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    Luxury Garage Condominium for Sale Title is generated by Realmo AI

    50 Gladys Drive UNIT TBD 2, Greenville, SC 29607

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    For Sale
    $335,000

    Private, gated community with customizable garage condos for automotive enthusiasts.

    Type:Commercial/Industrial
    Property size:
    1,000 SF
    Price / SF:
    $335/SF
    Added:
    Apr 4, 2025
    Days on Market:
    423
    Last Refresh:
    May 28 at 9:10 am

    Property Features for 50 Gladys Drive UNIT TBD 2

    General Information

    Standard status
    Active
    Size
    1,000 SF
    Property subtype
    Commercial/Industrial

    We can help!

    Listing Contact
    Stacey Haas

    Listing agent Stacey Haas License #140820

    Listing office Howard Hanna Allen Tate Co. - Greenville Downtown

    Listing date Apr 4, 2025

    Source Exitrealty

    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 Howard Hanna Allen Tate Co. - Greenville Downtown

    HighLights

    • First and only luxury 'motor condominium' gated community in Greenville
    • Private and secure garage condos you OWN
    • Climate controlled 1000 sqft garage condo with 14'WX15'H overhead door
    • Customizable with optional amenities like a full bath, bar, or home theatre
    • Ideal for car, boat, RV, motorcycle, and ATV enthusiasts
    • 200 AMP service, GFCI outlets, LED lighting, insulated, reinforced concrete floor

    Overview

    The Vault Motor Condos in Greenville offers luxury 'Motor Condominium' units within a private, gated community. These garage condos are designed for owners to meet and share a lifestyle with like-minded individuals. Each unit measures 20 feet wide by 50 feet deep by 19 feet high, providing 1000 square feet on the first floor. The condos are climate controlled with HVAC and feature a 14-foot wide by 15-foot high overhead automatic garage door, a 3070 commercial walk door, and rough-in plumbing for a bathroom and shower. Each unit is equipped with a 200 AMP service panel, GFCI outlets, LED commercial lighting, an overhead fan, full insulation, and a reinforced concrete floor. Each condo has its own electric meter and a commercial-grade mini-split system for heating and air. Owners have the option to customize their units with amenities such as a full bath, custom bar, personal office, luxury lounge area, gourmet kitchen, or home theater. These condos are suitable for storing automobiles, motorcycles, RVs, and boats. Note that these units are not intended for running or operating a business, residential housing, or storage of anything other than automobiles, motorcycles, RV's, boats, etc.
    Location Intelligence

    Current Use by Public Records

    Parking lots & garages

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Auto Parts Store

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Enterprise Rent-A-Car — 531woodruff Road, Greenville, SC 29607
    • Enterprise Truck Rental — 531 Woodruff Rd, Greenville, SC 29607
    • U-Haul Moving & Storage of East Greenville — 24 Roper Mountain Rd, Greenville, SC 29607
    • Trailer Rental at U-Haul — 24 Roper Mountain Rd, Greenville, SC 29607
    • Truck Rental at U-Haul — 24 Roper Mountain Rd, Greenville, SC 29607

    Location Insight

    • Map
    • Local Demand
    City
    Greenville
    County
    Greenville
    State
    South Carolina
    Longitude
    -82.3295921
    Latitude
    34.8458719

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    FAQs

    What type of property is this?
    Parking lot & garage - Private, gated community with customizable garage condos for automotive enthusiasts.
    Where is this parking lot & garage located?
    The property is located at 50 Gladys Drive UNIT TBD 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: First and only luxury 'motor condominium' gated community in Greenville; Private and secure garage condos you OWN; Climate controlled 1000 sqft garage condo with 14'WX15'H overhead door
    (856) 220-2225
    We can help!
    Listing Contact
    Stacey Haas
    Real Estate License ID: 140820
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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