Building Details

Year Built 2007

Units 6

Tenancy Multi

Listing Agency: Marcus & Millichap - Charleston

Listed By: Benjamin Yelm · License #NC 303785 Show Phone

Source: Crexi

Added: Jun 2 Changed: Sep 4 Last Checked: Sep 11 at 6:54AM

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Investment Insights

Based on property information with market context.

This offering is a 100% occupied shopping center with 18,653 SF of retail space. The property is presented for sale as a turn-key, income-producing asset with existing tenant occupancy in place.

Located at 15740 N HWY 11 in Salem, SC, the center benefits from a prominent position on Lake Keowee. Its setting provides a distinct experiential environment for retail users and shoppers, while the established occupancy supports continuity of operations.

For buyers seeking a retail-focused acquisition with current leasing in place, the fully occupied configuration is an important factor to evaluate. The shopping center format can accommodate a range of neighborhood-serving retail uses, and the overall size provides flexibility for tenants within the existing space. Prospective purchasers and tenant/broker prospects can review the current tenancy and layout details to confirm fit for their business or investment objectives.

Key Highlights

• 18,653 SF shopping center built in 2007
• 100% occupied shopping center with fully leased retail space
• Shopping center on Lake Keowee

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

$226,567

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

7.19%

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%

$4,531,340 $4.5M

Cap Rate 7%

$3,236,671 $3.2M

Cap Rate 9%

$2,517,411 $2.5M

Market Conditions

NOI Build-Up for 18,653 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

$335.8K $18.00/SF

− Vacancy

−$12.1K −$0.65/SF

EGI

$323.7K $17.35/SF

− OpEx

−$97.1K −$5.21/SF

NOI

$226.6K $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%

$4,531,340

Cap Rate 7%

$3,236,671

Cap Rate 9%

$2,517,411

Alternative Uses

Best Use

Retail

$3.24M

$2.83M – $3.78M (±1% cap)

NOI $226,567 @ 7.0% cap · market cap 7.19%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.68M

$4.10M – $5.46M (±1% cap)

NOI $327,768 @ 7.0% cap · market cap 10.41%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Shopping centers

Suggested Use

Top Pick Building Supply Auto Parts Store Storage Facility Grocery & Convenience Store Big Box & Wholesale Store Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

26

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 29676, SC

5,641

Population

3,657

Households

1.5

Avg Household Size

63

Median Age

50%

College-Educated

89%

High-School Grad

72.1 sq mi

ZIP Area

78

Density / Sq Mi

$92,206

Median Household Income

$47,757

Median Earnings

$935

Median Rent

$403,600

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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What type of property is this? Where is this shopping centers located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Shopping center - Fully leased shopping center offering 18,653 SF of retail space, situated on Lake Keowee.

Where is this shopping center located?

The property is located at 15740 N HWY 11 Salem, SC.

What is the asking price?

The asking price for this property is $3,150,000.

What are key features of this property?

This property features: 18,653 SF shopping center built in 2007; 100% occupied shopping center with fully leased retail space; Shopping center on Lake Keowee