Retail Opportunity on Pleasantburg
For Sale
Contact for pricing
298 S Pleasantburg Dr, Greenville, SC 29607
Retail space with building and ice machine, high visibility.
Property Size1,600 SF
Lot Size0.41 Acres
Price / SF$374.38
Days on Market1089
Property Features for 298 S Pleasantburg Dr
General Information
Standard status
Active
Size
1,600 SF
Lot size
0.41 Acres
Property subtype
Retail
Investment Type
Redevelopment
Building Details
Buildings
1
Listing Agency:
Spencer/Hines Properties
(864) 918-9944
Listed By:
Zach Hines · License #SC 58750
Source:
Crexi
Added: Sep 6, 2023
Changed: Aug 19
Last Checked: Aug 29 at 10:46AM
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 Spencer/Hines Properties
Investment Insights
Based on property information with market context.
For sale is a property featuring approximately 0.41 acres with an existing building of approximately 1,600 square feet. An ice machine is also located on the premises. The property benefits from a signalized corner location, providing easy access and excellent visibility, along with approximately 125 feet of frontage on S. Pleasantburg Drive. The ice machine generates an income of $3,600 per year with a lease in place, which can be terminated. The property is zoned C-3 within the City of Greenville. The Tax Map number is 0266000101106.
Key Highlights
- Signalized corner location with easy access and excellent visibility.
- Large ±0.41 acre lot with a ±1,600 SF building.
- Zoned C‑3, City of Greenville.
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
$23,710
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
3.96%
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%
$474,200
$474.2K
Cap Rate 7%
$338,714
$338.7K
Cap Rate 9%
$263,444
$263.4K
Market Conditions
NOI Build-Up for 1,600 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
$35.1K $21.96/SF
− Vacancy
−$1.3K −$0.79/SF
EGI
$33.9K $21.17/SF
− OpEx
−$10.2K −$6.35/SF
NOI
$23.7K $14.82/SF
Area
Greenville County, SC
Vacancy
3.60%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$474,200
Cap Rate 7%
$338,714
Cap Rate 9%
$263,444
Alternative Uses
Best Use
Retail
$338.7K
$296.4K – $395.2K
NOI $23,710 @ 7.0% cap · market cap 3.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$683.6K
$598.2K – $797.6K
NOI $47,853 @ 7.0% cap · market cap 7.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
992
Businesses Nearby
143k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 43%
Shops & Services 35%
Dining 20%
Home Improvements & Furnishings 2%
Publix
Groceries
37,889 visits/mo
0.2 miles
The Fresh Market
Groceries
23,242 visits/mo
0.5 miles
Spinx
Shops & Services
17,551 visits/mo
0.4 miles
Burger King
Dining
8,109 visits/mo
0.2 miles
Smoothie King
Dining
6,435 visits/mo
0.4 miles
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 Retail in Greenville, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail space with building and ice machine, high visibility.
Where is this retail space located?
The property is located at 298 S Pleasantburg Dr Greenville, SC.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Signalized corner location with easy access and excellent visibility.; Large ±0.41 acre lot with a ±1,600 SF building.; Zoned C‑3, City of Greenville.
