Downtown Greer Two-Story Brick
For Sale
Contact for pricing
118 Victoria St, Greer, SC 29651
Two-story brick building in downtown Greer with retail and office.
Property Size7,700 SF
Price / SF$318.18
Days on Market629
Property Features for 118 Victoria St
General Information
Standard status
Active
Size
7,700 SF
Total Parking Spaces
340
Property subtype
Retail, Office
Zoning
City of Greer GS (Greer Station Downtown)
Building Details
Stories
2
Listing Agency:
Langston Black Real Estate
(864) 848-9070
Listed By:
Chuck Langston · License #SC 17054
Source:
Crexi
Added: Dec 10, 2024
Changed: Aug 21
Last Checked: Aug 30 at 9:15PM
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 Langston Black Real Estate
Investment Insights
Based on property information with market context.
This 7,700+- square foot two-story brick building is located in downtown Greer. The first floor is occupied by a salon. The second floor is divided into four office suites. The property is zoned City of Greer GS (Greer Station Downtown). A parking lot is located behind the building, but it is not included in the sale. The property represents a portion of tax map G020.00-06-002.00.
Key Highlights
- 7,700+- sf two‑story brick building in downtown Greer
- Zoned City of Greer GS (Greer Station Downtown)
- Salon occupies the entire first floor
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
$118,420
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
4.83%
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%
$2,368,400
$2.4M
Cap Rate 7%
$1,691,714
$1.7M
Cap Rate 9%
$1,315,778
$1.3M
Market Conditions
NOI Build-Up for 7,700 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
$177.4K $23.04/SF
− Vacancy
−$19.5K −$2.53/SF
EGI
$157.9K $20.51/SF
− OpEx
−$39.5K −$5.13/SF
NOI
$118.4K $15.38/SF
Area
Greenville County, SC
Vacancy
11.00%
Lease Rate
$23.04 /SF/Yr
Expense Ratio
25.00%
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%
$2,368,400
Cap Rate 7%
$1,691,714
Cap Rate 9%
$1,315,778
Alternative Uses
Best Use
Office B
$1.69M
$1.48M – $1.97M
NOI $118,420 @ 7.0% cap · market cap 4.83%
Second Best
Retail
$1.63M
$1.43M – $1.90M
NOI $114,103 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$3.29M
$2.88M – $3.84M
NOI $230,294 @ 7.0% cap · market cap 9.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
774
Businesses Nearby
Explore this area
Business Placement
Demographics for 29651, SC
50,778
Population
21,738
Households
2.3
Avg Household Size
40
Median Age
34%
College-Educated
91%
High-School Grad
89.6 sq mi
ZIP Area
567
Density / Sq Mi
$80,748
Median Household Income
$47,077
Median Earnings
$1,021
Median Rent
$264,200
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?
Mixed-use property - Two-story brick building in downtown Greer with retail and office.
Where is this mixed-use property located?
The property is located at 118 Victoria St Greer, SC.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: 7,700+- sf two‑story brick building in downtown Greer; Zoned City of Greer GS (Greer Station Downtown); Salon occupies the entire first floor
