Retail Investment
For Sale
Contact for pricing
635 Congaree Rd, Greenville, SC
Fully leased retail property with long-term tenants and growth potential.
Property Size23,532 SF
Lot Size1.49 Acres
Price / SF$237.97
Days on Market287
Property Features for 635 Congaree Rd
General Information
Standard status
Active
Size
23,532 SF
Lot size
1.49 Acres
Property subtype
RETAIL
Listing Agency:
Avison Young | Greenville
(864) 334-4145
Listed By:
James McKay · License #89652
(864) 747-5627
Source:
Moodyscre
Added: Nov 28, 2025
Changed: Aug 12
Last Checked: Sep 11 at 10:12AM
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 Avison Young | Greenville
Investment Insights
Based on property information with market context.
This retail property is fully leased to two long-term tenants, offering an attractive NNN investment opportunity. The building, which was recently renovated in 2025, features excellent road frontage on Congaree Road and I-385. Located in a growth market with increasing demand, the property provides an annual rental growth of 3% on each tenant. The property size is 23532 square feet.
Key Highlights
- Fully leased to two long‑term tenants
- Attractive NNN Investment
- Annual 3% rental growth on each tenant
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
$348,711
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
6.23%
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%
$6,974,220
$7.0M
Cap Rate 7%
$4,981,586
$5.0M
Cap Rate 9%
$3,874,567
$3.9M
Market Conditions
NOI Build-Up for 23,532 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
$516.8K $21.96/SF
− Vacancy
−$18.6K −$0.79/SF
EGI
$498.2K $21.17/SF
− OpEx
−$149.4K −$6.35/SF
NOI
$348.7K $14.82/SF
Area
Greenville County, SC
Vacancy
3.60%
Lease Rate
$21.96 /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%
$6,974,220
Cap Rate 7%
$4,981,586
Cap Rate 9%
$3,874,567
Alternative Uses
Best Use
Retail
$4.98M
$4.36M – $5.81M
NOI $348,711 @ 7.0% cap · market cap 6.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.05M
$8.80M – $11.73M
NOI $703,802 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,565
Businesses Nearby
40k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 66%
Electronics 16%
Shops & Services 8%
Apparel 5%
Steak 'n Shake
Dining
12,233 visits/mo
0.4 miles
McAlister's Deli
Dining
6,499 visits/mo
0.3 miles
Jimmy John's
Dining
4,057 visits/mo
0.5 miles
Verizon
Electronics
3,971 visits/mo
0.4 miles
K&W Cafeteria
Dining
2,869 visits/mo
0.4 miles
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Greenville, SC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Crosspointe Plaza — 824 woods crossing rd, greenville, sc 29607
- Deep Sea Cosmetics — 700 Haywood Rd, Greenville, SC 29607
- Shops By the Mall — 1175 Woods Crossing Rd, Greenville, SC 29607
- The Promenade At Haywood — 765 Haywood Rd, Greenville, SC 29607
- Sunglass Hut at Macy's — 700 Haywood Crossing Dr, Greenville, SC 29607
Frequently Asked Questions
What type of property is this?
Shopping center - Fully leased retail property with long-term tenants and growth potential.
Where is this shopping center located?
The property is located at 635 Congaree Rd Greenville, SC.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: Fully leased to two long‑term tenants; Attractive NNN Investment; Annual 3% rental growth on each tenant
