114 Gay StLancaster, SC 29720

Property Details for 114 Gay St

Year built

1920

Construction

MASONRY/CONCRETE MASONRY UNITS (CMUS)

Lot size

20.00 AC

Property size (Sq ft)

1,615 SF

Zone code

CITY

Property type

Retail properties

Property subtype

Retail space

APN

0068P-0S-010.00

APU

0068P0S01000

Description

This exceptional commercial property, located at 114 E Gay St in Downtown Lancaster, SC 29720, presents a unique opportunity for businesses seeking flexible and move-in-ready spaces. The property offers a range of units, each between 1,520 and 1,840 square feet (official measurements forthcoming), ideal for various uses including traditional office, executive office, medical office, creative office, coworking, salons, and spas. Multiple tenancy options are available. Situated in a rapidly growing area projected to see a 25% population increase over the next 15 years, this location benefits from significant recent population growth (12.7% from 2020-2023, the highest among seven surrounding counties). Lease rates start at $1,900 per month. An attractive incentive is offered: sign a lease before January 1, 2025, and receive up to two months of free rent (certain restrictions apply). The property is designed to accommodate diverse business needs and is ready for immediate occupancy. Don't miss this chance to establish or expand your business in this vibrant and thriving community.

• CAP approach

  CAP return

  Valuation

  6%

  $641,527

  6.5%

  $592,179

  7%

  $549,880

• Comparable approach

  Method

  Valuation

  Relative Method

  $689,180

  Geo Method

  $689,180

• Alternative Use

  Use

  Valuation

  Residential

  $499,525

  Hospitality

  $457,562

  Educational

  $380,686

  Medical

  $393,779

  Retail

  $592,179

Location Insight

City

Lancaster

County

Lancaster

State

South Carolina

Latitude

34.7193

Longitude

-80.7694

CBSA code

16740

CBSA name

CHARLOTTE-CONCORD-GASTONIA, NC-SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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