Mixed-Use Property with Commercial
For Sale
$120,000
231 Lakeshore Drive, Fair Play, SC 29643
Flexible property supporting residential and commercial use, with a former commercial kitchen area and direct lake access nearby.
Property Size1,982 SF
Days on Market44
Property Features for 231 Lakeshore Drive
General Information
Standard status
Active
Size
1,982 SF
Property subtype
Office
Amenities
0.73 acres, OutsideCityLimits
Parcel Number: 340-00-06-007, Annual Amount: $778, Year: 2025
Carpet, Concrete, Tile
Listing ID: 20304044, Standard Status: Active, MLS Status: Active, Property Subtype: Office, On market as of 2026-07-18
Built in 1982, Year Built Details: Over 25 Years
MLS Area (Major): 206-Oconee County,SC, County/Parish: Oconee
WaterHeater
Building Details
Building Size
1,982 SF
Year Built
1982
Listing Agency:
Real Broker, LLC
(828) 450-4511
Listed By:
Ashley Phillips · License #120884
(828) 450-4511
Source:
Blackstreaminternational
Added: Jul 18
Changed: Aug 30
Last Checked: Aug 30 at 1:08PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
Built in 1982, this mixed-use property has a flexible layout that supports both residential and commercial use. It was most recently used as a residence, while a substantial area identified as storage on the floor plan previously served as a commercial kitchen when the property operated as a local restaurant. That space provides a defined feature for continued culinary use or other commercial applications.
The property is located at the end of Lakeshore Drive, where the road meets the water. The Fair Play boat ramp is positioned at the end of the street, providing public lake access and boat launches within less than a minute. The combination of adaptable interior space, prior restaurant use, and immediate access to the lake creates a property suited to a range of residential and commercial configurations.
The property is located at the end of Lakeshore Drive, where the road meets the water. The Fair Play boat ramp is positioned at the end of the street, providing public lake access and boat launches within less than a minute. The combination of adaptable interior space, prior restaurant use, and immediate access to the lake creates a property suited to a range of residential and commercial configurations.
Key Highlights
- Flexible layout supports both residential and commercial use
- Former commercial kitchen area identified on the floor plan as storage
- Most recently utilized as a residential home
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
$6,562
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
5.47%
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%
$131,240
$131.2K
Cap Rate 7%
$93,743
$93.7K
Cap Rate 9%
$72,911
$72.9K
Market Conditions
NOI Build-Up for 1,982 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
$10.4K $5.26/SF
− Vacancy
−$1.1K −$0.53/SF
EGI
$9.4K $4.73/SF
− OpEx
−$2.8K −$1.42/SF
NOI
$6.6K $3.31/SF
Area
Oconee County, SC
Vacancy
10.08%
Lease Rate
$5.26 /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%
$131,240
Cap Rate 7%
$93,743
Cap Rate 9%
$72,911
Alternative Uses
Best Use
Specialty Retail
$368.5K
$322.4K – $429.9K
NOI $25,794 @ 7.0% cap · market cap 21.50%
Second Best
Mixed Use
$293.1K
$256.4K – $341.9K
NOI $20,514 @ 7.0% cap · market cap 17.10%
Theoretical Best
Office A
$497.5K
$435.3K – $580.5K
NOI $34,827 @ 7.0% cap · market cap 29.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
13
Businesses Nearby
Explore this area
Business Placement
Demographics for 29643, SC
2,892
Population
1,758
Households
1.6
Avg Household Size
49
Median Age
34%
College-Educated
95%
High-School Grad
28.0 sq mi
ZIP Area
103
Density / Sq Mi
$85,729
Median Household Income
$46,667
Median Earnings
$265,000
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?
Mixed-use property - Flexible property supporting residential and commercial use, with a former commercial kitchen area and direct lake access nearby.
Where is this mixed-use property located?
The property is located at 231 Lakeshore Drive Fair Play, SC.
What is the asking price?
The asking price for this property is $120,000.
What are key features of this property?
This property features: Flexible layout supports both residential and commercial use; Former commercial kitchen area identified on the floor plan as storage; Most recently utilized as a residential home
