Historic Hotel Redevelopment
For Sale
$1,111,000
201 College Street, Walhalla, SC 29691
COMMERCIAL - Walhalla, SC
Property Size24,000 SF
Lot Size0.57 Acres
Price / SF$46.29
Days on Market275
Property Features for 201 College Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
City Lot
Directions
From Seneca, take Highway 28 towards Walhalla. Turn right onto N. College Street.
Subdivision
202-Oconee County, SC
Standard status
Active
APN
500-15-02-014
Lot size
0.57 Acres
Building Details
Year built
1924
Floors in Building
3
Listing Agency:
EXP Realty LLC
(888) 440-2798
Listed By:
Caroline Harris · License #126755
(888) 440-2798
Added: Nov 17, 2025
Changed: Aug 19
Last Checked: Aug 19 at 6:06PM
MLS# 20294795
Copyright © 2026 Western Upstate Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 201 College Street, this historic three-level brick property was constructed in 1924 and contains approximately 24,000 square feet on 0.57 acres. The building is offered as-is with architectural and design plans, renderings, contractor bids, environmental studies, procurement documentation, and concept materials included. The prior development concept contemplated a 33-room boutique hotel with restaurant and bar components, while the permitted operating framework supports hotel, short-term lodging, conference, wedding, ball, and vacation-rental uses.
The property sits one block from Main Street and across from the Walhalla Performing Arts Center. Clemson University is approximately 25 minutes away, and Greenville is approximately one hour away. The building is listed on the National Register of Historic Places and has received Part 2 approval from the U.S. Department of the Interior, supporting eligibility for state and federal historic tax credit programs. On-site parking is included.
The property sits one block from Main Street and across from the Walhalla Performing Arts Center. Clemson University is approximately 25 minutes away, and Greenville is approximately one hour away. The building is listed on the National Register of Historic Places and has received Part 2 approval from the U.S. Department of the Interior, supporting eligibility for state and federal historic tax credit programs. On-site parking is included.
Key Highlights
- Approximately 24,000‑square‑foot brick building on 0.57 acres
- Constructed in 1924 and listed on the National Register of Historic Places
- Part 2 approval received from the U.S. Department of the Interior
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
410
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 brick building suited to hospitality, lodging, and event-based operations under stated use parameters.
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 brick building on 0.57 acres; Constructed in 1924 and listed on the National Register of Historic Places; Part 2 approval received from the U.S. Department of the Interior
