Renovated Office Building Near
For Sale
Under Contract
$895,000
204 Mills Avenue, Greenville, SC 29605
Commercial/Industrial, Greenville, SC
Property Size2,457 SF
Lot Size0.25 Acres
Price / SF$364.27
Days on Market149
Property Features for 204 Mills Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
RNX-B
Subdivision
074
Standard status
Active Under Contract
APN
0219000101500
Lot size
0.25 Acres
Utilities
Heating system
Electric (Heating), Forced Air
Water source
Public
Amenities
exposed ceilings
large windows
fireplace
conference room
full kitchen
copy room
ADA compliant ramps
Building Details
Flooring type
Wood, Tile
Building materials
Converted Residence, Frame
Listing Agency:
Coldwell Banker Caine/Williams · Coldwell Banker Real Estate
(864) 250-2850
Listed By:
Sarah Gilley · License #74222
(864) 569-1724
Added: Mar 26
Changed: Aug 20
Last Checked: Aug 21 at 12:06PM
MLS# 1568916
Copyright © 2026 Greater Greenville Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This is a 2-story renovated office building located just minutes from downtown Greenville and the Augusta Road corridor, offering excellent visibility just off Mills Avenue. The building provides 2,457 square feet of space, including 4 private offices, a separate conference room, a full kitchen, 1.5 bathrooms, a reception/lobby area, and an open work area suitable for additional workspaces. The main level features 10-foot exposed ceilings, large windows, and a fireplace. The second level houses 4 private offices, a copy room, and a full bath. The main level is ADA compliant, with ADA-compliant ramps at both the front and rear entrances. The property has 60 feet of frontage on Mills Avenue, benefiting from a daily traffic volume of 26,500 cars. There are 6 private parking spaces available on-site. The property is zoned RNX-B and sits on a 0.25-acre lot. The craftsmanship of the renovation makes this building practical for any business.
Key Highlights
- 2‑story renovated office building with 2,457+ SF, including reception/lobby, open work area, and full kitchen
- 4 private offices plus separate conference room on the main level; second level adds 4 private offices
- Main level features 10‑foot exposed ceilings, large windows, and a fireplace
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
$37,787
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
4.22%
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%
$755,740
$755.7K
Cap Rate 7%
$539,814
$539.8K
Cap Rate 9%
$419,856
$419.9K
Market Conditions
NOI Build-Up for 2,457 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
$56.6K $23.04/SF
− Vacancy
−$6.2K −$2.53/SF
EGI
$50.4K $20.51/SF
− OpEx
−$12.6K −$5.13/SF
NOI
$37.8K $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%
$755,740
Cap Rate 7%
$539,814
Cap Rate 9%
$419,856
Alternative Uses
Best Use
Office B
$539.8K
$472.3K – $629.8K
NOI $37,787 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.05M
$918.6K – $1.22M
NOI $73,485 @ 7.0% cap · market cap 8.21%
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
1,018
Businesses Nearby
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 Office in Greenville, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building with excellent visibility and renovated interiors.
Where is this office building located?
The property is located at 204 Mills Avenue Greenville, SC.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 2‑story renovated office building with 2,457+ SF, including reception/lobby, open work area, and full kitchen; 4 private offices plus separate conference room on the main level; second level adds 4 private offices; Main level features 10‑foot exposed ceilings, large windows, and a fireplace
