Well-Maintained Office
For Sale
Contact for pricing
321 North Pine Street, Spartanburg, SC 29302
Office space with fresh interior and exterior paint and two entrances for flexible tenant access.
Property Size1,200 SF
Price / SF$274.17
Days on Market61
Property Features for 321 North Pine Street
General Information
Standard status
Active
Size
1,200 SF
Property subtype
Office
Building Details
Year Built
1974
Units
8
Listing Agency:
Pack & Company Real Estate
Listed By:
Derek Gurganus · License #SC109273
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 8 at 7:58AM
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 Pack & Company Real Estate
Investment Insights
Based on property information with market context.
This office space is being offered for sale and has been well maintained, with new paint applied to both the interior and exterior. The layout includes two separate entrances/exits, which can support straightforward employee and visitor flow. Overall condition and recent cosmetic updates make it practical for an operator looking to move in and begin using the space.
The property is located at 321 North Pine Street, close to downtown Spartanburg. Its downtown-adjacent setting can be convenient for day-to-day client visits and local business access, supported by the building’s two access points.
From a tenant or buyer perspective, the two entrance/exit configuration can be useful for scheduling flexibility, staffing patterns, or separating different uses within the same office environment. The updated paint package also helps reduce near-term turnover and refresh work. Please contact Derek Gurganus for additional information and to arrange a showing.
The property is located at 321 North Pine Street, close to downtown Spartanburg. Its downtown-adjacent setting can be convenient for day-to-day client visits and local business access, supported by the building’s two access points.
From a tenant or buyer perspective, the two entrance/exit configuration can be useful for scheduling flexibility, staffing patterns, or separating different uses within the same office environment. The updated paint package also helps reduce near-term turnover and refresh work. Please contact Derek Gurganus for additional information and to arrange a showing.
Key Highlights
- Office space built in 1974
- New paint on both the interior and exterior
- Well‑maintained office layout with two entrances/exits for flexible tenant access
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
$18,549
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
5.64%
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%
$370,980
$371.0K
Cap Rate 7%
$264,986
$265.0K
Cap Rate 9%
$206,100
$206.1K
Market Conditions
NOI Build-Up for 1,200 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
$28.9K $24.12/SF
− Vacancy
−$4.2K −$3.51/SF
EGI
$24.7K $20.61/SF
− OpEx
−$6.2K −$5.15/SF
NOI
$18.5K $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%
$370,980
Cap Rate 7%
$264,986
Cap Rate 9%
$206,100
Alternative Uses
Best Use
Office B
$265.0K
$231.9K – $309.2K
NOI $18,549 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$931.6K
$815.1K – $1.09M
NOI $65,211 @ 7.0% cap · market cap 19.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,632
Businesses Nearby
Explore this area
Business Placement
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 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 - Office space with fresh interior and exterior paint and two entrances for flexible tenant access.
Where is this office building located?
The property is located at 321 North Pine Street Spartanburg, SC.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Office space built in 1974; New paint on both the interior and exterior; Well‑maintained office layout with two entrances/exits for flexible tenant access
