Historic Two-Story Commercial
For Sale
$750,000
344 & 352 Park Avenue Se, Aiken, SC 29801
Vacant two-story historic building with former apartment space on the second level, sold as-is.
Property Size3,049 SF
Price / SF$245.98
Days on Market282
Property Features for 344 & 352 Park Avenue Se
General Information
Standard status
Active
Size
3,049 SF
Property subtype
Mixed Use
Amenities
3
Downtown Business
Parking.
Other Parking.
Other, City Road, Paved Road.
Building Details
Year Built
1800
Stories
2
Listing Agency:
(727) 218-0760
Listed By:
Haven Real Estate
(727) 218-0760
Source:
Xome
Added: Nov 1, 2025
Changed: Aug 8
Last Checked: Aug 9 at 5:22AM
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 Haven Real Estate
Investment Insights
Based on property information with market context.
This historic two-story commercial building, formerly the Aiken New Yorker, is being offered vacant and for sale at 344 & 352 Park Avenue SE. The property is a fixer-upper and is sold as-is. It offers more than 3,000 square feet of space, with the second story previously functioning as an apartment and presenting potential for residential use alongside commercial uses.
Located in the heart of downtown Aiken, the building provides an established downtown address for office, retail, or mixed-use concepts. A lender pre-approval letter or proof of funds from a financial institution is required prior to showings.
Located in the heart of downtown Aiken, the building provides an established downtown address for office, retail, or mixed-use concepts. A lender pre-approval letter or proof of funds from a financial institution is required prior to showings.
Key Highlights
- Vacant historic two‑story commercial building in downtown Aiken (formerly the Aiken New Yorker)
- Over 3,000 SF building with second‑level space that previously functioned as an apartment
- Downtown Business zoning designation
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
$31,454
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
4.19%
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%
$629,080
$629.1K
Cap Rate 7%
$449,343
$449.3K
Cap Rate 9%
$349,489
$349.5K
Market Conditions
NOI Build-Up for 3,049 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
$45.7K $15.00/SF
− Vacancy
−$3.8K −$1.25/SF
EGI
$41.9K $13.76/SF
− OpEx
−$10.5K −$3.44/SF
NOI
$31.5K $10.32/SF
Area
Aiken County, SC
Vacancy
8.30%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$629,080
Cap Rate 7%
$449,343
Cap Rate 9%
$349,489
Alternative Uses
Best Use
Office B
$449.3K
$393.2K – $524.2K
NOI $31,454 @ 7.0% cap · market cap 4.19%
Second Best
Retail
$420.6K
$368.0K – $490.7K
NOI $29,443 @ 7.0% cap · market cap 3.93%
Theoretical Best
Office A
$587.7K
$514.3K – $685.7K
NOI $41,140 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,187
Businesses Nearby
Explore this area
Business Placement
Demographics for 29801, SC
27,613
Population
13,543
Households
2
Avg Household Size
41
Median Age
28%
College-Educated
84%
High-School Grad
88.9 sq mi
ZIP Area
311
Density / Sq Mi
$55,032
Median Household Income
$36,804
Median Earnings
$1,070
Median Rent
$163,900
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - Vacant two-story historic building with former apartment space on the second level, sold as-is.
Where is this mixed-use property located?
The property is located at 344 & 352 Park Avenue Se Aiken, SC.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Vacant historic two‑story commercial building in downtown Aiken (formerly the Aiken New Yorker); Over 3,000 SF building with second‑level space that previously functioned as an apartment; Downtown Business zoning designation
