Limited Office District Office
For Sale
Contact for pricing
1423 JOHN B WHITE SR BLVD, Spartanburg, SC 29306
A 2,692± SF office on 0.61± acres with 200± road frontage, high visibility, and LOD zoning for qualified uses.
Property Size2,692 SF
Lot Size0.61 Acres
Price / SF$332.47
Days on Market115
Property Features for 1423 JOHN B WHITE SR BLVD
General Information
Standard status
Active
Size
2,692 SF
Lot size
0.61 Acres
Property subtype
Office
Zoning
LOD
Site & Location
Traffic Count
34,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1993
Stories
1
Units
1
Listing Agency:
Spencer/Hines Properties Spartanburg
Listed By:
Andy Hayes · License #SC 13179
(864) 706-0189
Source:
Crexi
Added: Jun 4
Changed: Sep 3
Last Checked: Sep 24 at 9:42AM
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 Spencer/Hines Properties Spartanburg
Investment Insights
Based on property information with market context.
This offering features a 2,692± square foot office property situated on 0.61± acres, with approximately 200± feet of road frontage. The site is located within city limits and is zoned Limited Office District (LOD), supporting office-oriented occupancy consistent with the local zoning designation.
The property sits on John B. White Sr. Boulevard with reported traffic counts of over 34,000 VPD, creating strong visibility for prospective clients and visitors. It is also positioned with I-26 approximately one mile away, and the surrounding area includes an estimated 26,250 households within a 10-minute drive.
For buyers or tenants seeking an office facility with straightforward access and prominent exposure along a major corridor, the LOD zoning and high-visibility frontage are practical considerations. The configuration is well-suited for office uses that benefit from on-site presence and an easily identifiable building location along John B. White Sr. Boulevard. Tax Map # 6-21-14-035.01 is associated with the property.
The property sits on John B. White Sr. Boulevard with reported traffic counts of over 34,000 VPD, creating strong visibility for prospective clients and visitors. It is also positioned with I-26 approximately one mile away, and the surrounding area includes an estimated 26,250 households within a 10-minute drive.
For buyers or tenants seeking an office facility with straightforward access and prominent exposure along a major corridor, the LOD zoning and high-visibility frontage are practical considerations. The configuration is well-suited for office uses that benefit from on-site presence and an easily identifiable building location along John B. White Sr. Boulevard. Tax Map # 6-21-14-035.01 is associated with the property.
Key Highlights
- 2,692± SF office built in 1993 on John B. White Sr. Boulevard
- 0.61± acres with 200± road frontage
- Located in city limits and zoned Limited Office District (LOD)
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
$41,613
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
4.65%
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%
$832,260
$832.3K
Cap Rate 7%
$594,471
$594.5K
Cap Rate 9%
$462,367
$462.4K
Market Conditions
NOI Build-Up for 2,692 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
$64.9K $24.12/SF
− Vacancy
−$9.4K −$3.51/SF
EGI
$55.5K $20.61/SF
− OpEx
−$13.9K −$5.15/SF
NOI
$41.6K $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%
$832,260
Cap Rate 7%
$594,471
Cap Rate 9%
$462,367
Alternative Uses
Best Use
Office B
$594.5K
$520.2K – $693.6K
NOI $41,613 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.09M
$1.83M – $2.44M
NOI $146,290 @ 7.0% cap · market cap 16.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
34,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
431
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - A 2,692± SF office on 0.61± acres with 200± road frontage, high visibility, and LOD zoning for qualified uses.
Where is this office building located?
The property is located at 1423 JOHN B WHITE SR BLVD Spartanburg, SC.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 2,692± SF office built in 1993 on John B. White Sr. Boulevard; 0.61± acres with 200± road frontage; Located in city limits and zoned Limited Office District (LOD)
