Historic Mixed-Use Downtown
For Sale
$2,500,000
302 Park Avenue SE, Aiken, SC 29801
Two-story law office, renovated salon suite, street-level storefront, detached annex office, and a one-bedroom condominium.
Property Size8,070 SF
Days on Market45
Property Features for 302 Park Avenue SE
General Information
Standard status
Active
Size
8,070 SF
Zoning
DB
Units
Multifamily Units
1
Office Units
2
Building Details
Building Size
8,070 SF
Year Built
1890
Buildings
3
Stories
2
Tenancy
Multi
Listing Agency:
(803) 642-5900
Listed By:
Aiken Properties
(803) 642-5900
Source:
Aikenproperties.idxbroker
Added: Jul 14
Changed: Aug 8
Last Checked: Aug 26 at 5:27AM
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 Aiken Properties
Investment Insights
Based on property information with market context.
Originally constructed in the late 1800s and reimagined in 2017, this historic downtown mixed-use building blends preserved architectural character with modern functionality. Interiors feature exposed brick walls, hardwood floors, soaring ceilings, crown moulding, custom iron stairwell accents, and oversized windows that bring in natural light. The property includes a beautifully designed two-story law office in the main building with a reception area, conference room or executive office, half bath, coffee bar, dedicated storage/IT room, and multiple upstairs offices, gathering/work areas, a glass-enclosed conference room, and additional work space with kitchen and half bath.
Also attached is a salon suite currently occupied as a hair salon and renovated in 2022, with exposed brick, painted concrete floors, abundant natural light, and a half bath. Adjacent lower-level storefront space operates as a clothing and dry goods boutique and was renovated in 2023, offering attractive tile flooring, exposed brick, bright interiors, a dressing room, office space, and a half bath with street-level presence. Completing the mix is a detached annex building serving as office space for a local real estate firm; it features exposed brick, painted concrete floors, a metal roof, a half bath, storage, and an open-concept layout overlooking a garden courtyard behind the main building. A one-bedroom condominium with an open-concept kitchen and living area, premium primary bath amenities, soaring ceilings, granite countertops, wood flooring, and high-end appliances adds an additional residential component to the property.
Also attached is a salon suite currently occupied as a hair salon and renovated in 2022, with exposed brick, painted concrete floors, abundant natural light, and a half bath. Adjacent lower-level storefront space operates as a clothing and dry goods boutique and was renovated in 2023, offering attractive tile flooring, exposed brick, bright interiors, a dressing room, office space, and a half bath with street-level presence. Completing the mix is a detached annex building serving as office space for a local real estate firm; it features exposed brick, painted concrete floors, a metal roof, a half bath, storage, and an open-concept layout overlooking a garden courtyard behind the main building. A one-bedroom condominium with an open-concept kitchen and living area, premium primary bath amenities, soaring ceilings, granite countertops, wood flooring, and high-end appliances adds an additional residential component to the property.
Key Highlights
- Historic downtown Aiken property originally built in 1890, reimagined and renovated in 2017
- Main building includes a two‑story law office with reception, conference/executive offices, half bath, storage/IT room, and multiple upstairs workspaces
- Second building features a salon suite occupied by a hair salon, renovated in 2022, with exposed brick, painted concrete floors, abundant natural light, and a half bath
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
$83,252
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
3.33%
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%
$1,665,040
$1.7M
Cap Rate 7%
$1,189,314
$1.2M
Cap Rate 9%
$925,022
$925.0K
Market Conditions
NOI Build-Up for 8,070 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
$121.1K $15.00/SF
− Vacancy
−$10.0K −$1.25/SF
EGI
$111.0K $13.76/SF
− OpEx
−$27.8K −$3.44/SF
NOI
$83.3K $10.32/SF
Area
Aiken County, SC
Vacancy
8.30%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,665,040
Cap Rate 7%
$1,189,314
Cap Rate 9%
$925,022
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.39M
NOI $83,252 @ 7.0% cap · market cap 3.33%
Second Best
Retail
$1.11M
$974.1K – $1.30M
NOI $77,929 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$1.56M
$1.36M – $1.81M
NOI $108,887 @ 7.0% cap · market cap 4.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,066
Businesses Nearby
Explore this area
Business Placement
Demographics for 29801, SC
27,613
Population
13,543
Households
2
Avg Household Size
41
Median Age
28%
College-Educated
84%
High-School Grad
88.9 sq mi
ZIP Area
311
Density / Sq Mi
$55,032
Median Household Income
$36,804
Median Earnings
$1,070
Median Rent
$163,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-story law office, renovated salon suite, street-level storefront, detached annex office, and a one-bedroom condominium.
Where is this live-work space located?
The property is located at 302 Park Avenue SE Aiken, SC.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Historic downtown Aiken property originally built in 1890, reimagined and renovated in 2017; Main building includes a two‑story law office with reception, conference/executive offices, half bath, storage/IT room, and multiple upstairs workspaces; Second building features a salon suite occupied by a hair salon, renovated in 2022, with exposed brick, painted concrete floors, abundant natural light, and a half bath
