Flex Property With
New
For Sale
$1,250,000
118 Rainbow Lake Road, Boiling Springs, SC 29316
COMMERCIAL/INDUSTRIAL, Boiling Springs, SC
Property Size1,440 SF
Lot Size0.76 Acres
Price / SF$868.06
Days on Market5
Property Features for 118 Rainbow Lake Road
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Central Business District
Directions
Highway 9 to Boiling Springs. Right onto Rainbow Lake Road
Subdivision
Boiling Springs
Standard status
Active
Size
1,440 SF
Lot size
0.76 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10861
Utilities
Cooling system
Heat Pump
Water source
Public
Building Details
Flooring type
Concrete
Listing Agency:
Century 21 Blackwell & Co · Century 21 Real Estate
(864) 578-2120
Listed By:
Mitzi Kirsch · License #16500
(864) 591-2121
Added: Aug 24
Last Checked: Aug 28 at 3:06PM
MLS# 340929
Copyright © 2026 Spartanburg Association of REALTORS, Inc. 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.
Located at 118 Rainbow Lake Road in Boiling Springs, this 1,440-square-foot flex property was built in 2018 and is currently operating as a car lot. The front office includes six private offices, reception areas, a kitchen, and separate public restrooms. Concrete flooring and heat-pump cooling serve the office component, while a two-bay garage adds functional automotive space.
The property occupies approximately 0.76 acres and includes public parking and public water service. Its layout supports continued automotive operations, an auto mechanic or service business, office use, or a combination of these functions. The address is in Boiling Springs, SC 29316, within Spartanburg County.
The property occupies approximately 0.76 acres and includes public parking and public water service. Its layout supports continued automotive operations, an auto mechanic or service business, office use, or a combination of these functions. The address is in Boiling Springs, SC 29316, within Spartanburg County.
Key Highlights
- 1,440‑square‑foot flex property on approximately 0.76 acres
- Built in 2018
- Six private offices with reception areas and kitchen
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
Flex RnD
$854.9K
$748.0K – $997.4K
NOI $59,841 @ 7.0% cap · market cap 4.79%
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
Balanced
Demand for This Use
Explore this area
Business Placement
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 Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Almost Home Catering — 3600 Boiling Springs Rd, Boiling Springs, SC 29316
Frequently Asked Questions
What type of property is this?
Flex space - Office and automotive improvements support continued car-lot operations, service use, or a combination of commercial functions.
Where is this flex space 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: 1,440‑square‑foot flex property on approximately 0.76 acres; Built in 2018; Six private offices with reception areas and kitchen
