Modular Office with
For Sale
$299,000
2454 E Hwy 72-221, Greenwood, SC 29649
COMMERCIAL - Greenwood, SC
Property Size1,516 SF
Lot Size3.19 Acres
Price / SF$197.23
Days on Market54
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
break room
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: Aug 4
Last Checked: Sep 1 at 1:06AM
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 sale property includes a modular office and a separate shop building on a 3.19-acre lot. The office is approximately 1,512 square feet and features a reception area, four offices, a break room, and two bathrooms. The shop is approximately 730 square feet and includes two roll-up doors, supported by a paved parking lot with 12 spaces and a handicap entrance.
The property is located on Hwy 72-221 E in Greenwood, SC, with the lot configured to support equipment storage in the yard.
With office space and a roll-up door shop on the same parcel, the site is well suited for service and contractor-style operations that require a functional workspace and on-site parking.
The property is located on Hwy 72-221 E in Greenwood, SC, with the lot configured to support equipment storage in the yard.
With office space and a roll-up door shop on the same parcel, the site is well suited for service and contractor-style operations that require a functional workspace and on-site parking.
Key Highlights
- 2018‑built modular office on a 3.2‑acre lot
- 1,512 SF modular office includes reception, 4 offices, break room, and 2 bathrooms
- 730 SF shop 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
$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
1
Office units
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 - Modular office plus a shop with two roll-up doors on a paved, 12-space lot.
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: 2018‑built modular office on a 3.2‑acre lot; 1,512 SF modular office includes reception, 4 offices, break room, and 2 bathrooms; 730 SF shop with two roll‑up doors
