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    Spartanburg Mixed-Use Development Opportunity Title is generated by Realmo AI

    127-163 E Main St, Spartanburg, SC 29306

    View on Map
    For Sale
    $8,950,000

    7 Retail Properties Rare Downtown Spartanburg Development Opportunity

    Property size:
    8,256 SF
    Lot size:
    0.19 Acres
    Price / SF:
    $1,084/SF
    Added:
    Jan 21, 2025
    Days on Market:
    495
    Last Refresh:
    Mar 16 at 9:06 am

    Property Features for 127-163 E Main St

    General Information

    Standard status
    Active
    Property type
    Retail residential properties, Other retail properties, Individual retail properties, Mixed-use properties, Retail properties & Spaces
    Size
    8,256 SF
    Class
    C
    Elevators
    N/A
    Lot size
    0.19 Acres

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Alex Powell

    Listing agent Alex

    Listing office

    Listing date Jan 21, 2025

    HighLights

    • Eight parcels situated on ±1.43 Acres
    • ±1 block from Morgan Sq., New City Hall, and Planetarium.
    • Less than 4 blocks from New Minor League Baseball Stadium
    • ±315 linear feet of frontage on E Main Street and E Broad Street
    • Significant amount of architectural design, preconstruction, and state and local incentive work has been completed
    • City supports a dense mixed‑use project on the site
    • Design board approved initial plans of 9 stories which included 2 stories of commercial, over 200 units of residential, and an onsite parking structure
    • The Developer and Property Owner (M Peters Group) and GC have additional designs with parking, commercial, and 200+ apartment units.
    • Due Diligence documents available upon request
    • Includes: Phase I, Geotech, Asbestos Survey, and other related documents

    Overview

    Located in downtown Spartanburg, South Carolina, this investment opportunity includes eight parcels totaling approximately 1.43 acres. The property features approximately 315 linear feet of frontage on East Main and East Broad Streets. The site is approved for a dense mixed-use development, with initial plans approved for a nine-story building. The building encompasses two levels of commercial space and over 200 residential units, with an on-site parking structure. Additional design options are available, offering flexibility for parking configurations, commercial space allocation, and residential unit counts exceeding 200. The location is less than one block from Morgan Square, the new City Hall, and the planetarium, and under four blocks from the new Minor League Baseball Stadium. The total building size is 8,256 square feet. Pre-construction work, including architectural design and securing state and local incentives, has already been completed.
    Location Intelligence

    Current Use by Public Records

    Retail residential properties

    Suggested Use

    Real Estate Agency Restaurant Dental Office Spa & Massage Center Law Firm Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.9249
    Latitude
    34.893

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    FAQs

    What type of property is this?
    Retail residential property - 7 Retail Properties Rare Downtown Spartanburg Development Opportunity
    Where is this retail residential property located?
    The property is located at 127-163 E Main St Spartanburg, SC.
    What is the asking price?
    The asking price for this property is $8,950,000.
    What are key features of this property?
    This property features: Eight parcels situated on ±1.43 Acres; ±1 block from Morgan Sq., New City Hall, and Planetarium.; Less than 4 blocks from New Minor League Baseball Stadium
    (864) 680-5984
    We can help!
    Listing Contact
    Alex Powell
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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