Renovated Mixed-Use
For Sale
$497,000
332 S Howard Ave, Landrum, SC 29356
COMMERCIAL/INDUSTRIAL, Landrum, SC
Property Size2,800 SF
Lot Size0.32 Acres
Price / SF$177.50
Days on Market101
Property Features for 332 S Howard Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
General Business District
Directions
Take Hwy 176 toward Landrum. Property on the left just before Hwy 14.
Subdivision
Landrum
Standard status
Active
Size
2,800 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1625
Utilities
Cooling system
Central Air
Water source
Public
Amenities
covered back patio
apartment area
exposed rafters and duct work
Building Details
Flooring type
Linoleum
Listing Agency:
Marketsold Realty
(864) 706-7520
Listed By:
Jason Ashmore · License #81150
(864) 699-9822
Added: May 30
Changed: Sep 3
Last Checked: Sep 7 at 7:06AM
MLS# 337769
Copyright © 2026 Spartanburg Association of REALTORS, Inc. 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 renovated mixed-use property combines a largely open commercial interior with a separate 1-bedroom, 1-bath apartment area. Additional features include a dedicated section suitable for kitchen installation, a covered rear patio, exposed rafters and ductwork, linoleum flooring, central air, and public water service. A French drain was recently added along the rear of the building.
The property is positioned on Hwy 176 in Landrum, across from the proposed Saluda Grade Trail and near downtown. It includes 0.32 acres and 105 feet of road frontage, offering a flexible setting for commercial, service, retail, office, or food-and-beverage use as supported by the existing configuration.
The property is positioned on Hwy 176 in Landrum, across from the proposed Saluda Grade Trail and near downtown. It includes 0.32 acres and 105 feet of road frontage, offering a flexible setting for commercial, service, retail, office, or food-and-beverage use as supported by the existing configuration.
Key Highlights
- Renovated mixed‑use building with largely open commercial interior
- 1‑bedroom, 1‑bath apartment area included
- Covered rear patio and section suitable for kitchen installation
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
$36,960
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
7.44%
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%
$739,200
$739.2K
Cap Rate 7%
$528,000
$528.0K
Cap Rate 9%
$410,667
$410.7K
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
$67.2K $24.00/SF
− Vacancy
−$8.1K −$2.88/SF
EGI
$59.1K $21.12/SF
− OpEx
−$22.2K −$7.92/SF
NOI
$37.0K $13.20/SF
Area
Spartanburg County, SC
Vacancy
12.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
37.50%
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%
$739,200
Cap Rate 7%
$528,000
Cap Rate 9%
$410,667
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
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
333
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated commercial building with open workspace, apartment quarters, kitchen area, and a covered rear patio.
Where is this mixed-use property 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 mixed‑use building with largely open commercial interior; 1‑bedroom, 1‑bath apartment area included; Covered rear patio and section suitable for kitchen installation
