NNN Retail
For Sale
$1,731,000
2160 Fernwood Glendale Rd, Spartanburg, SC 29307
Newer retail building leased under a corporately guaranteed agreement with no landlord responsibilities.
Property Size10,566 SF
Price / SF$163.83
Days on Market104
Property Features for 2160 Fernwood Glendale Rd
General Information
Standard status
Active
Size
10,566 SF
Property subtype
Commercial
Lease Term
±11.67 YRS
Net Operating Income
$114,216
Building Details
Building Size
10,566 SF
Year Built
2023
Tenancy
Single
Listing Agency:
Matthews
Listed By:
Jared Kaye · License #348701 (GA)
(404) 897-0452
Source:
Matthews
Added: Jul 3
Changed: Oct 10
Last Checked: Oct 12 at 4:34PM
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 Matthews
Investment Insights
Based on property information with market context.
Built in 2023, the 10,566-square-foot retail building is leased to Dollar General Corporation under a 15-year base term, with 11.5+ years remaining. The agreement is corporately guaranteed and structured as a true NNN lease, placing landlord responsibilities with the tenant. The building’s larger footprint supports a broad grocery and convenience-oriented merchandise offering.
The property is located at 2160 Fernwood Glendale Rd in Spartanburg, SC. The surrounding area has a current population of 67,638 within a 15-minute drive, along with 91,642 daytime residents. Population within that drive time is projected to reach 70,417 by 2030, representing 4.1% growth. Average household income is $78,000 and is projected to reach $86,500 by 2030.
The property is located at 2160 Fernwood Glendale Rd in Spartanburg, SC. The surrounding area has a current population of 67,638 within a 15-minute drive, along with 91,642 daytime residents. Population within that drive time is projected to reach 70,417 by 2030, representing 4.1% growth. Average household income is $78,000 and is projected to reach $86,500 by 2030.
Key Highlights
- 10,566 SF retail building constructed in 2023
- Dollar General Corporation provides the corporate lease guarantee
- Original 15‑year base term with 11.5+ years remaining
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$121,549
Cap Rate
7.02%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,430,980
$2.4M
Cap Rate 7%
$1,736,414
$1.7M
Cap Rate 9%
$1,350,544
$1.4M
Market Conditions
NOI Build-Up for 10,566 SF
Gross rent
$190.2K $18.00/SF
− Vacancy
−$16.5K −$1.57/SF
EGI
$173.6K $16.43/SF
− OpEx
−$52.1K −$4.93/SF
NOI
$121.5K $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 Rate 5%
$2,430,980
Cap Rate 7%
$1,736,414
Cap Rate 9%
$1,350,544
Alternative Uses
Best Use
Specialty Retail
$2.97M
$2.60M – $3.47M
NOI $208,020 @ 7.0% cap · market cap 12.02%
Second Best
Retail
$1.74M
$1.52M – $2.03M
NOI $121,549 @ 7.0% cap · market cap 7.02%
Theoretical Best
Warehouse
$8.20M
$7.18M – $9.57M
NOI $574,183 @ 7.0% cap · market cap 33.17%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
35
Businesses Nearby
6k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
6,217 visits/mo
0.0 miles
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
NNN property - Newer retail building leased under a corporately guaranteed agreement with no landlord responsibilities.
Where is this nnn property located?
The property is located at 2160 Fernwood Glendale Rd Spartanburg, SC.
What is the asking price?
The asking price for this property is $1,731,000.
What are key features of this property?
This property features: 10,566 SF retail building constructed in 2023; Dollar General Corporation provides the corporate lease guarantee; Original 15‑year base term with 11.5+ years remaining
