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    Versatile Commercial Building with Apartment Title is generated by Realmo AI

    5045 Highway 38, Blenheim, SC 29516

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    For Sale
    $164,900

    COMMERCIAL - Blenheim, SC

    Property size:
    800 SF
    Lot size:
    0.33 Acres
    Price / SF:
    $206/SF
    Added:
    Mar 4, 2026
    Days on Market:
    86
    Last Refresh:
    May 29 at 7:06 pm

    Property Features for 5045 Highway 38

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Commercial
    Standard status
    Active
    Size
    800 SF
    Lot size
    0.33 Acres

    Building Details

    Number of units
    1

    We can help!

    Listing Contact
    Tammy Hoey

    Listing agent Tammy Hoey

    Listing office INNOVATE Real Estate Myrtle Beach, SC

    Listing date Mar 4, 2026

    MLS# 2605664

    Copyright © 2026 Coastal Carolina Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Income‑producing 600 sq. ft. studio apartment with recent updates including LVP flooring, refrigerator, oven, and bathroom.
    • Approved for an additional separate building, offering expansion opportunities.
    • Versatile 800 sq. ft. commercial building suitable for business and residential use.
    • Dedicated front office area with its own bathroom.
    • Two new mini‑split systems ensure year‑round comfort in both the studio and office.
    • Fenced‑in yard provides secure outdoor storage or display space.

    Overview

    This versatile 800 sq. ft. commercial building in Blenheim, SC, offers a blend of business and residential opportunity. It includes a 600 sq. ft. completely updated studio apartment featuring LVP flooring, a new refrigerator and oven, and a stylishly updated bathroom. Comfort is ensured year-round with two new mini-split systems, one for the studio and one for the office space. The front office area is ideal for meeting clients and conducting business and includes its own bathroom. Outside, a fenced-in yard is currently used to secure vehicles, making it suitable for auto sales, equipment storage, or other business needs requiring secured outdoor space. The studio apartment is currently rented, providing immediate income potential. The 0.33-acre property is approved for an additional separate building, offering expansion opportunities. Currently operated as a car dealership, this flexible property is perfect for investors or business owners looking for a flexible, income-generating workspace in one location.
    Property Profile Location Intelligence

    Current Use by Public Records

    Auto shops

    Map

    City
    Blenheim
    County
    Marlboro
    State
    South Carolina
    Longitude
    -79.620387
    Latitude
    34.423139

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    FAQs

    What type of property is this?
    Mixed-use property - Commercial building with updated apartment and expansion potential.
    Where is this mixed-use property located?
    The property is located at 5045 Highway 38 Blenheim, SC.
    What is the asking price?
    The asking price for this property is $164,900.
    What are key features of this property?
    This property features: Income‑producing 600 sq. ft. studio apartment with recent updates including LVP flooring, refrigerator, oven, and bathroom.; Approved for an additional separate building, offering expansion opportunities.; Versatile 800 sq. ft. commercial building suitable for business and residential use.
    (631) 848-2798
    We can help!
    Listing Contact
    Tammy Hoey
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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