Building Details

Building Size 1,462 SF

Year Built 1988

Listing Agency: Anderson, SC

Listed By: Patti Cason · License #43562 Show Phone

Source: Kw

Added: Mar 2, 2025 Changed: Oct 26 Last Checked: Oct 26 at 10:13PM

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Investment Insights

Based on property information with market context.

Located in the Ketch Building of Tall Ship Condos within the gated Keowee Key community, this second-floor corner unit offers waterfront living on Lake Keowee. The updated condo features designer touches throughout. The kitchen includes updated cabinets and appliances. The master bedroom has a sliding glass door that opens to a covered balcony overlooking Lake Keowee and a lighted walking trail. The master bath is equipped with both a walk-in shower and a Jacuzzi bathtub. The living room, which merges with the dining room, features a large bay window with lake views and a wood-burning fireplace. The second guest suite also offers water views, with a second full bath nearby. The Ketch building is located near the Leisure Trail and the North Marina complex, which includes an outdoor, saltwater pool. Basement storage, measuring approximately 10 x 10 feet with an outside entrance, is available for storing lake equipment and other items. Keowee Key offers amenities such as two marinas, a walking trail, Bistro, Clubhouse dining, The Vista Room, Event Center, The Lake View Room, an 18-hole golf course, pickleball and tennis courts, a fitness center, and both indoor and outdoor pools.

Key Highlights

• Waterfront condo with lake views in Keowee Key, a gated community on Lake Keowee.
• Updated kitchen and master bath with Jacuzzi tub.**
• Furniture and contents conveyable for immediate move‑in.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$11,983

Cap Rate

3.00%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$239,660 $239.7K

Cap Rate 7%

$171,186 $171.2K

Cap Rate 9%

$133,144 $133.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,462 SF

Gross rent

$23.0K $15.72/SF

− Vacancy

−$1.2K −$0.82/SF

EGI

$21.8K $14.90/SF

− OpEx

−$9.8K −$6.71/SF

NOI

$12.0K $8.20/SF

Area

Oconee County, SC

Vacancy

5.20%

Lease Rate

$15.72 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$239,660

Cap Rate 7%

$171,186

Cap Rate 9%

$133,144

Alternative Uses

Best Use

Apartment 5plus

$171.2K

$149.8K – $199.7K (±1% cap)

NOI $11,983 @ 7.0% cap · market cap 3.00%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$367.0K

$321.1K – $428.2K (±1% cap)

NOI $25,690 @ 7.0% cap · market cap 6.42%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Location Intelligence

Trade Area within ½ mile

25

Businesses Nearby

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Demographics for 29676, SC

5,641

Population

3,657

Households

1.5

Avg Household Size

63

Median Age

50%

College-Educated

89%

High-School Grad

72.1 sq mi

ZIP Area

78

Density / Sq Mi

$92,206

Median Household Income

$47,757

Median Earnings

$935

Median Rent

$403,600

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Apartment building - Updated waterfront condo with lake views and community amenities.

Where is this apartment building located?

The property is located at 499 Tall Ship Drive #233 Salem, SC.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: Waterfront condo with **lake views** in Keowee Key, a gated community on Lake Keowee.; Updated kitchen and master bath with Jacuzzi tub.**; Furniture and contents conveyable for immediate move‑in.