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    Property profile & analytics

    2 Groce Rd Lyman, SC 29365

    • Office buildings
    • 352 SF
    • 0.82 lot acres
    For Sale
    View listing
    $350,000
    Value Estimations
    Cap Rate Potential
    2.5%
    Office buildings
    Location Intelligence
    Property ID
    US77-0875921
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • HODGE AUTO SALES - Used Cars - Lyman SC Dealer / Car Dealer

    Property Details for 2 Groce Rd

    Year built
    1956
    Construction
    CONCRETE BLOCKS
    Lot size
    0.82 lot acres
    Property size
    352 SF
    Property type
    Office buildings
    APN
    5-1507-09000
    APU
    5150709000

    Description

    This exceptional 1.9-acre commercial property presents a rare opportunity in the thriving Lyman, SC market. Situated at the last remaining prime intersection along Highway 29, this 1.09-acre corner lot at the intersection of Highway 29 and Groce Road benefits from an average daily traffic count of 37,500 vehicles. Its strategic location between Greer and downtown Spartanburg, coupled with Lyman's significant residential growth and proximity to Interstate 85, makes it an ideal site for a variety of businesses. The City of Lyman will donate a .27-acre right-of-way to the developer upon closing, further enhancing the property's value and development potential. This high-visibility location is perfect for businesses seeking maximum exposure, such as fast-food restaurants, oil change facilities, or dental offices. The property is priced competitively at $350,000, offering a compelling investment opportunity in a rapidly expanding area. Don't miss this chance to secure a prime commercial location in one of South Carolina's most dynamic markets. The property is zoned for general commercial use.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $230,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lyman
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -82.1249
    Latitude
    34.9551
    CBSA code
    43900
    CBSA name
    SPARTANBURG, SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $4,320
    $10,200
    $396
    $10,596
    -
    $170,000
    $6,600
    $176,600

    Comparable in this City

    • Value Estimation
      $240,000
      444 SF

      64 Groce Rd

      OFFICE BUILDING • 444 SF
      64 Groce Rd, Lyman, SC 29365-1728
      View Details
    • Value Estimation
      $50,000
      1,000 SF

      12320 Greenville Hwy

      PROFESSIONAL BUILDING • 1,000 SF
      12320 Greenville Hwy, Lyman, SC 29365-1516
      View Details
    • Value Estimation
      $290,000
      630 SF

      10 Vly Rd

      OFFICE BUILDING • 630 SF
      10 Vly Rd, Lyman, SC 29365-1826
      View Details
    • Value Estimation
      $1,025,000
      841 SF

      125 Spartanburg Hwy

      OFFICE BUILDING • 841 SF
      125 Spartanburg Hwy, Lyman, SC 29365-1601
      View Details
    • Value Estimation
      $180,000
      2,496 SF

      250 Spartanburg Rd

      OFFICE BUILDING • 2,496 SF
      250 Spartanburg Rd, Lyman, SC 29365-1718
      View Details
    • Value Estimation by Request

      Community St

      PROFESSIONAL BUILDING
      Community St, Lyman, SC 29365
      View Details

    Similar Nearby for Sale

    • $325,000
      7,040 SF

      Lyman Office Building For Sale

      Office building with 7,040 square feet of space.
      10 Groce Rd, Lyman, SC 29365
      View Details
    • $378,000
      4,212 SF

      Lyman Storefront: Prime Downtown Location

      Historic building, 4,212 sq ft, high potential.
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    • $1,200,000
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      Modern Office Space in Lyman

      Remodeled office space with modern amenities in high-traffic Lyman location.
      100 Inman Rd, Lyman, SC 29365
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    • $75,000
      0.70 Acres

      Residential Lot in Lyman, SC

      0.70-acre lot in Lyman, SC, no HOA.
      Rollingwood Dr, Lyman, SC 29365
      View Details
    • $119,900
      0.70 Acres

      Residential Lot with Lake Views

      Beautiful 0.7-acre residential lot with lake views in Lyman, SC.
      350 Lyman Lake Rd, Lyman, SC 29365
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    • $350,000
      1.90 Acres

      Lyman Commercial Corner Lot

      High-traffic location, development ready.
      2 Groce Rd, Lyman, SC 29365
      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
      16,000 SF

      Lyman Retail Space - 16,000 SF

      High-visibility retail building, Hwy 29, SC.
      200 Spartanburg Hwy, Lyman, SC 29365
      View Details
    • Contact for pricing

      Retail Space in Duncan, SC

      Retail property for lease in a high-traffic area.
      Duncan, SC 29365
      View Details
    • Contact for pricing
      449,000 SF

      Subdivisible Industrial Space in Lyman

      449,000 SF industrial space for sublease near I-85.
      101 Groce Rd, Lyman, SC 29365
      View Details
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    Lyman, SC 29365
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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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