Building Details

Year built 1992

Listing Agency: BluAxis Realty j***@bluaxis.com Show Phone

Listed By: Johnny Duncan Show Phone

Added: Feb 19 Changed: Aug 19 Last Checked: Aug 22 at 2:06AM

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MLS# 4349060

Copyright © 2026 Canopy MLS. 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.

This mixed-use income property includes two fully leased units on a single parcel. The residential component is a remodeled 1992 manufactured home with two bedrooms and two bathrooms (14' x 70'), currently occupied by a tenant and designed with an updated, functional interior layout. The commercial component is a climate-controlled building that contains a dedicated office area, two bathrooms, and two large bays, providing a flexible indoor setup for a range of service, storage, workshop, retail, or professional uses.

Located at 3021 Spartanburg Highway in East Flat Rock, the property is zoned Community Commercial (CC) and offers road frontage along US Highway 176. The highway setting supports customer and tenant access for commercial activity, while also maintaining convenient day-to-day access for the residential unit.

For investors and owner-operators, the primary value is the turnkey, dual-income structure with both units currently leased. The property allows an operator to market the residential unit as income-producing housing while maintaining a separate, purpose-built commercial space with climate control and sizable bay areas for businesses that need indoor work or storage. As Community Commercial zoning is in place, the parcel may also support future use changes or expansion consistent with local requirements.

Key Highlights

• Dual Income Streams: Remodeled 2‑bedroom residential unit and a 1,500 sq ft climate‑controlled commercial building provide immediate and reliable revenue.
• Prime Location: High‑traffic frontage on US Highway 176 (Spartanburg Highway) offers excellent visibility and accessibility.
• Community Commercial Zoning: Provides flexibility for various business uses, expansions, or owner‑occupied scenarios.

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

$30,654

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

5.62%

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%

$613,080 $613.1K

Cap Rate 7%

$437,914 $437.9K

Cap Rate 9%

$340,600 $340.6K

Market Conditions

NOI Build-Up for 2,480 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

$44.6K $18.00/SF

− Vacancy

−$848 −$0.34/SF

EGI

$43.8K $17.66/SF

− OpEx

−$13.1K −$5.30/SF

NOI

$30.7K $12.36/SF

Area

Henderson County, NC

Vacancy

1.90%

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%

$613,080

Cap Rate 7%

$437,914

Cap Rate 9%

$340,600

Alternative Uses

Best Use

Retail

$437.9K

$383.2K – $510.9K (±1% cap)

NOI $30,654 @ 7.0% cap · market cap 5.62%

Second Best

Apartment 5plus

$281.6K

$246.4K – $328.5K (±1% cap)

NOI $19,710 @ 7.0% cap · market cap 3.62%

Theoretical Best

Office A

$826.5K

$723.2K – $964.2K (±1% cap)

NOI $57,853 @ 7.0% cap · market cap 10.62%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Restaurant Hair Salon Pharmacy HVAC Service Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

100%

Occupancy

Multi-tenant

Tenancy

Turnkey business

Opportunity

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

118

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 28726, NC

3,787

Population

1,450

Households

2.6

Avg Household Size

35

Median Age

9%

College-Educated

79%

High-School Grad

2.5 sq mi

ZIP Area

1,515

Density / Sq Mi

$56,638

Median Household Income

$31,139

Median Earnings

$945

Median Rent

$178,600

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Two currently leased units combine a remodeled manufactured home and a climate-controlled commercial building with large bays.

Where is this flex space located?

The property is located at 3021 Spartanburg Highway East Flat Rock, NC.

What is the asking price?

The asking price for this property is $545,000.

What are key features of this property?

This property features: Dual Income Streams: Remodeled 2‑bedroom residential unit and a 1,500 sq ft climate‑controlled commercial building provide immediate and reliable revenue.; Prime Location: High‑traffic frontage on US Highway 176 (Spartanburg Highway) offers excellent visibility and accessibility.; Community Commercial Zoning: Provides flexibility for various business uses, expansions, or owner‑occupied scenarios.