Flex Office with Storage
For Sale
Under Contract
$350,000
2063 Hwy 72l221 E, Greenwood, SC 29649
COMMERCIAL - Greenwood, SC
Property Size4,675 SF
Lot Size1.33 Acres
Price / SF$74.87
Days on Market51
Property Features for 2063 Hwy 72l221 E
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-1
Subdivision
Greenwood 2E
Standard status
Active Under Contract
Size
4,675 SF
Lot size
1.33 Acres
Taxes and HOA fees
Tax Annual Amount
2737
Building Details
Year built
1965
Listing Agency:
RE/MAX ACTION REALTY · RE/MAX International
(864) 942-0021
Listed By:
Bubba Harvin · License #13033
(864) 992-9090
Added: Jul 3
Changed: Aug 4
Last Checked: Aug 22 at 4:06AM
MLS# 140153
Copyright © 2026 Greenwood 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 flex-style property includes a newly remodeled office and two rear storage buildings. The office floor plan features a waiting area, receptionist office, file room, break room, two offices, a conference room, and two half baths. Behind the office are two separate storage structures, including one with a roll-up door and approximately 1,000 square feet, and a second with two roll-up doors and approximately 1,800 square feet. A large rear laydown yard supports equipment staging and day-to-day workflow for trades and related uses.
The property is located in Greenwood County and is zoned I-1. It sits on approximately 1.33 acres, providing both built space and outdoor area in one tract.
For tenants, owners, or buyers looking for a combined workplace and storage setup, the configuration supports customer-facing office use alongside operational space. The office layout supports reception and meetings, while the rear roll-up storage and laydown yard can accommodate tools, materials, and on-site staging without requiring separate leased space. The two storage buildings also offer flexibility for organizing different categories of inventory or equipment, all within the same fenced-style operational flow implied by the yard and rear improvements.
The property is located in Greenwood County and is zoned I-1. It sits on approximately 1.33 acres, providing both built space and outdoor area in one tract.
For tenants, owners, or buyers looking for a combined workplace and storage setup, the configuration supports customer-facing office use alongside operational space. The office layout supports reception and meetings, while the rear roll-up storage and laydown yard can accommodate tools, materials, and on-site staging without requiring separate leased space. The two storage buildings also offer flexibility for organizing different categories of inventory or equipment, all within the same fenced-style operational flow implied by the yard and rear improvements.
Key Highlights
- Remodeled office with a floor plan including waiting area, receptionist office, file room, break room, two offices, and a conference room
- Two half baths in the office layout
- Rear storage buildings include one 1,000 SF building with a roll‑up door and another 1,800 SF building with two roll‑up doors
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
$27,538
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
7.87%
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%
$550,760
$550.8K
Cap Rate 7%
$393,400
$393.4K
Cap Rate 9%
$305,978
$306.0K
Market Conditions
NOI Build-Up for 4,675 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
$42.1K $9.00/SF
− Vacancy
−$2.7K −$0.59/SF
EGI
$39.3K $8.42/SF
− OpEx
−$11.8K −$2.52/SF
NOI
$27.5K $5.89/SF
Area
Greenwood County, SC
Vacancy
6.50%
Lease Rate
$9.00 /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%
$550,760
Cap Rate 7%
$393,400
Cap Rate 9%
$305,978
Alternative Uses
Best Use
Office B
$1.14M
$997.2K – $1.33M
NOI $79,772 @ 7.0% cap · market cap 22.79%
Second Best
Warehouse
$477.7K
$418.0K – $557.3K
NOI $33,439 @ 7.0% cap · market cap 9.55%
Theoretical Best
Office A
$1.47M
$1.29M – $1.71M
NOI $102,802 @ 7.0% cap · market cap 29.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29649, SC
27,485
Population
11,966
Households
2.3
Avg Household Size
38
Median Age
35%
College-Educated
93%
High-School Grad
53.6 sq mi
ZIP Area
513
Density / Sq Mi
$56,268
Median Household Income
$37,221
Median Earnings
$937
Median Rent
$207,700
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?
Flex space - Remodeled office plus rear storage buildings and a laydown yard for trades and light industrial operations.
Where is this flex space located?
The property is located at 2063 Hwy 72l221 E Greenwood, SC.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Remodeled office with a floor plan including waiting area, receptionist office, file room, break room, two offices, and a conference room; Two half baths in the office layout; Rear storage buildings include one 1,000 SF building with a roll‑up door and another 1,800 SF building with two roll‑up doors
