Remodeled Office Building with
For Sale
$525,000
8715 Asheville Hwy, Boiling Springs, SC 29316
COMMERCIAL - Boiling Springs, SC
Property Size2,200 SF
Lot Size0.47 Acres
Price / SF$238.64
Days on Market636
Property Features for 8715 Asheville Hwy
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Lot features
General Business District
Directions
Springfield Road and US-176 across from North Spartanburg Baptist Church.
Subdivision
Boiling Springs
Standard status
Active
Size
2,200 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
5524
Utilities
Heating system
Hot Water(Heating), Heat Pump (Heating)
Cooling system
Heat Pump, Central Air
Water source
Public
Amenities
drive-thru
kitchen
copier room
Building Details
Flooring type
Carpet, Wood
Listing Agency:
Leslie Horne and Associates
(864) 707-2315
Listed By:
Joey Praytor · License #109966
(864) 431-2613
Added: Nov 26, 2024
Changed: Aug 4
Last Checked: Aug 24 at 12:06PM
MLS# 317610
Copyright © 2026 Spartanburg Association of REALTORS, Inc. 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.
This 2,200-square-foot office building on a 0.47-acre parcel was remodeled inside and out in 2015. The layout includes eight office spaces, two bathrooms, a complete kitchen, and a dedicated copier room. Updated hardwood flooring is installed throughout, with carpet also present. A drive-through provides customer access, while a rear entrance connects to gravel parking behind the building.
The property is located at 8715 Asheville Hwy in Boiling Springs, South Carolina, within Spartanburg County. It carries Commercial zoning and is served by public water. Heating is provided by hot water and heat pump systems, with cooling from a heat pump and central air conditioning.
The property is located at 8715 Asheville Hwy in Boiling Springs, South Carolina, within Spartanburg County. It carries Commercial zoning and is served by public water. Heating is provided by hot water and heat pump systems, with cooling from a heat pump and central air conditioning.
Key Highlights
- 2,200 square feet on 0.47 acres
- Eight office spaces and two bathrooms
- Interior and exterior remodeling completed in 2015
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
$34,007
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
6.48%
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%
$680,140
$680.1K
Cap Rate 7%
$485,814
$485.8K
Cap Rate 9%
$377,856
$377.9K
Market Conditions
NOI Build-Up for 2,200 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
$53.1K $24.12/SF
− Vacancy
−$7.7K −$3.51/SF
EGI
$45.3K $20.61/SF
− OpEx
−$11.3K −$5.15/SF
NOI
$34.0K $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%
$680,140
Cap Rate 7%
$485,814
Cap Rate 9%
$377,856
Alternative Uses
Best Use
Office B
$485.8K
$425.1K – $566.8K
NOI $34,007 @ 7.0% cap · market cap 6.48%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.71M
$1.49M – $1.99M
NOI $119,554 @ 7.0% cap · market cap 22.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
148
Businesses Nearby
Explore this area
Business Placement
Demographics for 29316, SC
29,459
Population
12,202
Households
2.4
Avg Household Size
36
Median Age
26%
College-Educated
93%
High-School Grad
21.8 sq mi
ZIP Area
1,351
Density / Sq Mi
$75,808
Median Household Income
$44,015
Median Earnings
$1,133
Median Rent
$227,700
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 - Remodeled office property with a kitchen, copier room, rear entry, and gravel parking.
Where is this office building located?
The property is located at 8715 Asheville Hwy Boiling Springs, 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: 2,200 square feet on 0.47 acres; Eight office spaces and two bathrooms; Interior and exterior remodeling completed in 2015
