Versatile Commercial Property Near
For Sale
$379,000
4204 Greenville Highway, Brevard, NC 28712
3.24-acre commercial property with office, warehouse, and workshop spaces.
Property Size3,200 SF
Lot Size3.24 Acres
Price / SF$118.44
Days on Market113
Property Features for 4204 Greenville Highway
General Information
Standard status
Active
Size
3,200 SF
Lot size
3.24 Acres
Property subtype
Commercial
Amenities
Central air
Metal Roof
Carpet Flooring
Central Air Cooling
Concrete Flooring
Private
Tile Flooring
Wooded
Building Details
Year Built
1999
Listing Agency:
RE/MAX LAND OF THE WATERFALLS
(828) 884-7653
Listed By:
BILLY JOE MCCOY · License #262548
Source:
Corcoran
Added: May 11
Changed: Aug 28
Last Checked: Aug 30 at 5:09PM
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 RE/MAX LAND OF THE WATERFALLS
Investment Insights
Based on property information with market context.
This commercial property, situated on 3.24 acres, features a 3,200 square foot building suitable for various business operations. The building includes three private offices, a conference room, warehouse space with loading dock access, and a full bathroom. A separate workshop provides additional space for storage, equipment, or specialized work areas. Recent improvements include a newly paved entrance, paved parking areas, and new retaining walls. Currently used as a custom builder's office and storage facility, the property offers a flexible layout for office, distribution, light industrial, or service-based operations. The property is located minutes from downtown Brevard.
Key Highlights
- 3.24 acre lot in a highly accessible location minutes from downtown Brevard.
- Approximately 3,200 sq ft building with versatile layout suitable for office, distribution, light industrial, or service‑based operations.
- Warehouse space with loading dock access.
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
$18,910
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
4.99%
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%
$378,200
$378.2K
Cap Rate 7%
$270,143
$270.1K
Cap Rate 9%
$210,111
$210.1K
Market Conditions
NOI Build-Up for 3,200 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
$28.8K $9.00/SF
− Vacancy
−$1.8K −$0.56/SF
EGI
$27.0K $8.44/SF
− OpEx
−$8.1K −$2.53/SF
NOI
$18.9K $5.91/SF
Area
Transylvania County, NC
Vacancy
6.20%
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%
$378,200
Cap Rate 7%
$270,143
Cap Rate 9%
$210,111
Alternative Uses
Best Use
Flex RnD
$556.3K
$486.7K – $649.0K
NOI $38,938 @ 7.0% cap · market cap 10.27%
Second Best
Industrial
$270.1K
$236.4K – $315.2K
NOI $18,910 @ 7.0% cap · market cap 4.99%
Theoretical Best
Office A
$942.4K
$824.6K – $1.10M
NOI $65,971 @ 7.0% cap · market cap 17.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
20
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 28712, NC
18,928
Population
10,714
Households
1.8
Avg Household Size
52
Median Age
40%
College-Educated
94%
High-School Grad
116.2 sq mi
ZIP Area
163
Density / Sq Mi
$61,560
Median Household Income
$34,583
Median Earnings
$939
Median Rent
$372,900
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 - 3.24-acre commercial property with office, warehouse, and workshop spaces.
Where is this flex space located?
The property is located at 4204 Greenville Highway Brevard, NC.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: 3.24 acre lot in a highly accessible location minutes from downtown Brevard.; Approximately 3,200 sq ft building with versatile layout suitable for office, distribution, light industrial, or service‑based operations.; Warehouse space with loading dock access.
