Historic Pickens Textile Mill
For Sale
Contact for pricing
203 Woodrow St, Pickens, SC 29671
23.79-acre site with 72,000 SF warehouse and office space.
Property Size72,000 SF
Lot Size23.79 Acres
Price / SF$43.75
Days on Market894
Property Features for 203 Woodrow St
General Information
Standard status
Active
Size
72,000 SF
Lot size
23.79 Acres
Property subtype
Mixed Use
Zoning
Industrial
Investment Type
Owner/User
Building Details
Year Built
1900
Year Renovated
1906
Buildings
3
Stories
2
Tenancy
Multi
Listing Agency:
MS Shore Company, Inc
Listed By:
Mardy Shore · License #SC 26328
Source:
Crexi
Added: Apr 3, 2024
Changed: Sep 10
Last Checked: Sep 13 at 4:13AM
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 MS Shore Company, Inc
Investment Insights
Based on property information with market context.
The former Pickens Textile Mill, located at 203 Woodrow St, Pickens, SC 29671, presents an investment opportunity. The property includes a 72,000 SF warehouse space and multiple buildings with office areas, situated on a 23.79-acre lot. Constructed in 1900, the site benefits from accessibility via Hwy 183. The property is zoned for industrial use and may qualify for South Carolina tax credits. Utilities include Duke Energy and Pickens Water & Sewer. The property may qualify for incentives such as the Textiles Communities Revitalization Act and the Solar Investment Tax Credit. The property offers a mix of unit sizes suitable for various applications.
Key Highlights
- Large 23.79‑acre lot with a 72,000 SF warehouse space.
- Zoned for industrial use with potential for South Carolina tax credits.
- Multiple buildings with office areas suitable for various applications.
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
$271,137
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
8.61%
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%
$5,422,740
$5.4M
Cap Rate 7%
$3,873,386
$3.9M
Cap Rate 9%
$3,012,633
$3.0M
Market Conditions
NOI Build-Up for 72,000 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
$326.2K $4.53/SF
− Vacancy
−$7.2K −$0.10/SF
EGI
$319.0K $4.43/SF
− OpEx
−$47.8K −$0.66/SF
NOI
$271.1K $3.77/SF
Area
Pickens County, SC
Vacancy
2.20%
Lease Rate
$4.53 /SF/Yr
Expense Ratio
15.00%
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%
$5,422,740
Cap Rate 7%
$3,873,386
Cap Rate 9%
$3,012,633
Alternative Uses
Best Use
Warehouse
$3.87M
$3.39M – $4.52M
NOI $271,137 @ 7.0% cap · market cap 8.61%
Second Best
Office B
$3.45M
$3.02M – $4.02M
NOI $241,315 @ 7.0% cap · market cap 7.66%
Theoretical Best
Mixed Use
$10.65M
$9.32M – $12.42M
NOI $745,200 @ 7.0% cap · market cap 23.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 29671, SC
18,615
Population
8,371
Households
2.2
Avg Household Size
45
Median Age
17%
College-Educated
87%
High-School Grad
132.3 sq mi
ZIP Area
141
Density / Sq Mi
$65,429
Median Household Income
$36,041
Median Earnings
$917
Median Rent
$202,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Similar Off Market Nearby
- Storage on Main — 115B W Main St, Pickens, SC 29671
Frequently Asked Questions
What type of property is this?
Warehouse - 23.79-acre site with 72,000 SF warehouse and office space.
Where is this warehouse located?
The property is located at 203 Woodrow St Pickens, 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: Large 23.79‑acre lot with a **72,000 SF warehouse space**.; Zoned for industrial use with potential for South Carolina tax credits.; Multiple buildings with office areas suitable for various applications.
