Flex Property With
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 Market51
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
Amenities
LVP flooring
private offices
reception areas
kitchen
public restrooms
public parking
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
Changed: Sep 29
Last Checked: Oct 13 at 1:06PM
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 / Yr
$64,444
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
2
Service bays
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in South region
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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
