Mixed-Use Property with Existing
For Sale
$8,500,000
302 W Washington Street, Greenville, SC 29601
Commercial/Industrial, Greenville, SC
Property Size58,662 SF
Lot Size2.07 Acres
Price / SF$144.90
Days on Market34
Property Features for 302 W Washington Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
075
Standard status
Active
APN
0015.00-01-022.00
Lot size
2.07 Acres
Utilities
Heating system
Forced Air
Water source
Public
Building Details
Flooring type
Tile, Linoleum, Concrete, Carpet
Building materials
Block, Brick
Listing Agency:
Joy Real Estate
(864) 297-3111
Listed By:
Autumn Bishop
(864) 357-9815
Added: Jul 28
Changed: Aug 19
Last Checked: Aug 30 at 1:06AM
MLS# 1599007
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 mixed-use assemblage comprises five contiguous parcels totaling 2.07 acres, with approximately 58,662 square feet of existing improvements. Construction includes block and brick materials, while interior finishes include tile, linoleum, concrete, and carpet. The property is served by public water and heated by a forced-air system. Existing improvements support consideration of office, institutional, warehouse, or adaptive-reuse applications, subject to applicable approvals.
The site occupies a corner position along Academy Street and West Washington Street in Downtown Greenville, with frontage on both streets. Its setting places the property between Heritage Green, the West End, and the North Main corridor. The address is 302 W Washington Street, Greenville, SC 29601.
The site occupies a corner position along Academy Street and West Washington Street in Downtown Greenville, with frontage on both streets. Its setting places the property between Heritage Green, the West End, and the North Main corridor. The address is 302 W Washington Street, Greenville, SC 29601.
Key Highlights
- 2.07‑acre corner assemblage comprising five contiguous parcels
- Approximately 58,662 square feet of existing improvements
- Frontage along Academy Street and West Washington Street
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
$607,152
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
7.14%
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%
$12,143,040
$12.1M
Cap Rate 7%
$8,673,600
$8.7M
Cap Rate 9%
$6,746,133
$6.7M
Market Conditions
NOI Build-Up for 58,662 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
$1.06M $18.00/SF
− Vacancy
−$84.5K −$1.44/SF
EGI
$971.4K $16.56/SF
− OpEx
−$364.3K −$6.21/SF
NOI
$607.2K $10.35/SF
Area
Greenville County, SC
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$12,143,040
Cap Rate 7%
$8,673,600
Cap Rate 9%
$6,746,133
Alternative Uses
Best Use
Mixed Use
$8.67M
$7.59M – $10.12M
NOI $607,152 @ 7.0% cap · market cap 7.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$25.06M
$21.93M – $29.24M
NOI $1,754,480 @ 7.0% cap · market cap 20.64%
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
4,238
Businesses Nearby
Explore this area
Business Placement
Demographics for 29601, SC
13,261
Population
8,067
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
3,157
Density / Sq Mi
$73,321
Median Household Income
$55,727
Median Earnings
$1,406
Median Rent
$583,200
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Five contiguous parcels include block and brick improvements with public water service and forced-air heating.
Where is this mixed-use property located?
The property is located at 302 W Washington Street Greenville, SC.
What is the asking price?
The asking price for this property is $8,500,000.
What are key features of this property?
This property features: 2.07‑acre corner assemblage comprising five contiguous parcels; Approximately 58,662 square feet of existing improvements; Frontage along Academy Street and West Washington Street
