Renovated Multi-Tenant Office
For Sale
Contact for pricing
506 Pettigru St, Greenville, SC 29601
Renovated office building near downtown Greenville with ample parking.
Property Size3,696 SF
Lot Size0.24 Acres
Price / SF$405.84
Days on Market781
Property Features for 506 Pettigru St
General Information
Standard status
Active
Size
3,696 SF
Class
B
Lot size
0.24 Acres
Property subtype
Office
Zoning
RNX-B
Occupancy
66%
Lease Type
Modified Gross
Investment Type
Owner/User
Building Details
Year Built
1950
Year Renovated
2018
Buildings
1
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
Cardinal Commercial Properties, LLC
Listed By:
Robert Brissie · License #SC 126566
(864) 233-7724
Source:
Crexi
Added: Jul 16, 2024
Changed: Sep 2
Last Checked: Sep 2 at 11:44AM
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 Cardinal Commercial Properties, LLC
Investment Insights
Based on property information with market context.
The property is a renovated multi-tenant office building located at 506 Pettigru St. in Greenville, SC. The building has an area of approximately 3,696 square feet and is situated on a 0.244 acre lot. One office suite is available for lease on the first floor, offering approximately 790 square feet, including 3 offices and a private restroom. The location provides proximity to downtown Greenville, I-385, and Laurens Rd. Ample on-site parking is available.
Key Highlights
- Renovated multi‑tenant office building
- Excellent location near downtown Greenville, I‑385, and Laurens Rd.
- One 790+\/-sf office suite available featuring 3 offices and a private restroom.
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
$56,842
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
3.79%
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%
$1,136,840
$1.1M
Cap Rate 7%
$812,029
$812.0K
Cap Rate 9%
$631,578
$631.6K
Market Conditions
NOI Build-Up for 3,696 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
$85.2K $23.04/SF
− Vacancy
−$9.4K −$2.53/SF
EGI
$75.8K $20.51/SF
− OpEx
−$18.9K −$5.13/SF
NOI
$56.8K $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%
$1,136,840
Cap Rate 7%
$812,029
Cap Rate 9%
$631,578
Alternative Uses
Best Use
Office B
$812.0K
$710.5K – $947.4K
NOI $56,842 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.84M
NOI $110,541 @ 7.0% cap · market cap 7.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,259
Businesses Nearby
Explore this area
Business Placement
Demographics for 29601, SC
13,261
Population
8,067
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
3,157
Density / Sq Mi
$73,321
Median Household Income
$55,727
Median Earnings
$1,406
Median Rent
$583,200
Median Home Value
Market
Vacancy Rate% for Office in Greenville, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Renovated office building near downtown Greenville with ample parking.
Where is this office building located?
The property is located at 506 Pettigru St Greenville, SC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Renovated multi‑tenant office building; Excellent location near downtown Greenville, I‑385, and Laurens Rd.; One 790+\/-sf office suite available featuring 3 offices and a private restroom.
