Medical Office Building with
For Sale
Contact for pricing
1502 E Greenville St, Anderson, SC 29621
4,300 SF medical office with redevelopment potential.
Property Size4,300 SF
Lot Size0.61 Acres
Price / SF$215.12
Days on Market629
Property Features for 1502 E Greenville St
General Information
Standard status
Active
Size
4,300 SF
Class
B
Lot size
0.61 Acres
Property subtype
Office
Building Details
Year Built
1976
Buildings
1
Stories
1
Listing Agency:
McCoy Wright Commercial Real Estate
Listed By:
John Wright, Jr. · License #SC 31893
Source:
Crexi
Added: Nov 19, 2024
Changed: Aug 8
Last Checked: Aug 8 at 11:12AM
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 McCoy Wright Commercial Real Estate
Investment Insights
Based on property information with market context.
Available for sale is a 4,300 square foot medical office building with lab space, situated on a 0.61-acre lot. The property features 150 feet of frontage on East Greenville Street, which experiences a traffic volume of 29,200 vehicles per day, and 170 feet of frontage on McLees Road. The building is in good condition and fully usable. The site also presents a redevelopment opportunity, with an additional parcel located at 1504 East Greenville also available for sale. The property benefits from ingress and egress, including an access road that provides access to the traffic light at the intersection of East Greenville and Cornelia.
Key Highlights
- Prime 0.61 AC lot with redevelopment potential (additional parcel available).
- High traffic location: 150' frontage on E. Greenville Street (29,200 VPD).
- 4,300 SF medical office building with lab space.**
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
$70,785
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
7.65%
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%
$1,415,700
$1.4M
Cap Rate 7%
$1,011,214
$1.0M
Cap Rate 9%
$786,500
$786.5K
Market Conditions
NOI Build-Up for 4,300 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
$110.4K $25.68/SF
− Vacancy
−$16.0K −$3.73/SF
EGI
$94.4K $21.95/SF
− OpEx
−$23.6K −$5.49/SF
NOI
$70.8K $16.46/SF
Area
Anderson County, SC
Vacancy
14.53%
Lease Rate
$25.68 /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%
$1,415,700
Cap Rate 7%
$1,011,214
Cap Rate 9%
$786,500
Alternative Uses
Best Use
Office B
$1.01M
$884.8K – $1.18M
NOI $70,785 @ 7.0% cap · market cap 7.65%
Second Best
Healthcare Medical
$943.4K
$825.5K – $1.10M
NOI $66,041 @ 7.0% cap · market cap 7.14%
Theoretical Best
Multifamily LT 5
$46.56M
$40.74M – $54.32M
NOI $3,258,981 @ 7.0% cap · market cap 352.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
824
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29621, SC
44,601
Population
18,960
Households
2.4
Avg Household Size
41
Median Age
39%
College-Educated
94%
High-School Grad
87.1 sq mi
ZIP Area
512
Density / Sq Mi
$71,446
Median Household Income
$41,773
Median Earnings
$1,023
Median Rent
$252,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hendricks Veterinary Hospital LLC — 1802 E Greenville St, Anderson, SC 29621
Frequently Asked Questions
What type of property is this?
Medical Office Space - 4,300 SF medical office with redevelopment potential.
Where is this medical office space located?
The property is located at 1502 E Greenville St Anderson, SC.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Prime 0.61 AC lot with redevelopment potential (additional parcel available).; High traffic location: **150' frontage on E. Greenville Street (29,200 VPD).**; 4,300 SF medical office building with lab space.**
