Steel-Masonry Flex
For Sale
$525,000
Pending
4 South Washington Avenue, Greenville, SC 29611
1950s steel and masonry building with flexible workspace on a fenced lot, zoned C-2.
Property Size4,000 SF
Lot Size0.28 Acres
Days on Market426
Property Features for 4 South Washington Avenue
General Information
Standard status
Pending
Size
4,000 SF
Lot size
0.28 Acres
Property subtype
Commercial/Industrial / Commercial
Zoning
C-2 (Highway Commercial)
Site & Location
Traffic Count
16,300 vehicles/day
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$2,470
Amenities
Oil
Wood Deck
Building Details
Construction
steel/masonry
Listing Agency:
BHHS C Dan Joyner - CBD
(864) 678-5333
Listed By:
Matthew Carter
Source:
Compass
Added: Jun 30, 2025
Changed: Aug 25
Last Checked: Aug 29 at 4:05PM
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 BHHS C Dan Joyner - CBD
Investment Insights
Based on property information with market context.
This 1950s steel and masonry flex/industrial building offers adaptable space on a fenced lot. The property is listed as approximately 4,000 square feet and sits on about 0.28 acres, with an additional property possibly available as noted in the remarks.
Located at 4 S Washington Ave in Greenville, SC, the site benefits from nearby commercial and institutional destinations, including St. Francis downtown, Judson Mill, Prisma Health Greenville Memorial, and Harbor Freight. A traffic count of 16,300 vehicles per day (GCGIS 2022) is reported, and the drive to Main Street in Downtown Greenville is described as approximately 2.3 miles.
The property is zoned C-2 (Hwy Commercial, Greenville County), supporting a range of commercial uses consistent with that zoning classification.
Located at 4 S Washington Ave in Greenville, SC, the site benefits from nearby commercial and institutional destinations, including St. Francis downtown, Judson Mill, Prisma Health Greenville Memorial, and Harbor Freight. A traffic count of 16,300 vehicles per day (GCGIS 2022) is reported, and the drive to Main Street in Downtown Greenville is described as approximately 2.3 miles.
The property is zoned C-2 (Hwy Commercial, Greenville County), supporting a range of commercial uses consistent with that zoning classification.
Key Highlights
- 1950s steel and masonry building with flexible workspace on a fenced .28 ac lot
- Approx. 4,000 SF +/- building size
- Zoned C‑2 (Hwy Commercial, Greenville County)
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
$15,414
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
2.94%
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%
$308,280
$308.3K
Cap Rate 7%
$220,200
$220.2K
Cap Rate 9%
$171,267
$171.3K
Market Conditions
NOI Build-Up for 4,000 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
$24.0K $6.01/SF
− Vacancy
−$2.0K −$0.50/SF
EGI
$22.0K $5.51/SF
− OpEx
−$6.6K −$1.65/SF
NOI
$15.4K $3.85/SF
Area
Greenville County, SC
Vacancy
8.40%
Lease Rate
$6.01 /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%
$308,280
Cap Rate 7%
$220,200
Cap Rate 9%
$171,267
Alternative Uses
Best Use
Industrial
$220.2K
$192.7K – $256.9K
NOI $15,414 @ 7.0% cap · market cap 2.94%
Second Best
Flex RnD
$204.1K
$178.6K – $238.2K
NOI $14,290 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$1.71M
$1.50M – $1.99M
NOI $119,633 @ 7.0% cap · market cap 22.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16,300 VPD
Traffic count
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
285
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29611, SC
32,413
Population
14,620
Households
2.2
Avg Household Size
36
Median Age
19%
College-Educated
78%
High-School Grad
23.9 sq mi
ZIP Area
1,356
Density / Sq Mi
$47,046
Median Household Income
$32,272
Median Earnings
$1,092
Median Rent
$163,600
Median Home Value
Market
Vacancy Rate% for Industrial in Greenville, SC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- High Spirits Hospitality — 701 Easley Bridge Rd, Greenville, SC 29611
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Frequently Asked Questions
What type of property is this?
Flex space - 1950s steel and masonry building with flexible workspace on a fenced lot, zoned C-2.
Where is this flex space located?
The property is located at 4 South Washington Avenue Greenville, SC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 1950s steel and masonry building with flexible workspace on a fenced .28 ac lot; Approx. 4,000 SF +/- building size; Zoned C‑2 (Hwy Commercial, Greenville County)
