Automotive Property with Two-Bay
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For Sale
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118 Rainbow Lake Road, Boiling Springs, SC 29316
Office component includes private offices, reception areas, kitchen, and separate public restrooms.
Property Size1,440 SF
Price / SF$868.06
Days on Market6
Property Features for 118 Rainbow Lake Road
General Information
Standard status
Active
Size
1,440 SF
Property subtype
Special Purpose
Listing Agency:
CENTURY 21 Blackwell & Co. Realty, Inc.
(864) 596-0400
Listed By:
Mitzi Kirsch · License #SC
Source:
Crexi
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 1:50PM
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 CENTURY 21 Blackwell & Co. Realty, Inc.
Investment Insights
Based on property information with market context.
This automotive property at 118 Rainbow Lake Road includes a 1,440-square-foot front office and a two-bay garage. The office layout provides six private offices, reception areas, a kitchen, and separate public restrooms, with LVP flooring throughout the office area. Public parking is also provided.
The property occupies approximately 0.76 acres in Boiling Springs, South Carolina, and was built in 2018. It is currently operating as a car lot, with improvements that also accommodate automotive service, office, or combined commercial operations.
The property occupies approximately 0.76 acres in Boiling Springs, South Carolina, and was built in 2018. It is currently operating as a car lot, with improvements that also accommodate automotive service, office, or combined commercial operations.
Key Highlights
- Two‑bay garage supports automotive operations
- 1,440‑square‑foot property built in 2018
- Approximately 0.76 acres in Boiling Springs
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
$64,444
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
5.16%
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%
$1,288,880
$1.3M
Cap Rate 7%
$920,629
$920.6K
Cap Rate 9%
$716,044
$716.0K
Market Conditions
NOI Build-Up for 1,440 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
$102.0K $70.80/SF
− Vacancy
−$9.9K −$6.87/SF
EGI
$92.1K $63.93/SF
− OpEx
−$27.6K −$19.18/SF
NOI
$64.4K $44.75/SF
Area
Spartanburg County, SC
Vacancy
9.70%
Lease Rate
$70.80 /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%
$1,288,880
Cap Rate 7%
$920,629
Cap Rate 9%
$716,044
Alternative Uses
Best Use
Industrial
$920.6K
$805.6K – $1.07M
NOI $64,444 @ 7.0% cap · market cap 5.16%
Second Best
Retail
$236.6K
$207.1K – $276.1K
NOI $16,565 @ 7.0% cap · market cap 1.33%
Theoretical Best
Warehouse
$1.12M
$978.2K – $1.30M
NOI $78,253 @ 7.0% cap · market cap 6.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
452
Businesses Nearby
596k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 33%
Superstores 32%
Shops & Services 17%
Home Improvements & Furnishings 8%
Walmart
Superstores
105,866 visits/mo
0.3 miles
Target
Superstores
83,687 visits/mo
0.3 miles
Chick-fil-A
Dining
40,882 visits/mo
0.0 miles
Lowe's
Home Improvements & Furnishings
39,562 visits/mo
0.3 miles
QuikTrip
Shops & Services
29,424 visits/mo
0.3 miles
Demographics for 29316, SC
29,459
Population
12,202
Households
2.4
Avg Household Size
36
Median Age
26%
College-Educated
93%
High-School Grad
21.8 sq mi
ZIP Area
1,351
Density / Sq Mi
$75,808
Median Household Income
$44,015
Median Earnings
$1,133
Median Rent
$227,700
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?
Automotive property - Office component includes private offices, reception areas, kitchen, and separate public restrooms.
Where is this automotive property located?
The property is located at 118 Rainbow Lake Road Boiling Springs, SC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two‑bay garage supports automotive operations; 1,440‑square‑foot property built in 2018; Approximately 0.76 acres in Boiling Springs
