Medical Office with
For Sale
Contact for pricing
202 Memorial Drive, Greer, SC 29650
The property includes on-site parking and additional basement area for potential office conversion.
Property Size1,144 SF
Lot Size0.34 Acres
Price / SF$275.35
Days on Market15
Property Features for 202 Memorial Drive
General Information
Standard status
Active
Size
1,144 SF
Total Parking Spaces
14
Lot size
0.34 Acres
Property subtype
Office
Listing Agency:
Pintail
Listed By:
Reynolds Flowe · License #134403
Source:
Crexi
Added: Jul 28
Changed: Aug 11
Last Checked: Aug 11 at 3:54AM
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 Pintail
Investment Insights
Based on property information with market context.
This medical office property at 202 Memorial Drive comprises approximately 1,144 SF on a 0.34-acre parcel. The building was formerly used as a dermatology office and includes additional basement space that can be converted into more office area. On-site parking accommodates 14 vehicles.
The property is in Greer, South Carolina, between W Poinsett St and W Wade Hampton Blvd. The surrounding roadway carries traffic counts of 36,637 VPD, providing a measurable access and exposure characteristic for the site.
The property is in Greer, South Carolina, between W Poinsett St and W Wade Hampton Blvd. The surrounding roadway carries traffic counts of 36,637 VPD, providing a measurable access and exposure characteristic for the site.
Key Highlights
- Approximately 1,144 SF of office space on 0.34 acres
- Former dermatology office configuration
- Additional basement area that can be converted into more office space
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
$17,594
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
5.59%
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%
$351,880
$351.9K
Cap Rate 7%
$251,343
$251.3K
Cap Rate 9%
$195,489
$195.5K
Market Conditions
NOI Build-Up for 1,144 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
$26.4K $23.04/SF
− Vacancy
−$2.9K −$2.53/SF
EGI
$23.5K $20.51/SF
− OpEx
−$5.9K −$5.13/SF
NOI
$17.6K $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%
$351,880
Cap Rate 7%
$251,343
Cap Rate 9%
$195,489
Alternative Uses
Best Use
Office B
$251.3K
$219.9K – $293.2K
NOI $17,594 @ 7.0% cap · market cap 5.59%
Second Best
Healthcare Medical
$53.9K
$47.2K – $62.9K
NOI $3,772 @ 7.0% cap · market cap 1.20%
Theoretical Best
Office A
$488.8K
$427.7K – $570.3K
NOI $34,215 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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 - The property includes on-site parking and additional basement area for potential office conversion.
Where is this medical office space located?
The property is located at 202 Memorial Drive Greer, SC.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Approximately 1,144 SF of office space on 0.34 acres; Former dermatology office configuration; Additional basement area that can be converted into more office space
