Renovated Flex Space with
For Sale
$497,000
332 S Howard Ave, Landrum, SC 29356
Renovated commercial space includes an apartment area, kitchen-ready section, and covered rear patio.
Property Size2,800 SF
Price / SF$177.50
Days on Market41
Property Features for 332 S Howard Ave
General Information
Standard status
Active
Size
2,800 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Buildings
1
Listing Agency:
Marketsold Realty
(864) 706-7520
Listed By:
Jason Ashmore · License #81150
Source:
Adamtaylorteam
Added: Jul 21
Changed: Aug 30
Last Checked: Aug 30 at 12:39AM
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 Marketsold Realty
Investment Insights
Based on property information with market context.
This renovated flex space combines a primarily open commercial area with a separate one-bedroom, one-bath apartment area. A dedicated section can accommodate kitchen improvements, while the large covered rear patio supports a range of customer-facing layouts. Exposed rafters and ductwork add distinctive interior character, and a French drain has been installed along the rear of the building.
The property fronts 105 feet along Hwy 176 and sits across from the proposed Saluda Grade Trail. It is also positioned steps from downtown Landrum, placing the building near the community’s central commercial area. The configuration can support uses identified in the property information, including restaurant, tap house, retail, office, coffee shop, bike shop, and flex space applications.
The property fronts 105 feet along Hwy 176 and sits across from the proposed Saluda Grade Trail. It is also positioned steps from downtown Landrum, placing the building near the community’s central commercial area. The configuration can support uses identified in the property information, including restaurant, tap house, retail, office, coffee shop, bike shop, and flex space applications.
Key Highlights
- Renovated flex space with primarily open commercial area
- Separate 1‑bedroom, 1‑bath apartment area
- Large covered rear patio and kitchen‑ready section
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
$32,211
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
6.48%
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%
$644,220
$644.2K
Cap Rate 7%
$460,157
$460.2K
Cap Rate 9%
$357,900
$357.9K
Market Conditions
NOI Build-Up for 2,800 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
$50.4K $18.00/SF
− Vacancy
−$4.4K −$1.57/SF
EGI
$46.0K $16.43/SF
− OpEx
−$13.8K −$4.93/SF
NOI
$32.2K $11.50/SF
Area
Spartanburg County, SC
Vacancy
8.70%
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%
$644,220
Cap Rate 7%
$460,157
Cap Rate 9%
$357,900
Alternative Uses
Best Use
Industrial
$1.79M
$1.57M – $2.09M
NOI $125,308 @ 7.0% cap · market cap 25.21%
Second Best
Flex RnD
$1.66M
$1.45M – $1.94M
NOI $116,357 @ 7.0% cap · market cap 23.41%
Theoretical Best
Warehouse
$2.17M
$1.90M – $2.54M
NOI $152,159 @ 7.0% cap · market cap 30.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 29356, SC
8,893
Population
4,434
Households
2
Avg Household Size
51
Median Age
35%
College-Educated
90%
High-School Grad
82.1 sq mi
ZIP Area
108
Density / Sq Mi
$60,911
Median Household Income
$43,119
Median Earnings
$632
Median Rent
$273,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Renovated commercial space includes an apartment area, kitchen-ready section, and covered rear patio.
Where is this flex space located?
The property is located at 332 S Howard Ave Landrum, SC.
What is the asking price?
The asking price for this property is $497,000.
What are key features of this property?
This property features: Renovated flex space with primarily open commercial area; Separate 1‑bedroom, 1‑bath apartment area; Large covered rear patio and kitchen‑ready section
