Greenville, SC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Bucky's Bar-B-Q at SCTAC — 2010 Perimeter Rd, Greenville, SC 29605
Frequently Asked Questions
What type of property is this?
Flex space - New construction combines industrial capacity with office accommodation and multiple loading options.
Where is this flex space located?
The property is located at 121 Osage Drive Greenville, SC.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: ±25,600 SF flex facility scheduled for completion in 2026; Eight dock‑high doors and four oversized drive‑in doors; 20' eave heights and 24' center clearance
