Auto Shop Property with Multiple
For Sale
$3,999,000
1449 Union Street, Spartanburg, SC 29302
COMMERCIAL/INDUSTRIAL, Spartanburg, SC
Property Size28,119 SF
Lot Size1.00 Acre
Price / SF$142.22
Days on Market150
Property Features for 1449 Union Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
From downtown Spartanburg head South on Pine Street and turn by Boxcar Apartments until intersection of Union Street. Turn left at the light on Union Street and the destination will be on the left side of Union Street less than a mile from Boxcar complex.
Subdivision
Spartanburg
Standard status
Active
Size
28,119 SF
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
11041
Utilities
Heating system
Wall Furnace
Cooling system
Central Air
Water source
Public
Building Details
Flooring type
Concrete
Listing Agency:
Shulikov Realty & Associates
(864) 494-4748
Listed By:
Joshua Kimbrell · License #127421
(864) 553-0606
Added: Apr 3
Changed: Aug 20
Last Checked: Aug 30 at 6:06AM
MLS# 335480
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 commercial auto shop property includes a primary building, two additional buildings, a smaller storage building, and a vacant lot across multiple lots. The property totals 28,119 square feet on 1 acre and includes the owner-occupied Barnett's Garage business, along with equipment, vehicles, furniture, fixtures, and rental contracts paid to the owner. Concrete flooring, central air, wall furnace heating, and public water are in place.
The operating auto repair business has served the Spartanburg market for over 50 years. One additional building is leased by a tire shop, and another is leased by a butcher shop, providing established onsite tenancy alongside the owner-occupied operation. The property is located at 1449 Union Street in Spartanburg, South Carolina, and is zoned Commercial.
The operating auto repair business has served the Spartanburg market for over 50 years. One additional building is leased by a tire shop, and another is leased by a butcher shop, providing established onsite tenancy alongside the owner-occupied operation. The property is located at 1449 Union Street in Spartanburg, South Carolina, and is zoned Commercial.
Key Highlights
- 28,119 square feet across multiple lots and buildings
- 1‑acre commercial property at 1449 Union Street
- Owner‑occupied Barnett's Garage auto repair business operating for over 50 years
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
$323,475
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
8.09%
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%
$6,469,500
$6.5M
Cap Rate 7%
$4,621,071
$4.6M
Cap Rate 9%
$3,594,167
$3.6M
Market Conditions
NOI Build-Up for 28,119 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
$506.1K $18.00/SF
− Vacancy
−$44.0K −$1.57/SF
EGI
$462.1K $16.43/SF
− OpEx
−$138.6K −$4.93/SF
NOI
$323.5K $11.50/SF
Area
Spartanburg County, SC
Vacancy
8.70%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$6,469,500
Cap Rate 7%
$4,621,071
Cap Rate 9%
$3,594,167
Alternative Uses
Best Use
Industrial
$17.98M
$15.73M – $20.97M
NOI $1,258,401 @ 7.0% cap · market cap 31.47%
Second Best
Specialty Retail
$7.91M
$6.92M – $9.23M
NOI $553,598 @ 7.0% cap · market cap 13.84%
Theoretical Best
Warehouse
$21.83M
$19.10M – $25.47M
NOI $1,528,058 @ 7.0% cap · market cap 38.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
39k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 82%
Shops & Services 16%
Home Improvements & Furnishings 2%
Ingles
Groceries
32,007 visits/mo
0.2 miles
Mobil
Shops & Services
3,356 visits/mo
0.2 miles
Exxon
Shops & Services
2,913 visits/mo
0.2 miles
Ferguson
Home Improvements & Furnishings
701 visits/mo
0.2 miles
Demographics for 29302, SC
17,356
Population
8,169
Households
2.1
Avg Household Size
42
Median Age
41%
College-Educated
92%
High-School Grad
50.7 sq mi
ZIP Area
342
Density / Sq Mi
$77,428
Median Household Income
$44,476
Median Earnings
$1,031
Median Rent
$264,000
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Littlejohn Trailer Service — 1726 Union St, Spartanburg, SC 29302
- Elite Automotive Services — 149 King Line, Spartanburg, SC 29302
- K&L Tire, Truck, & Auto Service — 50 King Line, Spartanburg, SC 29302
- Barnett's Garage — 1449 Union St, Spartanburg, SC 29302
- Bolton-James Tire & Alignment, Inc. — 1491 Union St, Spartanburg, SC 29302
Frequently Asked Questions
What type of property is this?
Auto shop - Commercial-zoned auto shop property with multiple buildings, leased spaces, and an owner-occupied repair business.
Where is this auto shop located?
The property is located at 1449 Union Street Spartanburg, SC.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: 28,119 square feet across multiple lots and buildings; 1‑acre commercial property at 1449 Union Street; Owner‑occupied Barnett's Garage auto repair business operating for over 50 years
