Retail and Event Space with
For Sale
Contact for pricing
230 E MAIN ST, Walhalla, SC 29691
Flexible interior layout with a catering kitchen and a covered back deck with access to a small parking area.
Property Size2,442 SF
Price / SF$194.51
Days on Market144
Property Features for 230 E MAIN ST
General Information
Standard status
Active
Size
2,442 SF
Property subtype
Retail
Amenities
covered back deck
catering kitchen
storage closet
double glass doors
bay windows
Building Details
Year Built
1925
Year Renovated
2018
Units
1
Listing Agency:
Clardy Real Estate
Listed By:
Holly Douglas · License #SC 88953
(864) 992-7820
Source:
Crexi
Added: Apr 15
Changed: Aug 22
Last Checked: Sep 1 at 5:34PM
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 Clardy Real Estate
Investment Insights
Based on property information with market context.
This versatile commercial space offers an open floor plan with multiple operating possibilities, having previously functioned as retail, an event venue, and office space. The property includes front bay windows suitable for displaying inventory and advertisements, along with a catering kitchen and a storage closet. Interior restroom configuration includes plumbing that would allow conversion back to a two-stall men’s room, and the men’s restroom has been renovated into a barbershop. Out the double glass doors, a covered back deck with draperies provides an additional outdoor area.
Access is available off the back deck to a small parking area, and a city parking lot is located down the alley.
If you’re looking for a property that can support retail display, office use, or event-oriented programming, this building’s flexible layout and deck access may fit a range of concepts.
Access is available off the back deck to a small parking area, and a city parking lot is located down the alley.
If you’re looking for a property that can support retail display, office use, or event-oriented programming, this building’s flexible layout and deck access may fit a range of concepts.
Key Highlights
- 1925‑built building with 2,200+ SF interior space used as retail, event venue, and office.
- Flexible open floor plan—can be kept as open or divided as needed for different uses.
- Catering kitchen with a storage closet included.
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
$29,662
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
6.24%
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%
$593,240
$593.2K
Cap Rate 7%
$423,743
$423.7K
Cap Rate 9%
$329,578
$329.6K
Market Conditions
NOI Build-Up for 2,442 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
$44.0K $18.00/SF
− Vacancy
−$1.6K −$0.65/SF
EGI
$42.4K $17.35/SF
− OpEx
−$12.7K −$5.21/SF
NOI
$29.7K $12.15/SF
Area
Oconee County, SC
Vacancy
3.60%
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%
$593,240
Cap Rate 7%
$423,743
Cap Rate 9%
$329,578
Alternative Uses
Best Use
Retail
$423.7K
$370.8K – $494.4K
NOI $29,662 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$613.0K
$536.4K – $715.2K
NOI $42,910 @ 7.0% cap · market cap 9.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
436
Businesses Nearby
9k
Monthly Visits Nearby
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
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Frequently Asked Questions
What type of property is this?
Retail space - Flexible interior layout with a catering kitchen and a covered back deck with access to a small parking area.
Where is this retail space located?
The property is located at 230 E MAIN ST Walhalla, SC.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1925‑built building with 2,200+ SF interior space used as retail, event venue, and office.; Flexible open floor plan—can be kept as open or divided as needed for different uses.; Catering kitchen with a storage closet included.
