Multi-Tenant Retail Property with Unfinished
For Sale
$1,500,000
203 Pendleton Road, Clemson, SC 29631
SINGLE_FAMILY - Clemson, SC
Property Size7,000 SF
Lot Size0.88 Acres
Price / SF$214.29
Days on Market50
Property Features for 203 Pendleton Road
General Information
Property type
Residential
Property subtype
Retail
Lot features
City Lot, Level
Directions
From Clemson: Take Tiger Blvd (US-123) to downtown Clemson. Turn onto Pendleton Road (SC-93) toward Pendleton. Property will be on the right approximately 0.3 miles from downtown Clemson and Clemson University.
Subdivision
304-Pickens County, SC
Standard status
Active
APN
4053-06-48-9117
Lot size
0.88 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11305
Building Details
Year built
1975
Floors in Building
2
Listing Agency:
Carolina Foothills Real Estate · RE/MAX International
(864) 654-4345
Listed By:
Andrew Julian · License #81889
(864) 650-2316
Added: Jun 20
Changed: Jun 21
Last Checked: Aug 8 at 8:06PM
MLS# 20302957
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.
This multi-tenant retail property provides approximately +/-7,000 SF of retail space along with an additional +/-7,000 SF of unfinished basement area. The building sits on roughly 0.88 acres and includes ample parking, supporting day-to-day accessibility for tenants and customers. The layout is described as flexible, which can help accommodate a range of retail uses and operating needs within the existing configuration.
The property is located at 203 Pendleton Road in Clemson, South Carolina, on highly visible Pendleton Road (SC-93), just minutes from downtown Clemson and Clemson University. The public remarks describe strong traffic counts, excellent accessibility, and an established presence in the community. The surrounding area is characterized by retail, restaurants, student housing, and established neighborhoods, contributing to year-round activity.
For tenants, buyers, or operators, the combination of retail space and a substantial unfinished basement may support flexible back-of-house needs or future improvements aligned with an individual business plan. As a for-sale investment, it is positioned as a potential fit for those seeking an owner-occupied option or a multi-tenant commercial asset in a university market, based on the property’s described location and visibility.
The property is located at 203 Pendleton Road in Clemson, South Carolina, on highly visible Pendleton Road (SC-93), just minutes from downtown Clemson and Clemson University. The public remarks describe strong traffic counts, excellent accessibility, and an established presence in the community. The surrounding area is characterized by retail, restaurants, student housing, and established neighborhoods, contributing to year-round activity.
For tenants, buyers, or operators, the combination of retail space and a substantial unfinished basement may support flexible back-of-house needs or future improvements aligned with an individual business plan. As a for-sale investment, it is positioned as a potential fit for those seeking an owner-occupied option or a multi-tenant commercial asset in a university market, based on the property’s described location and visibility.
Key Highlights
- Multi‑tenant commercial building built in 1975 on highly visible Pendleton Road (SC‑93) in Clemson
- +/-7,000 SF above‑grade commercial space plus a +/-7,000 SF unfinished basement
- Approximately 0.88 acres with ample on‑site parking
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
$68,020
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
4.53%
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%
$1,360,400
$1.4M
Cap Rate 7%
$971,714
$971.7K
Cap Rate 9%
$755,778
$755.8K
Market Conditions
NOI Build-Up for 7,000 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
$100.8K $14.40/SF
− Vacancy
−$3.6K −$0.52/SF
EGI
$97.2K $13.88/SF
− OpEx
−$29.2K −$4.16/SF
NOI
$68.0K $9.72/SF
Area
Pickens County, SC
Vacancy
3.60%
Lease Rate
$14.40 /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%
$1,360,400
Cap Rate 7%
$971,714
Cap Rate 9%
$755,778
Alternative Uses
Best Use
Retail
$971.7K
$850.3K – $1.13M
NOI $68,020 @ 7.0% cap · market cap 4.53%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$1.04M
$905.6K – $1.21M
NOI $72,450 @ 7.0% cap · market cap 4.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29631, SC
17,291
Population
7,185
Households
2.4
Avg Household Size
27
Median Age
61%
College-Educated
95%
High-School Grad
8.7 sq mi
ZIP Area
1,987
Density / Sq Mi
$50,217
Median Household Income
$15,693
Median Earnings
$954
Median Rent
$361,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Multi-tenant retail building with ample parking and an unfinished basement, offering flexible space for investors or owner-occupants.
Where is this storefront property located?
The property is located at 203 Pendleton Road Clemson, SC.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Multi‑tenant commercial building built in 1975 on highly visible Pendleton Road (SC‑93) in Clemson; +/-7,000 SF above‑grade commercial space plus a +/-7,000 SF unfinished basement; Approximately 0.88 acres with ample on‑site parking
