Updated Office Space For
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310 Mills Ave, Greenville, SC
Move-in ready office space near downtown Greenville.
Property Size3,500 SF
Lot Size0.20 Acres
Price / SF$235.71
Days on Market408
Property Features for 310 Mills Ave
General Information
Standard status
Active
Size
3,500 SF
Lot size
0.20 Acres
Property subtype
OFFICE
Listing Agency:
Trinity Partners | Greenville
(864) 326-5952
Listed By:
Edward Wilson · License #81471
(803) 528-3574
Source:
Moodyscre
Added: Aug 4, 2025
Changed: Jul 10
Last Checked: Sep 14 at 6:46AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Trinity Partners | Greenville
Investment Insights
Based on property information with market context.
This updated office space is move-in ready and suitable for general office use, professional services, or medical-adjacent users. The property has been recently updated with new paint, carpet, and luxury vinyl plank flooring. It is ideal for an owner/occupant or an investor seeking a stabilized location near downtown without the overhead of being in the city center. Ample on-site surface parking is available, with a ratio of approximately 4.6 spaces per 1,000 square feet. The property is separately metered for water and power. The property size is 3,500 square feet and is located in Greenville, SC.
Key Highlights
- Move‑in ready condition with recent updates including paint, carpet, and LVP flooring.
- Ample on‑site surface parking (± 4.6/1,000 SF).
- Ideal for owner/occupant or investor.
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
$53,827
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
6.52%
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%
$1,076,540
$1.1M
Cap Rate 7%
$768,957
$769.0K
Cap Rate 9%
$598,078
$598.1K
Market Conditions
NOI Build-Up for 3,500 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
$80.6K $23.04/SF
− Vacancy
−$8.9K −$2.53/SF
EGI
$71.8K $20.51/SF
− OpEx
−$17.9K −$5.13/SF
NOI
$53.8K $15.38/SF
Area
Greenville County, SC
Vacancy
11.00%
Lease Rate
$23.04 /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%
$1,076,540
Cap Rate 7%
$768,957
Cap Rate 9%
$598,078
Alternative Uses
Best Use
Office B
$769.0K
$672.8K – $897.1K
NOI $53,827 @ 7.0% cap · market cap 6.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.74M
NOI $104,679 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Market
Vacancy Rate% for Office in Greenville, SC
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Frequently Asked Questions
What type of property is this?
Office units - Move-in ready office space near downtown Greenville.
Where is this office units located?
The property is located at 310 Mills Ave Greenville, SC.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Move‑in ready condition with recent updates including paint, carpet, and LVP flooring.; Ample on‑site surface parking (± 4.6/1,000 SF).; Ideal for owner/occupant or investor.
