Mixed-Use Storefront with Covered
For Sale
$475,000
230 E Main Street, Walhalla, SC 29691
CommercialSale, Walhalla, SC
Property Size2,200 SF
Lot Size0.12 Acres
Price / SF$215.91
Days on Market171
Property Features for 230 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Retail
Lot features
City Lot
Directions
From Seneca, head north on Hwy 28. GPS friendly, please use front door
Subdivision
202-Oconee County, SC
Standard status
Active
APN
500-19-04-011
Lot size
0.12 Acres
Amenities
catering kitchen
covered back deck
front bay windows
Building Details
Year built
1925
Flooring type
Hardwood
Roof type
Metal
Listing Agency:
Clardy Real Estate - W Union
(864) 916-2571
Listed By:
Holly Douglas · License #88953
(864) 992-7820
Added: Apr 10
Changed: Sep 26
Last Checked: Sep 27 at 9:06AM
MLS# 20299602
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.
Built in 1925, this 2,200+ square-foot mixed-use property has an open interior that can remain unified or be divided. The space has served retail, office, and event functions. Front bay windows provide display area, while a preserved Bull Durham tobacco advertisement uncovered during earlier renovation adds a distinctive interior feature. Additional improvements include hardwood flooring, a catering kitchen with a storage closet, and restrooms; plumbing remains in place to restore the men's room to its former two-stall configuration. A former barbershop occupies that room today.
Double glass doors open to a covered rear deck with privacy draperies. The deck connects to a small parking area, and a city parking lot is located down the alley. The property occupies a 0.12-acre lot in Walhalla, South Carolina.
Double glass doors open to a covered rear deck with privacy draperies. The deck connects to a small parking area, and a city parking lot is located down the alley. The property occupies a 0.12-acre lot in Walhalla, South Carolina.
Key Highlights
- 2,200+ square feet in a building constructed in 1925
- Open layout can remain undivided or be partitioned
- Preserved Bull Durham tobacco advertisement uncovered during prior renovation
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
$26,722
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
5.63%
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%
$534,440
$534.4K
Cap Rate 7%
$381,743
$381.7K
Cap Rate 9%
$296,911
$296.9K
Market Conditions
NOI Build-Up for 2,200 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
$39.6K $18.00/SF
− Vacancy
−$1.4K −$0.65/SF
EGI
$38.2K $17.35/SF
− OpEx
−$11.5K −$5.21/SF
NOI
$26.7K $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%
$534,440
Cap Rate 7%
$381,743
Cap Rate 9%
$296,911
Alternative Uses
Best Use
Retail
$381.7K
$334.0K – $445.4K
NOI $26,722 @ 7.0% cap · market cap 5.63%
Second Best
Mixed Use
$325.3K
$284.6K – $379.5K
NOI $22,770 @ 7.0% cap · market cap 4.79%
Theoretical Best
Office A
$552.3K
$483.2K – $644.3K
NOI $38,658 @ 7.0% cap · market cap 8.14%
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible interior space includes display windows, a catering kitchen, and preserved historic tobacco advertising.
Where is this mixed-use property located?
The property is located at 230 E Main Street 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: 2,200+ square feet in a building constructed in 1925; Open layout can remain undivided or be partitioned; Preserved Bull Durham tobacco advertisement uncovered during prior renovation
