Dual-Storefront Restaurant
For Sale
$799,000
124 And 118 N Townville Street Ye Ole Restaurant, Seneca, SC 29678
Two storefront spaces provide restaurant, confectionery, and banquet-room functionality for food and event operations.
Property Size5,772 SF
Price / SF$138.43
Days on Market8
Property Features for 124 And 118 N Townville Street Ye Ole Restaurant
General Information
Standard status
Active
Size
5,772 SF
Additional Details
Opportunity Zone
Yes
Traffic Count
11,500 vehicles/day
Building Details
Tenancy
Multi
Listing Agency:
RE/MAX Executive/Greenville
(864) 241-8200
Listed By:
Adrienne Hennes · License #13470
Source:
Greenvilleheartproperties
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 28 at 12:56PM
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 RE/MAX Executive/Greenville
Investment Insights
Based on property information with market context.
This offering combines two vacant storefront properties at 124 and 118 N Townsville Street in downtown Seneca. The restaurant space contains 3,224 square feet, while the adjoining ice cream and confectionery space provides 2,548 square feet along with a large banquet room for celebrations. Together, the buildings comprise 5,772 square feet of commercial space.
Property improvements include a Hydro-Top roof, solar hot water with electric backup, and three HVAC systems. The storefront configuration supports separate operations or a combined food, retail, and event concept, and the buildings may be offered separately. The downtown setting includes reported traffic of 11,500 vehicles per day and pedestrian activity associated with recurring Thursday evening Jazz Fest programming during the spring, summer, and fall.
Property improvements include a Hydro-Top roof, solar hot water with electric backup, and three HVAC systems. The storefront configuration supports separate operations or a combined food, retail, and event concept, and the buildings may be offered separately. The downtown setting includes reported traffic of 11,500 vehicles per day and pedestrian activity associated with recurring Thursday evening Jazz Fest programming during the spring, summer, and fall.
Key Highlights
- Two storefront properties totaling 5,772 SF
- Restaurant space measures 3,224 SF at 124 N Townsville Street
- Ice cream and confectionery space includes 2,548 SF and a large banquet room
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
$70,109
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
8.77%
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%
$1,402,180
$1.4M
Cap Rate 7%
$1,001,557
$1.0M
Cap Rate 9%
$778,989
$779.0K
Market Conditions
NOI Build-Up for 5,772 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
$103.9K $18.00/SF
− Vacancy
−$3.7K −$0.65/SF
EGI
$100.2K $17.35/SF
− OpEx
−$30.0K −$5.21/SF
NOI
$70.1K $12.15/SF
Area
Oconee County, SC
Vacancy
3.60%
Lease Rate
$18.00 /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%
$1,402,180
Cap Rate 7%
$1,001,557
Cap Rate 9%
$778,989
Alternative Uses
Best Use
Specialty Retail
$1.07M
$939.0K – $1.25M
NOI $75,117 @ 7.0% cap · market cap 9.40%
Second Best
Retail
$1.00M
$876.4K – $1.17M
NOI $70,109 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$1.45M
$1.27M – $1.69M
NOI $101,425 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
11,500 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
518
Businesses Nearby
9k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Wells Fargo
Shops & Services
7,262 visits/mo
0.1 miles
Napa Auto Parts
Shops & Services
1,481 visits/mo
0.3 miles
Demographics for 29678, SC
23,700
Population
11,742
Households
2
Avg Household Size
40
Median Age
24%
College-Educated
85%
High-School Grad
79.8 sq mi
ZIP Area
297
Density / Sq Mi
$49,699
Median Household Income
$33,779
Median Earnings
$943
Median Rent
$205,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Two storefront spaces provide restaurant, confectionery, and banquet-room functionality for food and event operations.
Where is this conventional restaurant located?
The property is located at 124 And 118 N Townville Street Ye Ole Restaurant Seneca, SC.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two storefront properties totaling 5,772 SF; Restaurant space measures 3,224 SF at 124 N Townsville Street; Ice cream and confectionery space includes 2,548 SF and a large banquet room
