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    The Largest CRE Database in the US with Over 1 Million Listings

    994 Us 123 Hwy, Unit GROUND-LEASE Seneca, SC 29678

    View on Map
    Sponsored
    For Lease
    $72,000

    COMMERCIAL - Seneca, SC

    Lot size:
    1.45 Acres
    Days on Market:
    172
    Last Refresh:
    Mar 20 at 2:06 pm

    Property Features for 994 Us 123 Hwy

    General Information

    Property type
    Commercial Lease
    Property subtype
    Other
    Standard status
    Active
    APN
    520-15-04-023
    Lot size
    1.45 Acres

    We can help!

    Listing Contact
    Adrienne Hennes

    RE/MAX Realty Professionals

    Listing agent Adrienne Hennes License #13470

    Listing date Sep 30, 2025

    MLS# 20257277

    Copyright © 2025 Western Upstate Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Commercial Land on US Highway

    This 1.45-acre commercial land, consisting of two lots, is located across from Harbor Freight on US By Pass 123 in Seneca, SC. The property is suitable for a plaza building, restaurant, retail space, office, and other commercial uses. A ground lease opportunity is available for build-to-suit national accounts. The lease is for 20 years with 8% increases. The first 5 years are at $6000 per month, the second 5 years at $6480 per month, the third 5 years at $6,998 per month, and the fourth 5 years at $7558. The DOT R/W has been purchased down to US Highway 123. The property consists of two map numbers, allowing for the application of two curb cuts. The listing price of $72,000 represents the first year's rent at $6000 per month. The 1.45 acreage is also offered for sale at $985,000, or the 0.84-acre lot to the right is offered for sale at $590,000. The location benefits from the highest traffic count in Seneca.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Seneca
    County
    Oconee
    State
    South Carolina
    Longitude
    -82.974468
    Latitude
    34.693635

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    FAQs

    What type of property is this?
    Commercial land - 1.45 acre commercial land for ground lease in Seneca, SC.
    Where is this commercial land located?
    The property is located at 994 Us 123 Hwy, Unit GROUND-LEASE Seneca, SC.
    What is the lease rate?
    The lease rate is $72,000.
    What are key features of this property?
    This property features: - Premium location across from Harbor Freight on US By Pass 123 with high traffic count.; - Ground lease opportunity with build-to-suit option for national accounts.; - 1.45 acres consisting of 2 lots suitable for various commercial purposes.
    (864) 241-8200
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    994 Us 123 Hwy, Unit GROUND-LEASE Seneca, SC 29678
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    We can help!
    Listing Contact
    Adrienne Hennes
    Real Estate License ID: 13470
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