Historic Restaurant Space in
For Sale
$2,250,000
116 Orr Street, Anderson, SC 29625
Turnkey restaurant in historic downtown Anderson with outdoor dining.
Property Size5,000 SF
Price / SF$450
Days on Market544
Property Features for 116 Orr Street
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$4,098
Amenities
Gas, Heat Pump, A/C - Zone
3
Concrete, Wood, Brick
Refrigerator
Wood Shingle, Concrete, Shingle, Composition Shingle
Level
0.3799999952316284
Landscaped. In City, City Road, Level.
Building Details
Year Built
1930
Stories
1
Listing Agency:
Carithers Real Estate, Inc.
(864) 934-2535
Listed By:
Carithers Real Estate · License #83730
(864) 934-2535
Source:
Xome
Added: Mar 4, 2025
Changed: Aug 25
Last Checked: Aug 29 at 6:14AM
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 Carithers Real Estate, Inc.
Investment Insights
Based on property information with market context.
This 5,000-square-foot restaurant space, formerly a car dealership since 1930, is located in historic downtown Anderson. The renovated full-service restaurant is turnkey and ready for occupancy. It features triple access from Murray Ave, Main St, and Orr St, with four city parking lots available for customer convenience. The property includes a spacious covered outdoor dining area and private parking. The property is positioned to benefit from ongoing city center development and rising real estate values.
Key Highlights
- Prime real estate in historic downtown Anderson, experiencing increased property values due to city center development.
- Turnkey, fully renovated 5,000 sq ft restaurant space ready for immediate occupancy.
- Triple access points from Murray Ave, Main St, and Orr St.
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
$65,070
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
2.89%
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%
$1,301,400
$1.3M
Cap Rate 7%
$929,571
$929.6K
Cap Rate 9%
$723,000
$723.0K
Market Conditions
NOI Build-Up for 5,000 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
$90.0K $18.00/SF
− Vacancy
−$3.2K −$0.65/SF
EGI
$86.8K $17.35/SF
− OpEx
−$21.7K −$4.34/SF
NOI
$65.1K $13.01/SF
Area
Anderson County, SC
Vacancy
3.60%
Lease Rate
$18.00 /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%
$1,301,400
Cap Rate 7%
$929,571
Cap Rate 9%
$723,000
Alternative Uses
Best Use
Specialty Retail
$929.6K
$813.4K – $1.08M
NOI $65,070 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$54.14M
$47.37M – $63.16M
NOI $3,789,513 @ 7.0% cap · market cap 168.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,459
Businesses Nearby
Explore this area
Business Placement
Demographics for 29625, SC
28,521
Population
13,716
Households
2.1
Avg Household Size
42
Median Age
23%
College-Educated
89%
High-School Grad
46.9 sq mi
ZIP Area
608
Density / Sq Mi
$58,746
Median Household Income
$36,120
Median Earnings
$1,015
Median Rent
$210,100
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Turn key restaurant - Turnkey restaurant in historic downtown Anderson with outdoor dining.
Where is this turn key restaurant located?
The property is located at 116 Orr Street Anderson, SC.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Prime real estate in historic downtown Anderson, experiencing increased property values due to city center development.; Turnkey, **fully renovated 5,000 sq ft restaurant space ready for immediate occupancy.**; Triple access points from Murray Ave, Main St, and Orr St.
