Downtown Restaurant Building with Event
New
For Sale
$595,000
228 S Main St, Woodruff, SC 29388
Restored restaurant infrastructure includes a tap wall, walk-in cooler, patio, deck, and permanent stage.
Property Size3,000 SF
Price / SF$198.33
Days on Market5
Property Features for 228 S Main St
General Information
Standard status
Active
Size
3,000 SF
Class
C
Property subtype
Retail - Street Retail
Site & Location
Corner Location
Yes
Traffic Count
22,100 vehicles/day
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Furnished
Yes
Amenities
two-story deck
permanent stage
Building Details
Building Size
3,000 SF
Year Built
1900
Year Renovated
2019
Buildings
1
Stories
2
Listing Agency:
SVN | Palmetto
(864) 498-3664
Listed By:
Brett Mitchell · License ##136379
Source:
Commercialcafe
Added: Aug 25
Changed: Aug 29
Last Checked: Aug 29 at 3:56PM
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 SVN | Palmetto
Investment Insights
Based on property information with market context.
This currently dark restaurant property combines a restored main-level build-out with flexible upper-floor space. The approximately 1,500-square-foot first level features ornate tin ceilings, stamped concrete floors, a 24-tap wall, and a large walk-in cooler. Furniture, fixtures, and equipment convey with the sale. Outdoor improvements include a concrete patio, two-story deck, and permanent stage. The second level adds approximately 1,500 square feet that can accommodate private dining, events, office, storage, or additional restaurant space, subject to applicable approvals. Total building area is approximately 3,000 SF.
The property occupies a hard corner at 228 S Main St in Downtown Woodruff, South Carolina, along a corridor reporting approximately 22,100 VPD. The surrounding market includes BMW’s planned $700 million, 1-million-square-foot high-voltage battery assembly plant, a new $100 million Woodruff High School, and the 300-acre Riverbend mixed-use development. These projects are planned alongside residential and mixed-use growth in the area.
The property occupies a hard corner at 228 S Main St in Downtown Woodruff, South Carolina, along a corridor reporting approximately 22,100 VPD. The surrounding market includes BMW’s planned $700 million, 1-million-square-foot high-voltage battery assembly plant, a new $100 million Woodruff High School, and the 300-acre Riverbend mixed-use development. These projects are planned alongside residential and mixed-use growth in the area.
Key Highlights
- Approximately 3,000 SF total, including approximately 1,500 square feet on each of two levels
- Restored ±1,500‑square‑foot main level with ornate tin ceilings and stamped concrete flooring
- 24‑tap wall, large walk‑in cooler, and FF&E included with the sale
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
$34,511
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
5.80%
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%
$690,220
$690.2K
Cap Rate 7%
$493,014
$493.0K
Cap Rate 9%
$383,456
$383.5K
Market Conditions
NOI Build-Up for 3,000 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
$54.0K $18.00/SF
− Vacancy
−$4.7K −$1.57/SF
EGI
$49.3K $16.43/SF
− OpEx
−$14.8K −$4.93/SF
NOI
$34.5K $11.50/SF
Area
Spartanburg County, SC
Vacancy
8.70%
Lease Rate
$18.00 /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%
$690,220
Cap Rate 7%
$493,014
Cap Rate 9%
$383,456
Alternative Uses
Best Use
Specialty Retail
$843.8K
$738.3K – $984.4K
NOI $59,063 @ 7.0% cap · market cap 9.93%
Second Best
Retail
$493.0K
$431.4K – $575.2K
NOI $34,511 @ 7.0% cap · market cap 5.80%
Theoretical Best
Warehouse
$2.33M
$2.04M – $2.72M
NOI $163,028 @ 7.0% cap · market cap 27.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
22,100 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
347
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 29388, SC
16,017
Population
7,466
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
97.2 sq mi
ZIP Area
165
Density / Sq Mi
$77,197
Median Household Income
$44,428
Median Earnings
$848
Median Rent
$216,700
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restored restaurant infrastructure includes a tap wall, walk-in cooler, patio, deck, and permanent stage.
Where is this conventional restaurant located?
The property is located at 228 S Main St Woodruff, SC.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Approximately 3,000 SF total, including approximately 1,500 square feet on each of two levels; Restored ±1,500‑square‑foot main level with ornate tin ceilings and stamped concrete flooring; 24‑tap wall, large walk‑in cooler, and FF&E included with the sale
