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 Market59
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
(404) 897-0452
Listed By:
Jared Kaye · License #348701 (GA)
(404) 897-0452
Source:
Matthews
Added: Jul 3
Changed: Aug 29
Last Checked: Aug 29 at 5:44PM
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 = 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
$121,549
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
7.02%
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%
$2,430,980
$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
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
$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 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%
$2,430,980
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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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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
