Vault Motor Condos: Automotive
For Sale
$369,000
24 Gladys Drive Unit 22, Greenville, SC 29607
Private, gated motor suites designed for automotive enthusiasts and collectors.
Property Size1,000 SF
Price / SF$369
Days on Market198
Property Features for 24 Gladys Drive Unit 22
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Commercial/Industrial / Commercial
Amenities
Electricity
Steel Roof Trusses
Listing Agency:
Encore Realty
(864) 326-5047
Listed By:
Pam Foster
Source:
Compass
Added: Jan 22
Changed: Aug 8
Last Checked: Aug 8 at 7:15AM
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 Encore Realty
Investment Insights
Based on property information with market context.
The Vault Motor Condos in Greenville offers private, gated motor suites designed for the automotive lifestyle. These climate-controlled units are tailored for collectors, enthusiasts, and those who appreciate precision and design. Each residence measures approximately 20 feet wide by 50 feet deep, featuring 19-foot ceilings and roughly 1,000 square feet of customizable space. Units include a 14-foot wide x 16-foot high automatic overhead garage door, a commercial-grade 3070 walk-in door, and a high-efficiency mini-split HVAC system. Each unit is equipped with a 200 AMP service panel with a dedicated electric meter, rough-in plumbing for a full bath and shower, LED commercial lighting, an overhead fan, and GFCI outlets throughout. The walls are fully insulated, and the flooring is reinforced concrete. These motor condos can be customized with options such as a private lounge, executive office, custom bar, gourmet kitchen, or entertainment suite. They are suitable for housing and showcasing exotic vehicles, motorcycles, boats, RVs, and other high-value assets. Multiple units may be combined to create larger environments.
Key Highlights
- Private, gated community designed exclusively for automotive enthusiasts and collectors.
- Climate‑controlled motor suites with roughly 1,000 sq ft of customizable space and 19‑foot ceilings.
- Fully deeded ownership offering a bespoke space within a unique community.
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
$14,819
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
4.02%
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%
$296,380
$296.4K
Cap Rate 7%
$211,700
$211.7K
Cap Rate 9%
$164,656
$164.7K
Market Conditions
NOI Build-Up for 1,000 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
$22.0K $21.96/SF
− Vacancy
−$791 −$0.79/SF
EGI
$21.2K $21.17/SF
− OpEx
−$6.4K −$6.35/SF
NOI
$14.8K $14.82/SF
Area
Greenville County, SC
Vacancy
3.60%
Lease Rate
$21.96 /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%
$296,380
Cap Rate 7%
$211,700
Cap Rate 9%
$164,656
Alternative Uses
Best Use
Retail
$211.7K
$185.2K – $247.0K
NOI $14,819 @ 7.0% cap · market cap 4.02%
Second Best
Industrial
$55.1K
$48.2K – $64.2K
NOI $3,854 @ 7.0% cap · market cap 1.04%
Theoretical Best
Office A
$427.3K
$373.9K – $498.5K
NOI $29,908 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,560
Businesses Nearby
375k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 78%
Dining 14%
Shops & Services 6%
Electronics 2%
Belk
Apparel
81,099 visits/mo
0.3 miles
JCPenney
Apparel
74,448 visits/mo
0.4 miles
Dillard's
Apparel
72,045 visits/mo
0.3 miles
Macy's
Apparel
57,742 visits/mo
0.4 miles
Jason's Deli
Dining
25,965 visits/mo
0.5 miles
Demographics for 29607, SC
44,216
Population
22,288
Households
2
Avg Household Size
35
Median Age
50%
College-Educated
94%
High-School Grad
29.0 sq mi
ZIP Area
1,525
Density / Sq Mi
$69,249
Median Household Income
$46,549
Median Earnings
$1,339
Median Rent
$315,100
Median Home Value
Market
Vacancy Rate% for Retail in Greenville, SC
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Parking lot & garage - Private, gated motor suites designed for automotive enthusiasts and collectors.
Where is this parking lot & garage located?
The property is located at 24 Gladys Drive Unit 22 Greenville, SC.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Private, gated community designed exclusively for automotive enthusiasts and collectors.; Climate‑controlled motor suites with roughly 1,000 sq ft of customizable space and 19‑foot ceilings.; Fully deeded ownership offering a bespoke space within a unique community.
