Renovated Office
For Sale
Contact for pricing
9 East Avenue, Greenville, SC 29601
Updated professional office setting with dedicated parking and refreshed building systems.
Property Size2,000 SF
Price / SF$320
Days on Market134
Property Features for 9 East Avenue
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
10
Property subtype
Office
Zoning
RNX-B
Building Details
Year Built
1940
Year Renovated
2022
Listing Agency:
KDS Caine Commercial Real Estate
Listed By:
Michelle Brett · License #145294
Source:
Crexi
Added: Apr 20
Changed: Aug 30
Last Checked: Aug 30 at 5:46AM
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 KDS Caine Commercial Real Estate
Investment Insights
Based on property information with market context.
This office building contains approximately 2,000 square feet and was originally constructed in 1940. A comprehensive 2022 renovation refreshed the flooring, roof, HVAC, kitchen area, bathrooms, interior paint, and landscaping. The improvements provide a contemporary setting for professional office occupancy while retaining the building’s established character.
The property is positioned just beyond Downtown Greenville within the city’s Legal District. Eight on-site parking spaces support daily use, and RNX-B zoning is identified for the property.
The property is positioned just beyond Downtown Greenville within the city’s Legal District. Eight on-site parking spaces support daily use, and RNX-B zoning is identified for the property.
Key Highlights
- Approximately 2,000 SF office building
- Renovated in 2022 with updated roof, HVAC, flooring, bathrooms, and kitchen area
- Eight on‑site parking spaces
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
$30,758
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
4.81%
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%
$615,160
$615.2K
Cap Rate 7%
$439,400
$439.4K
Cap Rate 9%
$341,756
$341.8K
Market Conditions
NOI Build-Up for 2,000 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
$46.1K $23.04/SF
− Vacancy
−$5.1K −$2.53/SF
EGI
$41.0K $20.51/SF
− OpEx
−$10.3K −$5.13/SF
NOI
$30.8K $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%
$615,160
Cap Rate 7%
$439,400
Cap Rate 9%
$341,756
Alternative Uses
Best Use
Office B
$439.4K
$384.5K – $512.6K
NOI $30,758 @ 7.0% cap · market cap 4.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$854.5K
$747.7K – $997.0K
NOI $59,817 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,461
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 - Updated professional office setting with dedicated parking and refreshed building systems.
Where is this office building located?
The property is located at 9 East Avenue Greenville, SC.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: Approximately 2,000 SF office building; Renovated in 2022 with updated roof, HVAC, flooring, bathrooms, and kitchen area; Eight on‑site parking spaces
