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Owner/User or Value Add - Downtown Laurens 221 W Laurens St 5,943 SF 46% Leased Office Building Laurens, SC 29360 $700,525 CAD ($117.87 CAD/SF) 5.14% Cap Rate



Investment Highlights
- Substantial renovation in 2022 – All the work is done, just lease it up
- 54% vacancy for owner/user or value-add potential – Lease up and increase cash flow
- Pro-forma NOI: ±$70,000 annually – Strong upside potential
- Longstanding tenant in place
- Rare dedicated parking (18 spaces) – An asset in the downtown market
Executive Summary
Reedy River Retail at SVN | Palmetto is pleased to present this well-positioned office building, originally built in 1974, underwent a major renovation in 2022, bringing it up to modern standards while preserving its solid foundation. The property is anchored by Gleamns Human Resources Commission, a longstanding tenant occupying approximately 38% of the building. With their lease up for renewal, this presents a great opportunity to renegotiate and bring rents to market. Fresh lease signed on suite B-4 with Rave Energy of Laurens commences in August 2026. The remaining 54% of the building is vacant, creating an excellent value-add opportunity for an investor looking to lease up the space and maximize returns. With a pro-forma annual NOI of approximately $70,000, this property is ready for a new owner to step in, stabilize, and capitalize on its full potential. One of the biggest perks is dedicated parking. In a downtown setting where parking is scarce, this property offers approximately 18 dedicated spaces, a rare and highly desirable amenity for tenants. This is a turnkey investment opportunity for an owner-operator or savvy investor looking to take advantage of an already-improved asset with built-in upside.
Financial Summary (Pro Forma - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$110,575
|
$18.61
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$110,575
|
$18.61
|
| Taxes |
$6,333
|
$1.07
|
| Operating Expenses |
$4,284
|
$0.72
|
| Total Expenses |
$10,617
|
$1.79
|
| Net Operating Income |
$99,958
|
$16.82
|
Financial Summary (Pro Forma - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $110,575 |
| Annual Per SF | $18.61 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $110,575 |
| Annual Per SF | $18.61 |
| Taxes (CAD) | |
|---|---|
| Annual | $6,333 |
| Annual Per SF | $1.07 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $4,284 |
| Annual Per SF | $0.72 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $10,617 |
| Annual Per SF | $1.79 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,958 |
| Annual Per SF | $16.82 |
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Office
Property Subtype
Building Size
5,943 SF
Building Class
B
Year Built/Renovated
1970/2022
Price
$700,525 CAD
Price Per SF
$117.87 CAD
Cap Rate
5.14%
NOI
$36,007 CAD
Percent Leased
46%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
5,943 SF
Building FAR
0.55
Lot Size
0.25 AC
Opportunity Zone
Yes
Zoning
CC - Core Commercial
Parking
18 Spaces (3.03 Spaces per 1,000 SF Leased)
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease Type
- Lease End
- Gleamns Neighborhood Center
- Health Care and Social Assistance
- 2,283 SF
- $11.60 CAD
- Triple Net
- Aug 2025
- Rave Energy of Laurens
- Retailer
- 312 SF
- $32.34 CAD
- Modified Gross
- Jul 2027
| Tenant | Industry | SF Occupied | Rent/SF | Lease Type | Lease End | |
| Gleamns Neighborhood Center | Health Care and Social Assistance | 2,283 SF | $11.60 CAD | Triple Net | Aug 2025 | |
| Rave Energy of Laurens | Retailer | 312 SF | $32.34 CAD | Modified Gross | Jul 2027 |
Space Availability
- Space
- Size
- Space Use
- Build-Out
- Available
- 1st Fl-Ste B1
- 657 SF
- Office
- Partial Build-Out
- Now
- 1st Fl-Ste B2
- 963 SF
- Office
- Partial Build-Out
- Now
- 1st Fl-Ste B3
- 687 SF
- Office
- Partial Build-Out
- Now
- 1st Fl-Ste B4
- 312 SF
- Office
- Partial Build-Out
- Now
| Space | Size | Space Use | Build-Out | Available |
| 1st Fl-Ste B1 | 657 SF | Office | Partial Build-Out | Now |
| 1st Fl-Ste B2 | 963 SF | Office | Partial Build-Out | Now |
| 1st Fl-Ste B3 | 687 SF | Office | Partial Build-Out | Now |
| 1st Fl-Ste B4 | 312 SF | Office | Partial Build-Out | Now |
1st Fl-Ste B1
| Size |
| 657 SF |
| Space Use |
| Office |
| Build-Out |
| Partial Build-Out |
| Available |
| Now |
1st Fl-Ste B2
| Size |
| 963 SF |
| Space Use |
| Office |
| Build-Out |
| Partial Build-Out |
| Available |
| Now |
1st Fl-Ste B3
| Size |
| 687 SF |
| Space Use |
| Office |
| Build-Out |
| Partial Build-Out |
| Available |
| Now |
1st Fl-Ste B4
| Size |
| 312 SF |
| Space Use |
| Office |
| Build-Out |
| Partial Build-Out |
| Available |
| Now |
Fairly walkable
50/100
Very drivable
80/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 906-11-05-007 | Total Assessment | $15,238 CAD |
| Land Assessment | $872 CAD | Annual Taxes | $6,333 CAD ($1.07 CAD/SF) |
| Improvements Assessment | $14,365 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
906-11-05-007
Land Assessment
$872 CAD
Improvements Assessment
$14,365 CAD
Total Assessment
$15,238 CAD
Annual Taxes
$6,333 CAD ($1.07 CAD/SF)
Tax Year
2025
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Owner/User or Value Add - Downtown Laurens | 221 W Laurens St
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