Landmark Restaurant
New
For Sale
$792,000
351 N Church St, Spartanburg, SC 29303
Approximately 2,620 square feet near Wofford College, Spartanburg Memorial Auditorium, and downtown Spartanburg amenities.
Property Size2,620 SF
Price / SF$302.29
Days on Market2
Property Features for 351 N Church St
General Information
Standard status
Active
Size
2,620 SF
Property subtype
Retail
Building Details
Building Size
2,620 SF
Year Built
1969
Listing Agency:
Avison Young | Greenville
Listed By:
Rakan Draz
(864) 905-7635
Source:
Trinity-partners
Added: Sep 16
Last Checked: Sep 16 at 2:53PM
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 Avison Young | Greenville
Investment Insights
Based on property information with market context.
This approximately 2,620-square-foot restaurant property was built in 1969 and has a longstanding identity within Spartanburg. The building operated for decades as a Krispy Kreme location and remains associated with the original family ownership, which currently operates another Krispy Kreme across the street.
The property is within walking distance of Wofford College, with approximately 1,781 students plus faculty, staff, and visiting families. It sits directly behind Spartanburg Memorial Auditorium, a 4,800-person venue that generates year-round event activity. The site is also near the Butterfly Branch Greenway, the historic Northside community, and downtown Spartanburg’s walkable historic district, with restaurants, breweries, shops, and other amenities nearby.
The property is within walking distance of Wofford College, with approximately 1,781 students plus faculty, staff, and visiting families. It sits directly behind Spartanburg Memorial Auditorium, a 4,800-person venue that generates year-round event activity. The site is also near the Butterfly Branch Greenway, the historic Northside community, and downtown Spartanburg’s walkable historic district, with restaurants, breweries, shops, and other amenities nearby.
Key Highlights
- Approximately 2,620 SF restaurant property at 351 N Church St, Spartanburg, SC 29303
- Built in 1969
- Within walking distance of Wofford College and its approximately 1,781 students
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
$51,582
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
6.51%
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%
$1,031,640
$1.0M
Cap Rate 7%
$736,886
$736.9K
Cap Rate 9%
$573,133
$573.1K
Market Conditions
NOI Build-Up for 2,620 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
$80.5K $30.72/SF
− Vacancy
−$11.7K −$4.47/SF
EGI
$68.8K $26.25/SF
− OpEx
−$17.2K −$6.56/SF
NOI
$51.6K $19.69/SF
Area
Spartanburg County, SC
Vacancy
14.55%
Lease Rate
$30.72 /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%
$1,031,640
Cap Rate 7%
$736,886
Cap Rate 9%
$573,133
Alternative Uses
Best Use
Specialty Retail
$736.9K
$644.8K – $859.7K
NOI $51,582 @ 7.0% cap · market cap 6.51%
Second Best
Retail
$430.6K
$376.8K – $502.3K
NOI $30,140 @ 7.0% cap · market cap 3.81%
Theoretical Best
Warehouse
$2.03M
$1.78M – $2.37M
NOI $142,377 @ 7.0% cap · market cap 17.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,598
Businesses Nearby
73k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 80%
Hotels & Casinos 14%
Shops & Services 6%
Krispy Kreme Doughnuts
Dining
41,741 visits/mo
0.0 miles
Spartanburg Marriott
Hotels & Casinos
10,269 visits/mo
0.2 miles
Sully's Steamers
Dining
8,689 visits/mo
0.5 miles
Groucho's Deli
Dining
4,439 visits/mo
0.4 miles
Moe's Original Bar B Que
Dining
3,538 visits/mo
0.5 miles
Demographics for 29303, SC
26,793
Population
10,891
Households
2.5
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
32.4 sq mi
ZIP Area
827
Density / Sq Mi
$45,713
Median Household Income
$24,506
Median Earnings
$968
Median Rent
$143,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Approximately 2,620 square feet near Wofford College, Spartanburg Memorial Auditorium, and downtown Spartanburg amenities.
Where is this conventional restaurant located?
The property is located at 351 N Church St Spartanburg, SC.
What is the asking price?
The asking price for this property is $792,000.
What are key features of this property?
This property features: Approximately 2,620 SF restaurant property at 351 N Church St, Spartanburg, SC 29303; Built in 1969; Within walking distance of Wofford College and its approximately 1,781 students
