Renovated Restaurant with Outdoor
For Sale
$2,250,000
116 W Orr Street, Anderson, SC 29625
CommercialSale, Anderson, SC
Property Size5,000 SF
Lot Size0.38 Acres
Price / SF$450
Days on Market454
Property Features for 116 W Orr Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Security features
Security
Exterior features
Fence, Landscaping
Fencing
Fenced
Appliances
Refrigerator, WaterHeater
Lot features
City Lot, Level
Directions
South on Main Street into downtown Anderson, turn right on West Orr St., Building is on the right.
Subdivision
110-Anderson County, SC
Standard status
Active
APN
123-29-02-004
Lot size
0.38 Acres
Taxes and HOA fees
Tax Annual Amount
4098
Utilities
Heating system
Natural Gas
Cooling system
Zoned, Heat Pump
Building Details
Year built
1930
Floors in Building
1
Flooring type
Concrete, Wood
Building materials
Brick, Concrete
Roof type
Shingle
Listing Agency:
Carithers Real Estate
(864) 224-7901
Listed By:
John Benca · License #83730
(864) 934-2535
Added: Jun 3, 2025
Changed: Aug 21
Last Checked: Aug 30 at 3:06AM
MLS# 20288414
Copyright © 2026 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.
Investment Insights
Based on property information with market context.
Built in 1930, this 5,000-square-foot restaurant occupies a renovated brick building with concrete and wood flooring. The interior includes a refrigerator and water heater, while zoned cooling and heat-pump systems support the space. Natural-gas heating is also installed.
The property includes a spacious covered outdoor dining area, fenced grounds, landscaping, and private parking. Access is available from Murray Avenue, Main Street, and Orr Street, with four city parking lots nearby for customer use. The restaurant is located at 116 W Orr Street in downtown Anderson, South Carolina, on a 0.38-acre lot.
The property includes a spacious covered outdoor dining area, fenced grounds, landscaping, and private parking. Access is available from Murray Avenue, Main Street, and Orr Street, with four city parking lots nearby for customer use. The restaurant is located at 116 W Orr Street in downtown Anderson, South Carolina, on a 0.38-acre lot.
Key Highlights
- 5,000‑square‑foot restaurant building constructed in 1930
- Renovated restaurant space with covered outdoor dining area
- Three‑way access 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
$101,220
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
4.50%
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%
$2,024,400
$2.0M
Cap Rate 7%
$1,446,000
$1.4M
Cap Rate 9%
$1,124,667
$1.1M
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
$150.0K $30.00/SF
− Vacancy
−$5.4K −$1.08/SF
EGI
$144.6K $28.92/SF
− OpEx
−$43.4K −$8.68/SF
NOI
$101.2K $20.24/SF
Area
Anderson County, SC
Vacancy
3.60%
Lease Rate
$30.00 /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%
$2,024,400
Cap Rate 7%
$1,446,000
Cap Rate 9%
$1,124,667
Alternative Uses
Best Use
Retail
$1.45M
$1.27M – $1.69M
NOI $101,220 @ 7.0% cap · market cap 4.50%
Second Best
Specialty Retail
$929.6K
$813.4K – $1.08M
NOI $65,070 @ 7.0% cap · market cap 2.89%
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
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,459
Businesses Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic brick restaurant with covered exterior seating, fenced grounds, and access from three downtown streets.
Where is this conventional restaurant located?
The property is located at 116 W 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: 5,000‑square‑foot restaurant building constructed in 1930; Renovated restaurant space with covered outdoor dining area; Three‑way access from Murray Ave, Main St, and Orr St.
