2470 Old Mill RdInman, SC 29349

Property Details for 2470 Old Mill Rd

Year built

1910

Construction

WOOD

Lot size

3.79 AC

Property size (Sq ft)

6,644 SF

Property type

Assisted living facilities

Property subtype

Retirement homes

APN

1-3400-00600

APU

1340000600

Description

This exceptional commercial property, located at 2470 Old Mill Road in Inman, South Carolina, presents a unique investment opportunity. Strategically positioned at the highly visible intersection of Turpin, Old Mill, Compton Bridge, and Edwards Roads, this 3.79-acre lot offers unparalleled accessibility and exposure. Previously operating as a successful assisted living facility, the property's versatile layout is adaptable to a wide range of commercial uses. The substantial building features 15 bedrooms, 8 full bathrooms, and 3 half bathrooms, providing ample space for various configurations. Significant recent upgrades enhance the property's value and functionality. The roof was completely replaced in 2016, ensuring long-term protection. Heating and air conditioning systems were updated in 2019, guaranteeing optimal climate control. A substantial investment in safety was made with the installation of a $60,000 fire and smoke alarm system in 2020. Convenient onsite laundry facilities are included. The property also boasts extensive communal areas, including a large great room, a fully equipped commercial kitchen with a gas range, and a dedicated cafeteria. Multiple private offices are available, providing flexibility for various business needs. Its proximity to Chapman High School further enhances its appeal and potential. This property offers a rare combination of size, location, and recent improvements, making it an exceptional opportunity for discerning investors. The asking price is $1,499,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,521,910

  6.5%

  $1,404,840

  7%

  $1,304,490

• Comparable approach

  Method

  Valuation

  Relative Method

  $563,411

  Geo Method

  $563,411

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $2,704,650

  Retail / Commercial

  $1,374,830

  Mixed-Use / Specialty

  $1,360,400

  Hospitality / Lodging

  $985,669

  Office

  $1,342,390

  Institutional / Educational

  $1,410,860

  Residential Income

  $1,650,710

  Multifamily

  $2,032,620

  Automotive / Energy

  $1,209,310

  Parking / Income-Based Land

  $426,737

  Restaurant / Food Service

  $687,207

Location Insight

City

Inman

County

Spartanburg

State

South Carolina

Latitude

35.0852

Longitude

-82.098

CBSA code

43900

CBSA name

SPARTANBURG, SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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