Flex Space 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 Market68
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
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 14
Last Checked: Sep 15 at 8:06AM
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 I-1-zoned flex property includes a 1,512-square-foot modular office and a 730-square-foot shop with two roll-up doors. The office layout provides a reception area, four offices, a break room, and two bathrooms. A handicap entrance is installed, and the paved parking lot accommodates 12 spaces.
Built in 2018, the property sits on E Hwy 72-221 in Greenwood, South Carolina. The site also includes a yard described as suitable for storing and handling equipment, adding practical utility for operations requiring both enclosed workspace and outdoor staging.
Built in 2018, the property sits on E Hwy 72-221 in Greenwood, South Carolina. The site also includes a yard described as suitable for storing and handling equipment, adding practical utility for operations requiring both enclosed workspace and outdoor staging.
Key Highlights
- 1,512‑square‑foot modular office with reception area, 4 offices, break room, and 2 bathrooms
- 730‑square‑foot shop equipped with 2 roll‑up doors
- I‑1 zoning
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
$8,930
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
2.99%
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%
$178,600
$178.6K
Cap Rate 7%
$127,571
$127.6K
Cap Rate 9%
$99,222
$99.2K
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
$13.6K $9.00/SF
− Vacancy
−$887 −$0.59/SF
EGI
$12.8K $8.42/SF
− OpEx
−$3.8K −$2.52/SF
NOI
$8.9K $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%
$178,600
Cap Rate 7%
$127,571
Cap Rate 9%
$99,222
Alternative Uses
Best Use
Industrial
$127.6K
$111.6K – $148.8K
NOI $8,930 @ 7.0% cap · market cap 2.99%
Second Best
Flex RnD
$68.7K
$60.1K – $80.2K
NOI $4,809 @ 7.0% cap · market cap 1.61%
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 Industrial 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 flex property combines office space, a shop, and a paved parking area with an accessible entrance.
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: 1,512‑square‑foot modular office with reception area, 4 offices, break room, and 2 bathrooms; 730‑square‑foot shop equipped with 2 roll‑up doors; I‑1 zoning
