Luxury Motor Condominium
For Sale
$335,000
Pending
50 Gladys Drive Unit 2, Greenville, SC 29607
Greenville's first luxury motor condominium complex with customizable suites.
Property Size1,000 SF
Lot Size2.00 Acres
Days on Market533
Property Features for 50 Gladys Drive Unit 2
General Information
Standard status
Pending
Size
1,000 SF
Lot size
2.00 Acres
Property subtype
Commercial/Industrial
Listing Agency:
Carolina Moves, LLC
(864) 404-9377
Listed By:
Josh Hakala · License #103861
(864) 404-9377
Source:
Exitrealty
Added: Feb 21, 2025
Changed: Aug 8
Last Checked: May 19 at 9:41PM
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 Carolina Moves, LLC
Investment Insights
Based on property information with market context.
The Vault Motor Condos in Greenville offers luxury motor condominium suites within a private, gated community. These climate-controlled motor condos, each measuring 20 feet wide by 50 feet deep by 19 feet high with 1,000 square feet, are designed for security and customization. Each suite includes a 14-foot wide by 15-foot high automatic overhead garage door, premium reinforced concrete flooring, LED commercial lighting, an overhead fan, 200 amp service panels, and GFCI outlets. Rough-in plumbing is available for a bathroom and shower. Luxury upgrades are available to add a private lounge, custom bar, gourmet kitchen, and home theater.
Key Highlights
- Significant savings of $65,000 off the original listing price.
- Exclusive opportunity to own a luxury motor condominium in Greenville's first and only complex of its kind.
- Private, gated community providing enhanced security.
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
$14,819
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
4.42%
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%
$296,380
$296.4K
Cap Rate 7%
$211,700
$211.7K
Cap Rate 9%
$164,656
$164.7K
Market Conditions
NOI Build-Up for 1,000 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
$22.0K $21.96/SF
− Vacancy
−$791 −$0.79/SF
EGI
$21.2K $21.17/SF
− OpEx
−$6.4K −$6.35/SF
NOI
$14.8K $14.82/SF
Area
Greenville County, SC
Vacancy
3.60%
Lease Rate
$21.96 /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%
$296,380
Cap Rate 7%
$211,700
Cap Rate 9%
$164,656
Alternative Uses
Best Use
Retail
$211.7K
$185.2K – $247.0K
NOI $14,819 @ 7.0% cap · market cap 4.42%
Second Best
Industrial
$55.1K
$48.2K – $64.2K
NOI $3,854 @ 7.0% cap · market cap 1.15%
Theoretical Best
Office A
$427.3K
$373.9K – $498.5K
NOI $29,908 @ 7.0% cap · market cap 8.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,560
Businesses Nearby
375k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 78%
Dining 14%
Shops & Services 6%
Electronics 2%
Belk
Apparel
81,099 visits/mo
0.3 miles
JCPenney
Apparel
74,448 visits/mo
0.4 miles
Dillard's
Apparel
72,045 visits/mo
0.3 miles
Macy's
Apparel
57,742 visits/mo
0.4 miles
Jason's Deli
Dining
25,965 visits/mo
0.5 miles
Demographics for 29607, SC
44,216
Population
22,288
Households
2
Avg Household Size
35
Median Age
50%
College-Educated
94%
High-School Grad
29.0 sq mi
ZIP Area
1,525
Density / Sq Mi
$69,249
Median Household Income
$46,549
Median Earnings
$1,339
Median Rent
$315,100
Median Home Value
Market
Vacancy Rate% for Retail in Greenville, SC
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Greenville's first luxury motor condominium complex with customizable suites.
Where is this parking lot & garage located?
The property is located at 50 Gladys Drive Unit 2 Greenville, SC.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Significant savings of $65,000 off the original listing price.; Exclusive opportunity to own a luxury motor condominium in Greenville's first and only complex of its kind.; Private, gated community providing enhanced security.
