Two-Story Office
For Sale
$365,000
275 E henry Street, Spartanburg, SC 29306
COMMERCIAL/INDUSTRIAL, spartanburg, SC
Property Size1,450 SF
Lot Size0.23 Acres
Price / SF$251.72
Days on Market95
Property Features for 275 E henry Street
General Information
Property type
Residential
Property subtype
Office
Lot features
Central Business District
Directions
Property is located at 275 East Henry Street, Spartanburg, SC 29306, near corner of Union Street, with frontage on East Henry Street and convenient access to Downtown Spartanburg, I-585, and major business corridors.
Subdivision
Spartanburg
Standard status
Active
Size
1,450 SF
Lot size
0.23 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
5100
Utilities
Cooling system
Central Air, Zoned
Water source
Public
Building Details
Flooring type
Wood, Linoleum
Listing Agency:
Ponce Realty Group
(864) 285-4445
Listed By:
Robert Wall · License #129946
(864) 680-3952
Added: Jun 15
Changed: Sep 16
Last Checked: Sep 17 at 4:06AM
MLS# 338399
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 two-story office property contains approximately 1,450+/- SF. The first floor includes approximately 874+/- SF occupied by an existing tenant under a lease that extends through 2027. An additional approximately 575+/- SF on the second floor is currently vacant and configured as office or studio space, allowing for continued owner use or separate leasing. Wood and linoleum flooring, central air, zoned cooling, and public water are in place.
The property is located at 275 E Henry Street in Spartanburg, near Downtown Spartanburg and major thoroughfares. Off-street parking is provided. The sale includes the existing tenant lease, while buyers are responsible for verifying square footage, zoning, and intended use.
The property is located at 275 E Henry Street in Spartanburg, near Downtown Spartanburg and major thoroughfares. Off-street parking is provided. The sale includes the existing tenant lease, while buyers are responsible for verifying square footage, zoning, and intended use.
Key Highlights
- Approximately 1,450+/- SF across two floors
- First‑floor tenant occupies approximately 874+/- SF under a lease through 2027
- Second‑floor vacant office or studio area of approximately 575+/- SF
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
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Open Analytics
Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
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
Check the figures for this property
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 - Leased ground-floor space accompanies an available upper-level office or studio area for owner occupancy or additional leasing.
Where is this office building located?
The property is located at 275 E henry Street 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 across two floors; First‑floor tenant occupies approximately 874+/- SF under a lease through 2027; Second‑floor vacant office or studio area of approximately 575+/- SF
