Flex Space with Three
For Sale
$799,900
463 Calhoun, Greenwood, SC 29646
COMMERCIAL - Greenwood, SC
Property Size6,000 SF
Lot Size0.47 Acres
Price / SF$133.32
Days on Market158
Property Features for 463 Calhoun
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
GC
Subdivision
Greenwood 4W
Standard status
Active
Size
6,000 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Annual Amount
15351
Building Details
Year built
1989
Listing Agency:
Dangerfield Properties, LLC
(864) 683-7140
Listed By:
Kay Dangerfield
(864) 683-7140
Added: Mar 17
Changed: Aug 4
Last Checked: Aug 21 at 6:06PM
MLS# 139417
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.
Built in 1989, this 6,000-square-foot flex property is currently arranged as three units: one 3,000-square-foot space and two 1,500-square-foot suites. The layout supports office, retail, and light industrial uses, with zoning designated GC. The property may also be reconfigured into four units.
A recently resurfaced parking lot serves the building and its occupants. The property is located at 463 Calhoun in Greenwood, South Carolina, 29646, within Greenwood County.
A recently resurfaced parking lot serves the building and its occupants. The property is located at 463 Calhoun in Greenwood, South Carolina, 29646, within Greenwood County.
Key Highlights
- 6,000 square feet of flex space
- Current layout includes one 3,000 sq ft unit and two 1,500 sq ft units
- Potential reconfiguration into 4 units
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
$35,343
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
4.42%
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%
$706,860
$706.9K
Cap Rate 7%
$504,900
$504.9K
Cap Rate 9%
$392,700
$392.7K
Market Conditions
NOI Build-Up for 6,000 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
$54.0K $9.00/SF
− Vacancy
−$3.5K −$0.59/SF
EGI
$50.5K $8.42/SF
− OpEx
−$15.1K −$2.52/SF
NOI
$35.3K $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%
$706,860
Cap Rate 7%
$504,900
Cap Rate 9%
$392,700
Alternative Uses
Best Use
Industrial
$504.9K
$441.8K – $589.1K
NOI $35,343 @ 7.0% cap · market cap 4.42%
Second Best
Retail
$395.4K
$345.9K – $461.3K
NOI $27,675 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$1.88M
$1.65M – $2.20M
NOI $131,938 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
820
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29646, SC
26,783
Population
12,316
Households
2.2
Avg Household Size
40
Median Age
20%
College-Educated
84%
High-School Grad
101.4 sq mi
ZIP Area
264
Density / Sq Mi
$41,669
Median Household Income
$37,556
Median Earnings
$818
Median Rent
$130,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Commercial property supports office, retail, and light industrial configurations in Greenwood.
Where is this flex space located?
The property is located at 463 Calhoun Greenwood, SC.
What is the asking price?
The asking price for this property is $799,900.
What are key features of this property?
This property features: 6,000 square feet of flex space; Current layout includes one 3,000 sq ft unit and two 1,500 sq ft units; Potential reconfiguration into 4 units
