Office Building Under
For Sale
$525,000
180 John B White Sr Boulevard, Spartanburg, SC 29306
Commercial/Industrial, Spartanburg, SC
Property Size2,664 SF
Lot Size0.23 Acres
Price / SF$197.07
Days on Market40
Property Features for 180 John B White Sr Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
033
Standard status
Active
APN
7-12-13-175.00
Lot size
0.23 Acres
Utilities
Heating system
Electric (Heating), Forced Air
Water source
Public
Building Details
Building materials
Frame
Roof type
Composition
Listing Agency:
Keller Williams Realty
(864) 574-6000
Listed By:
Dina Napechnik · License #139600
(864) 266-0514
Added: Jul 21
Changed: Aug 19
Last Checked: Aug 29 at 2:06PM
MLS# 1598258
Copyright © 2026 Greater Greenville 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.
Investment Insights
Based on property information with market context.
An office buildings opportunity currently under renovation inside, located at 180 John B White Sr Boulevard in Spartanburg, SC. The property sits on approximately 0.23 acres and includes a 2,664+/- sq. ft. commercial building with a flexible layout suited to professional offices, retail, or service-based businesses.
The building is positioned for easy access along John B. White Sr. Blvd and features paved parking and strong road frontage for day-to-day customer exposure. The property is served by public water, and the building systems include electric heat with forced-air operation. Construction is frame, and the roof is composition.
This is a versatile commercial building configured to support a range of business uses, with renovation underway to update the interior.
The building is positioned for easy access along John B. White Sr. Blvd and features paved parking and strong road frontage for day-to-day customer exposure. The property is served by public water, and the building systems include electric heat with forced-air operation. Construction is frame, and the roof is composition.
This is a versatile commercial building configured to support a range of business uses, with renovation underway to update the interior.
Key Highlights
- Currently under renovation inside
- Approximately 0.23 acres at 180 John B White Sr Boulevard
- 2,664+/- sq. ft. commercial building with flexible layout
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,180
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$823,600
$823.6K
Cap Rate 7%
$588,286
$588.3K
Cap Rate 9%
$457,556
$457.6K
Market Conditions
NOI Build-Up for 2,664 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.3K $24.12/SF
− Vacancy
−$9.3K −$3.51/SF
EGI
$54.9K $20.61/SF
− OpEx
−$13.7K −$5.15/SF
NOI
$41.2K $15.46/SF
Area
Spartanburg County, SC
Vacancy
14.55%
Lease Rate
$24.12 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$823,600
Cap Rate 7%
$588,286
Cap Rate 9%
$457,556
Alternative Uses
Best Use
Office B
$588.3K
$514.8K – $686.3K
NOI $41,180 @ 7.0% cap · market cap 7.84%
Second Best
Retail
$437.8K
$383.1K – $510.8K
NOI $30,646 @ 7.0% cap · market cap 5.84%
Theoretical Best
Warehouse
$2.07M
$1.81M – $2.41M
NOI $144,769 @ 7.0% cap · market cap 27.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
905
Businesses Nearby
Explore this area
Business Placement
Demographics for 29306, SC
16,822
Population
7,618
Households
2.2
Avg Household Size
36
Median Age
21%
College-Educated
83%
High-School Grad
19.5 sq mi
ZIP Area
863
Density / Sq Mi
$38,858
Median Household Income
$30,629
Median Earnings
$913
Median Rent
$159,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building on John B. White Sr. Blvd with paved parking, public water, and electric forced-air heat.
Where is this office building located?
The property is located at 180 John B White Sr Boulevard Spartanburg, SC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Currently under renovation inside; Approximately 0.23 acres at 180 John B White Sr Boulevard; 2,664+/- sq. ft. commercial building with flexible layout
