Spartanburg Office Building For
For Sale
$1,450,000
130 Dillon Drive, Spartanburg, SC 29307
7,200 SF office building near Spartanburg Medical District.
Property Size7,200 SF
Price / SF$201.39
Days on Market268
Property Features for 130 Dillon Drive
General Information
Standard status
Active
Size
7,200 SF
Class
A
Property subtype
Office
Building Details
Building Size
7,200 SF
Listing Agency:
Lee & Associates | Greenville/Spartanburg
(864) 337-1543
Listed By:
Darath Mackie, CCIM · License #SC #97485
(864) 337-1543
Source:
Lee-associates
Added: Nov 26, 2025
Changed: Aug 21
Last Checked: Aug 21 at 4:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Lee & Associates | Greenville/Spartanburg
Investment Insights
Based on property information with market context.
This 7,200 SF office building is located at 130 Dillon Drive in Spartanburg, SC. The property benefits from a prime location in Spartanburg, with excellent visibility and close proximity to the Spartanburg Medical District and other healthcare providers. The available space is approximately 4,015 SF, while approximately 3,185 SF is leased to Ortho Sport & Spine Physicians. This multi-tenant building presents an investment opportunity and is ideal for primary care or specialty practices. The property is also located close to pharmacies, labs, and referral partners.
Key Highlights
- Prime location in Spartanburg, SC with excellent visibility.
- Investment opportunity with a multi‑tenant building.
- ±4,015 SF available**, with ±3,185 SF already leased to Ortho Sport & Spine Physicians.
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
$113,401
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
7.82%
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%
$2,268,020
$2.3M
Cap Rate 7%
$1,620,014
$1.6M
Cap Rate 9%
$1,260,011
$1.3M
Market Conditions
NOI Build-Up for 7,200 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
$221.2K $30.72/SF
− Vacancy
−$32.2K −$4.47/SF
EGI
$189.0K $26.25/SF
− OpEx
−$75.6K −$10.50/SF
NOI
$113.4K $15.75/SF
Area
Spartanburg County, SC
Vacancy
14.55%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
40.00%
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%
$2,268,020
Cap Rate 7%
$1,620,014
Cap Rate 9%
$1,260,011
Alternative Uses
Best Use
Healthcare Medical
$1.62M
$1.42M – $1.89M
NOI $113,401 @ 7.0% cap · market cap 7.82%
Second Best
Office B
$1.59M
$1.39M – $1.85M
NOI $111,297 @ 7.0% cap · market cap 7.68%
Theoretical Best
Warehouse
$5.59M
$4.89M – $6.52M
NOI $391,266 @ 7.0% cap · market cap 26.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
430
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 29307, SC
19,034
Population
8,946
Households
2.1
Avg Household Size
44
Median Age
35%
College-Educated
86%
High-School Grad
44.7 sq mi
ZIP Area
426
Density / Sq Mi
$61,330
Median Household Income
$39,543
Median Earnings
$1,043
Median Rent
$207,800
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?
Medical Office Space - 7,200 SF office building near Spartanburg Medical District.
Where is this medical office space located?
The property is located at 130 Dillon Drive Spartanburg, SC.
What is the asking price?
The asking price for this property is $1,450,000.
What are key features of this property?
This property features: Prime location in Spartanburg, SC with excellent visibility.; Investment opportunity with a multi‑tenant building.; ±4,015 SF available**, with ±3,185 SF already leased to Ortho Sport & Spine Physicians.
