Office/Warehouse with Drive-In
For Sale
$1,900,000
9 Ellwood Ct, Greenville, SC 29607
Office warehouse building with assembly space plus both dock and drive-in access for flexible industrial operations.
Property Size13,171 SF
Lot Size1.20 Acres
Price / SF$144.26
Days on Market48
Property Features for 9 Ellwood Ct
General Information
Standard status
Active
Size
13,171 SF
Class
B
Lot size
1.20 Acres
Property subtype
Office
Zoning
S-1
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
1
Additional Details
Highway Access
Yes
Office Units
8
Building Details
Building Size
13,171 SF
Listing Agency:
Reedy Commercial
(864) 683-7244
Listed By:
Bennett Mahon · License #104450
(864) 683-7244
Source:
Reedycommercial
Added: Jun 25
Changed: Aug 10
Last Checked: Aug 11 at 6:02AM
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 Reedy Commercial
Investment Insights
Based on property information with market context.
9 Ellwood Court is an office/warehouse property offering a combined workspace configuration with warehouse and assembly area alongside dedicated office space. The building includes 10,393 SF of warehouse and assembly area, plus 2,770 SF of office space with eight offices and a conference room. For operational access, the property has one 10’ x 10’ drive-in door and one 10’ x 10’ dock door.
The site sits on approximately 1.2 acres and is zoned S-1. Interstate access is nearby, with I-385 located about 1.6 miles away and I-85 about 2.5 miles away. Downtown Greenville is approximately 8 miles from the property.
This layout is well suited for tenants or buyers needing both back-of-house space for warehousing or light assembly and front-of-house office administration. The combination of office rooms and conference space supports teams that require a dedicated work environment while maintaining practical loading options for day-to-day logistics.
The site sits on approximately 1.2 acres and is zoned S-1. Interstate access is nearby, with I-385 located about 1.6 miles away and I-85 about 2.5 miles away. Downtown Greenville is approximately 8 miles from the property.
This layout is well suited for tenants or buyers needing both back-of-house space for warehousing or light assembly and front-of-house office administration. The combination of office rooms and conference space supports teams that require a dedicated work environment while maintaining practical loading options for day-to-day logistics.
Key Highlights
- 113,171 SF office/warehouse building for lease, including 10,393 SF warehouse and assembly area
- 2,770 SF office space with eight offices and a conference room
- Both loading options: one 10' x 10' drive‑in door and one 10' x 10' dock door
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
$61,632
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
3.24%
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%
$1,232,640
$1.2M
Cap Rate 7%
$880,457
$880.5K
Cap Rate 9%
$684,800
$684.8K
Market Conditions
NOI Build-Up for 13,171 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
$79.2K $6.01/SF
− Vacancy
−$6.6K −$0.50/SF
EGI
$72.5K $5.51/SF
− OpEx
−$10.9K −$0.83/SF
NOI
$61.6K $4.68/SF
Area
Greenville County, SC
Vacancy
8.40%
Lease Rate
$6.01 /SF/Yr
Expense Ratio
15.00%
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%
$1,232,640
Cap Rate 7%
$880,457
Cap Rate 9%
$684,800
Alternative Uses
Best Use
Office B
$2.89M
$2.53M – $3.38M
NOI $202,559 @ 7.0% cap · market cap 10.66%
Second Best
Warehouse
$880.5K
$770.4K – $1.03M
NOI $61,632 @ 7.0% cap · market cap 3.24%
Theoretical Best
Office A
$5.63M
$4.92M – $6.57M
NOI $393,922 @ 7.0% cap · market cap 20.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Dock-high doors
1
Drive-in doors
8
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29607, SC
44,216
Population
22,288
Households
2
Avg Household Size
35
Median Age
50%
College-Educated
94%
High-School Grad
29.0 sq mi
ZIP Area
1,525
Density / Sq Mi
$69,249
Median Household Income
$46,549
Median Earnings
$1,339
Median Rent
$315,100
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?
Flex space - Office warehouse building with assembly space plus both dock and drive-in access for flexible industrial operations.
Where is this flex space located?
The property is located at 9 Ellwood Ct Greenville, SC.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: 113,171 SF office/warehouse building for lease, including 10,393 SF warehouse and assembly area; 2,770 SF office space with eight offices and a conference room; Both loading options: one 10' x 10' drive‑in door and one 10' x 10' dock door
