Historic Two-Story Commercial
For Sale
$750,000
344352 344 & 352 Park Ave SE, Aiken, SC 29801
Vacant two-story building with a storefront level and a second-story apartment layout, sold as-is.
Property Size3,049 SF
Price / SF$245.98
Days on Market48
Property Features for 344352 344 & 352 Park Ave SE
General Information
Standard status
Active
Size
3,049 SF
Building Details
Year Built
1800
Stories
2
Listing Agency:
Haven Real Estate
Listed By:
Nina Meunier · License #143822
(727) 218-0760
Source:
Vandermorganrealty
Added: Jul 20
Changed: Sep 3
Last Checked: Sep 5 at 11:15AM
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 Haven Real Estate
Investment Insights
Based on property information with market context.
This historic two-story commercial building is vacant and was formerly the Aiken New Yorker. The property includes a storefront level and a second story that previously functioned as an apartment, which may support residential use. The building is described as a fixer-upper and is being sold as-is, offering a buyer the ability to restore and reimagine the space.
Located in the heart of downtown Aiken, the building is offered with the flexibility to support office, retail, or mixed-use concepts based on the existing layout. A pre-approval letter from a lender or proof of funds from a financial institution is required before showings.
The offering includes a total size of just over 3,000 square feet across the two levels, providing room for redevelopment of the existing storefront and apartment spaces.
Located in the heart of downtown Aiken, the building is offered with the flexibility to support office, retail, or mixed-use concepts based on the existing layout. A pre-approval letter from a lender or proof of funds from a financial institution is required before showings.
The offering includes a total size of just over 3,000 square feet across the two levels, providing room for redevelopment of the existing storefront and apartment spaces.
Key Highlights
- Historic two‑story commercial building in downtown Aiken, formerly the Aiken New Yorker
- Over 3,000 SF vacant property with a storefront level plus second‑story space
- Second story previously functioned as an apartment, offering potential for residential use
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
$29,443
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
3.93%
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%
$588,860
$588.9K
Cap Rate 7%
$420,614
$420.6K
Cap Rate 9%
$327,144
$327.1K
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
$43.9K $14.40/SF
− Vacancy
−$1.8K −$0.60/SF
EGI
$42.1K $13.80/SF
− OpEx
−$12.6K −$4.14/SF
NOI
$29.4K $9.66/SF
Area
Aiken County, SC
Vacancy
4.20%
Lease Rate
$14.40 /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%
$588,860
Cap Rate 7%
$420,614
Cap Rate 9%
$327,144
Alternative Uses
Best Use
Retail
$420.6K
$368.0K – $490.7K
NOI $29,443 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
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
158
Businesses Nearby
Balanced
Demand for This Use
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Vacant two-story building with a storefront level and a second-story apartment layout, sold as-is.
Where is this storefront property located?
The property is located at 344352 344 & 352 Park Ave 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: Historic two‑story commercial building in downtown Aiken, formerly the Aiken New Yorker; Over 3,000 SF vacant property with a storefront level plus second‑story space; Second story previously functioned as an apartment, offering potential for residential use
