Downtown Greenville Investment
For Sale
Contact for pricing
120 Broadus Ave, Greenville, SC 29601
Excellent investment property in Downtown Greenville with redevelopment potential.
Property Size20,000 SF
Price / SF$350
Days on Market677
Property Features for 120 Broadus Ave
General Information
Standard status
Active
Size
20,000 SF
Property subtype
Office
Investment Type
Institutional
Net Operating Income
$420,277
Building Details
Stories
2
Listing Agency:
Spencer/Hines Properties
Listed By:
Zach Hines · License #SC 58750
(864) 918-9944
Source:
Crexi
Added: Oct 28, 2024
Changed: Aug 31
Last Checked: Sep 2 at 4:43PM
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.
This commercial property, located in the Pettigru District of Downtown Greenville, presents an investment opportunity with potential for future redevelopment. The site's elevation offers mountain views and easy access from I-385. It is located minutes from Main Street, restaurants, and shops. The property is zoned RNX – B by the City of Greenville. The property features approximately 20,000 square feet of space. Tenant 1 occupies approximately 15,000 square feet and is ABS Kids, with a new 10-year lease commencing on March 1, 2025. New Landlord and Tenant Improvements exceed $650,000. Tenant 2 occupies approximately 5,000 square feet and is American Leprosy Missions, Inc., currently on their third renewal option. The property has ample surface parking onsite. The Net Operating Income (NOI) is $420,277.50 per year.
Key Highlights
- High Net Operating Income (NOI): $420,277.50/Year
- Desirable underlying real estate with great potential for future redevelopment.
- Brand new 10‑year lease with qualified national tenant (ABS Kids) commencing March 1, 2025, with significant landlord and tenant improvements exceeding $650,000.
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
$307,584
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
4.39%
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%
$6,151,680
$6.2M
Cap Rate 7%
$4,394,057
$4.4M
Cap Rate 9%
$3,417,600
$3.4M
Market Conditions
NOI Build-Up for 20,000 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
$460.8K $23.04/SF
− Vacancy
−$50.7K −$2.53/SF
EGI
$410.1K $20.51/SF
− OpEx
−$102.5K −$5.13/SF
NOI
$307.6K $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%
$6,151,680
Cap Rate 7%
$4,394,057
Cap Rate 9%
$3,417,600
Alternative Uses
Best Use
Office B
$4.39M
$3.84M – $5.13M
NOI $307,584 @ 7.0% cap · market cap 4.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$8.55M
$7.48M – $9.97M
NOI $598,166 @ 7.0% cap · market cap 8.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,373
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Excellent investment property in Downtown Greenville with redevelopment potential.
Where is this office building located?
The property is located at 120 Broadus Ave Greenville, SC.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: High Net Operating Income (NOI): $420,277.50/Year; Desirable underlying real estate with great potential for future redevelopment.; Brand new 10‑year lease with qualified national tenant (ABS Kids) commencing March 1, 2025, with significant landlord and tenant improvements exceeding $650,000.
