Historic Hotel Redevelopment
For Sale
$1,111,000
201 College Street, Walhalla, SC 29691
Three-level historic brick building with hotel and event-use plans in downtown Walhalla.
Property Size24,000 SF
Price / SF$46.29
Days on Market46
Property Features for 201 College Street
General Information
Standard status
Active
Size
24,000 SF
Property subtype
CommercialSale
Additional Details
Asking Price
$1,525,000
Building Details
Year Built
1924
Buildings
1
Stories
3
Construction
brick
Listing Agency:
EXP Realty LLC
(888) 440-2798
Listed By:
Caroline Harris · License #126755
Source:
Adamdevolrealtor.myrealestateplatform
Added: Jul 15
Changed: Aug 29
Last Checked: Aug 25 at 9:41AM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
Built in 1924, this three-level brick property contains approximately 24,000 square feet and is listed on the National Register of Historic Places. The sale includes the building, onsite parking, architectural and design plans, renderings, contractor bids, environmental studies, procurement documentation, and hospitality concept materials. Part 2 approval from the U.S. Department of the Interior has been completed, supporting eligibility for state and federal historic tax credits, subject to buyer verification.
The property is positioned one block from Main Street and across from the Walhalla Performing Arts Center. Existing development materials contemplate a 33-room boutique hotel with restaurant and bar facilities. The stated use parameters support hotel or event-oriented operations, including short-term lodging, conferences, weddings, balls, and vacation rentals. The site is approximately 25 minutes from Clemson University and one hour from Greenville, with regional attractions including Stumphouse Mountain, Issaqueena Falls, Lake Jocassee, and Lake Keowee within a short drive. The property is also identified as USDA Business and Industry eligible.
The property is positioned one block from Main Street and across from the Walhalla Performing Arts Center. Existing development materials contemplate a 33-room boutique hotel with restaurant and bar facilities. The stated use parameters support hotel or event-oriented operations, including short-term lodging, conferences, weddings, balls, and vacation rentals. The site is approximately 25 minutes from Clemson University and one hour from Greenville, with regional attractions including Stumphouse Mountain, Issaqueena Falls, Lake Jocassee, and Lake Keowee within a short drive. The property is also identified as USDA Business and Industry eligible.
Key Highlights
- Approximately 24,000‑square‑foot, three‑level brick building constructed in 1924
- Listed on the National Register of Historic Places with completed Part 2 approval
- Sale includes architectural plans, renderings, contractor bids, environmental studies, and procurement materials
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
$98,838
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
8.90%
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%
$1,976,760
$2.0M
Cap Rate 7%
$1,411,971
$1.4M
Cap Rate 9%
$1,098,200
$1.1M
Market Conditions
NOI Build-Up for 24,000 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
$244.8K $10.20/SF
− Vacancy
−$36.7K −$1.53/SF
EGI
$208.1K $8.67/SF
− OpEx
−$109.2K −$4.55/SF
NOI
$98.8K $4.12/SF
Area
Oconee County, SC
Vacancy
15.00%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
52.50%
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%
$1,976,760
Cap Rate 7%
$1,411,971
Cap Rate 9%
$1,098,200
Alternative Uses
Best Use
Hotel Hospitality
$1.41M
$1.24M – $1.65M
NOI $98,838 @ 7.0% cap · market cap 8.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.02M
$5.27M – $7.03M
NOI $421,724 @ 7.0% cap · market cap 37.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Explore this area
Business Placement
Demographics for 29691, SC
11,142
Population
5,518
Households
2
Avg Household Size
41
Median Age
18%
College-Educated
82%
High-School Grad
62.2 sq mi
ZIP Area
179
Density / Sq Mi
$52,722
Median Household Income
$35,164
Median Earnings
$792
Median Rent
$179,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Three-level historic brick building with hotel and event-use plans in downtown Walhalla.
Where is this hotel located?
The property is located at 201 College Street Walhalla, SC.
What is the asking price?
The asking price for this property is $1,111,000.
What are key features of this property?
This property features: Approximately 24,000‑square‑foot, three‑level brick building constructed in 1924; Listed on the National Register of Historic Places with completed Part 2 approval; Sale includes architectural plans, renderings, contractor bids, environmental studies, and procurement materials
