Two-Story Office Building with
For Sale
$365,000
275 E Henry St, Spartanburg, SC 29306
Income-producing office building with a leased first floor and vacant second-floor office or studio space.
Property Size1,450 SF
Price / SF$251.72
Days on Market58
Property Features for 275 E Henry St
General Information
Standard status
Active
Size
1,450 SF
Listing Agency:
Ponce Realty Group
(864) 680-3952
Listed By:
Robert Wall · License #129946
(864) 680-3952
Source:
Exprealty
Added: Jun 15
Changed: Jul 10
Last Checked: Aug 10 at 9:05AM
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 Ponce Realty Group
Investment Insights
Based on property information with market context.
This two-story office building offers a mix of income and flexibility. An established first-floor tenant occupies approximately 874± SF and has an existing lease in place through 2027. The second floor provides approximately 575± SF of vacant office or studio space, suitable for an owner-occupant looking to move in or for a new tenant. The sale includes the existing tenant lease, supporting an immediate revenue stream while the upper level remains available.
The property is located at 275 E Henry St in Spartanburg, SC, described as being just minutes from Downtown Spartanburg. Off-street parking is available, and the building is noted to have easy access to major thoroughfares, which can support convenient day-to-day operations for staff and clients.
For professional users, the configuration can work well for service-based businesses such as wellness providers, consultants, real estate professionals, insurance agencies, accountants, and creative studios. Investors may also consider the current leased setup alongside the opportunity to lease or occupy the second floor. Buyer to verify square footage, zoning, and intended use.
The property is located at 275 E Henry St in Spartanburg, SC, described as being just minutes from Downtown Spartanburg. Off-street parking is available, and the building is noted to have easy access to major thoroughfares, which can support convenient day-to-day operations for staff and clients.
For professional users, the configuration can work well for service-based businesses such as wellness providers, consultants, real estate professionals, insurance agencies, accountants, and creative studios. Investors may also consider the current leased setup alongside the opportunity to lease or occupy the second floor. Buyer to verify square footage, zoning, and intended use.
Key Highlights
- Approximately 1,450± SF commercial office building with a first‑floor tenant and a vacant second‑floor office/studio space
- First‑floor tenant occupies approximately 874± SF with an existing lease in place through 2027
- Second floor includes approximately 575± SF of vacant office/studio space for potential owner use or additional rental income
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
$22,414
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
6.14%
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%
$448,280
$448.3K
Cap Rate 7%
$320,200
$320.2K
Cap Rate 9%
$249,044
$249.0K
Market Conditions
NOI Build-Up for 1,450 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
$35.0K $24.12/SF
− Vacancy
−$5.1K −$3.51/SF
EGI
$29.9K $20.61/SF
− OpEx
−$7.5K −$5.15/SF
NOI
$22.4K $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%
$448,280
Cap Rate 7%
$320,200
Cap Rate 9%
$249,044
Alternative Uses
Best Use
Office B
$320.2K
$280.2K – $373.6K
NOI $22,414 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.13M
$985.0K – $1.31M
NOI $78,797 @ 7.0% cap · market cap 21.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,017
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Income-producing office building with a leased first floor and vacant second-floor office or studio space.
Where is this office building located?
The property is located at 275 E Henry St Spartanburg, SC.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Approximately 1,450± SF commercial office building with a first‑floor tenant and a vacant second‑floor office/studio space; First‑floor tenant occupies approximately 874± SF with an existing lease in place through 2027; Second floor includes approximately 575± SF of vacant office/studio space for potential owner use or additional rental income
