Former Bank with Service
For Sale
$668,900
802 NE By Pass 25, Greenwood, SC 29646
Former bank building with office space and a rear heated and cooled service area currently used for motorcycle repair.
Property Size5,252 SF
Lot Size3.42 Acres
Price / SF$127.36
Days on Market138
Property Features for 802 NE By Pass 25
General Information
Standard status
Active
Size
5,252 SF
Lot size
3.42 Acres
Zoning
I-1
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1974
Construction
steel and masonry
Listing Agency:
McClendon Realty LLC
Listed By:
David Walsh · License #140410
(864) 720-4146
Source:
Adamtaylorteam
Added: Apr 24
Changed: Sep 8
Last Checked: Sep 8 at 7:37AM
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 McClendon Realty LLC
Investment Insights
Based on property information with market context.
The offering includes a former bank building with steel and masonry construction. The building contains numerous offices, four bathrooms, and a rear heated and cooled service area currently used as a motorcycle repair shop.
The property is located on the NE corner of By-Pass 25 NE and Commerce Cir, just north of Emerald Rd, with approximately 440 feet of road frontage. The site sits just outside the city limits for lower property taxes.
The sale comprises two contiguous lots totaling 3.42 acres, zoned I-1. The owner-occupied property will convey vacant, and plat maps and zoning information are available under the document tab; please arrange an appointment with the listing agent prior to entry.
The property is located on the NE corner of By-Pass 25 NE and Commerce Cir, just north of Emerald Rd, with approximately 440 feet of road frontage. The site sits just outside the city limits for lower property taxes.
The sale comprises two contiguous lots totaling 3.42 acres, zoned I-1. The owner-occupied property will convey vacant, and plat maps and zoning information are available under the document tab; please arrange an appointment with the listing agent prior to entry.
Key Highlights
- Former bank building (1974) with steel and masonry construction on 3.42 acres
- Two contiguous lots zoned I‑1 with approximately 440' of road frontage on By‑Pass 25 NE and Commerce Cir
- Building includes numerous offices, four bathrooms, and a rear heated and cooled service area used for motorcycle repair
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
$30,937
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
4.63%
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%
$618,740
$618.7K
Cap Rate 7%
$441,957
$442.0K
Cap Rate 9%
$343,744
$343.7K
Market Conditions
NOI Build-Up for 5,252 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
$47.3K $9.00/SF
− Vacancy
−$3.1K −$0.59/SF
EGI
$44.2K $8.42/SF
− OpEx
−$13.3K −$2.52/SF
NOI
$30.9K $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%
$618,740
Cap Rate 7%
$441,957
Cap Rate 9%
$343,744
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.49M
NOI $89,617 @ 7.0% cap · market cap 13.40%
Second Best
Industrial
$442.0K
$386.7K – $515.6K
NOI $30,937 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,490 @ 7.0% cap · market cap 17.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Former bank building with office space and a rear heated and cooled service area currently used for motorcycle repair.
Where is this office building located?
The property is located at 802 NE By Pass 25 Greenwood, SC.
What is the asking price?
The asking price for this property is $668,900.
What are key features of this property?
This property features: Former bank building (1974) with steel and masonry construction on 3.42 acres; Two contiguous lots zoned I‑1 with approximately 440' of road frontage on By‑Pass 25 NE and Commerce Cir; Building includes numerous offices, four bathrooms, and a rear heated and cooled service area used for motorcycle repair
