Tenant-Occupied Drug Store
For Sale
$350,000
206 E Main Street, Walhalla, SC 29691
CommercialSale, Walhalla, SC
Property Size2,000 SF
Price / SF$175
Days on Market208
Property Features for 206 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Lot features
City Lot
Directions
From Atlanta, travel north on I-85 turn right on Hwy 11 (Exit 1) heading North, turn left on Hwy 28 (Main Street). Property is your left.
Subdivision
202-Oconee County, SC
Standard status
Active
APN
500-19-04-002
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
123
Building Details
Year built
1925
Floors in Building
1
Building materials
Brick, Block, Concrete
Listing Agency:
Powell Real Estate
(864) 638-5879
Listed By:
Adriana Powell · License #131210
(864) 723-6424
Added: Jan 28
Changed: Aug 19
Last Checked: Aug 24 at 5:06AM
MLS# 20296799
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 2,000-square-foot commercial building dates to 1925 and is constructed with brick, block, and concrete materials. The property is currently occupied by Walhalla Pharmacy and includes a recently installed HVAC system for the building’s occupants.
Located at 206 E Main Street in downtown Walhalla, the property sits just off Highway 28. The building is within walking distance of the Walhalla Performing Arts Center and the Wanderweg Greenway, with surrounding local businesses and community amenities nearby.
Located at 206 E Main Street in downtown Walhalla, the property sits just off Highway 28. The building is within walking distance of the Walhalla Performing Arts Center and the Wanderweg Greenway, with surrounding local businesses and community amenities nearby.
Key Highlights
- 2,000‑square‑foot commercial building constructed in 1925
- Currently occupied by Walhalla Pharmacy
- Recently installed HVAC system
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
$26,028
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
7.44%
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%
$520,560
$520.6K
Cap Rate 7%
$371,829
$371.8K
Cap Rate 9%
$289,200
$289.2K
Market Conditions
NOI Build-Up for 2,000 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
$36.0K $18.00/SF
− Vacancy
−$1.3K −$0.65/SF
EGI
$34.7K $17.35/SF
− OpEx
−$8.7K −$4.34/SF
NOI
$26.0K $13.01/SF
Area
Oconee County, SC
Vacancy
3.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$520,560
Cap Rate 7%
$371,829
Cap Rate 9%
$289,200
Alternative Uses
Best Use
Specialty Retail
$371.8K
$325.4K – $433.8K
NOI $26,028 @ 7.0% cap · market cap 7.44%
Second Best
Retail
$347.0K
$303.7K – $404.9K
NOI $24,293 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$502.1K
$439.3K – $585.7K
NOI $35,144 @ 7.0% cap · market cap 10.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
9k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 100%
Hardee's
Dining
8,867 visits/mo
0.4 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Ken's Thriftee Pharmacy — 112 E Main St, Walhalla, SC 29691
- Karen Lawrence — 105 Foothills Center Dr, West Union, SC 296962518
- Amanda Simpson — 105 Foothills Center Dr, West Union, SC 29678
- Walhalla Pharmacy — 206 E Main St, Walhalla, SC 29691
- The Pharmacist's daughter — 912 W Main St, Walhalla, SC 29691
Frequently Asked Questions
What type of property is this?
Drug store - Downtown commercial building with a recently installed HVAC system.
Where is this drug store located?
The property is located at 206 E Main Street Walhalla, SC.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,000‑square‑foot commercial building constructed in 1925; Currently occupied by Walhalla Pharmacy; Recently installed HVAC system
