Flex Property with Equipment
For Sale
$299,000
2454 E Hwy 72-221, Greenwood, SC 29649
Commercial Sale, Greenwood, SC
Property Size1,516 SF
Lot Size3.19 Acres
Price / SF$197.23
Days on Market56
Property Features for 2454 E Hwy 72-221
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
I-1
Subdivision
NOT IN SUBDIVIS
Standard status
Active
Size
1,516 SF
Lot size
3.19 Acres
Taxes and HOA fees
Tax Annual Amount
3483
Amenities
reception area
offices
break room
bathrooms
handicap entrance
Building Details
Year built
2018
Listing Agency:
RE/MAX ACTION REALTY · RE/MAX International
(864) 942-0021
Listed By:
Bubba Harvin · License #13033
(864) 992-9090
Added: Jul 10
Changed: Sep 2
Last Checked: Sep 3 at 12:06PM
MLS# 140193
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 I-1-zoned flex property includes a modular office, a separate shop with two roll-up doors, a paved parking area, and a large equipment yard. The office layout provides a reception area, four offices, a break room, and two bathrooms. A handicap entrance is installed, supporting accessible entry to the office component.
The property encompasses 3.19 acres along E Hwy 72-221 in Greenwood, South Carolina. The paved parking lot offers 12 spaces, while the open yard provides room for equipment associated with service-trade operations. Built in 2018, the property presents a dedicated combination of office, shop, parking, and outdoor storage areas.
The property encompasses 3.19 acres along E Hwy 72-221 in Greenwood, South Carolina. The paved parking lot offers 12 spaces, while the open yard provides room for equipment associated with service-trade operations. Built in 2018, the property presents a dedicated combination of office, shop, parking, and outdoor storage areas.
Key Highlights
- 3.19‑acre commercial property on E Hwy 72‑221
- I‑1 zoning
- 1,512 sq ft modular office with reception area, 4 offices, break room, and 2 bathrooms
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
$25,868
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
8.65%
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%
$517,360
$517.4K
Cap Rate 7%
$369,543
$369.5K
Cap Rate 9%
$287,422
$287.4K
Market Conditions
NOI Build-Up for 1,516 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
$40.8K $26.88/SF
− Vacancy
−$6.3K −$4.13/SF
EGI
$34.5K $22.75/SF
− OpEx
−$8.6K −$5.69/SF
NOI
$25.9K $17.06/SF
Area
Greenwood County, SC
Vacancy
15.36%
Lease Rate
$26.88 /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%
$517,360
Cap Rate 7%
$369,543
Cap Rate 9%
$287,422
Alternative Uses
Best Use
Office B
$369.5K
$323.4K – $431.1K
NOI $25,868 @ 7.0% cap · market cap 8.65%
Second Best
Industrial
$127.6K
$111.6K – $148.8K
NOI $8,930 @ 7.0% cap · market cap 2.99%
Theoretical Best
Office A
$476.2K
$416.7K – $555.6K
NOI $33,336 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - I-1-zoned commercial property combines office space, a shop, paved parking, and an expansive yard for equipment storage.
Where is this flex space located?
The property is located at 2454 E Hwy 72-221 Greenwood, SC.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: 3.19‑acre commercial property on E Hwy 72‑221; I‑1 zoning; 1,512 sq ft modular office with reception area, 4 offices, break room, and 2 bathrooms
