Tractor Supply Investment
For Sale
Contact for pricing
391 N Main St, Woodruff, SC 29388
Long-term lease with investment-grade tenant Tractor Supply Company.
Property Size18,600 SF
Price / SF$252.15
Days on Market316
Property Features for 391 N Main St
General Information
Standard status
Active
Size
18,600 SF
Class
B
Property subtype
Retail
Occupancy
100%
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$281,400
Building Details
Tenancy
Single
Listing Agency:
Avison Young - Atlanta
(678) 704-5364
Listed By:
Michael Watson · License #395778
Source:
Crexi
Added: Oct 13, 2025
Changed: Aug 8
Last Checked: Aug 19 at 9:26PM
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 - Atlanta
Investment Insights
Based on property information with market context.
This commercial real estate investment opportunity features a long-term lease with Tractor Supply Company, which is an investment-grade tenant with a Baa1/BBB rating. Tractor Supply Company has over 2,300 locations nationwide. The tenant is an essential retailer that maintained stability during the COVID-19 pandemic. The lease has 10 years remaining. The property is located 10 minutes from the world’s largest Michelin distribution facility and within two miles of Woodruff’s schools, which serve over 2,000 students. Destination retailers such as Food Lion, CVS, Walgreens, and McDonald’s surround the property. Downtown Greenville is 30 minutes away, enhancing its regional appeal. The property size is 18,600 square feet.
Key Highlights
- Long‑term lease with Tractor Supply Company (10 years remaining).
- Investment‑grade tenant (Baa1/BBB) provides peace of mind.
- Essential retailer that thrived during the COVID‑19 pandemic, offering stability.
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
$213,971
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
4.56%
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%
$4,279,420
$4.3M
Cap Rate 7%
$3,056,729
$3.1M
Cap Rate 9%
$2,377,456
$2.4M
Market Conditions
NOI Build-Up for 18,600 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
$334.8K $18.00/SF
− Vacancy
−$29.1K −$1.57/SF
EGI
$305.7K $16.43/SF
− OpEx
−$91.7K −$4.93/SF
NOI
$214.0K $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%
$4,279,420
Cap Rate 7%
$3,056,729
Cap Rate 9%
$2,377,456
Alternative Uses
Best Use
Retail
$3.06M
$2.67M – $3.57M
NOI $213,971 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$14.44M
$12.63M – $16.85M
NOI $1,010,771 @ 7.0% cap · market cap 21.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Explore this area
Business Placement
Demographics for 29388, SC
16,017
Population
7,466
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
97.2 sq mi
ZIP Area
165
Density / Sq Mi
$77,197
Median Household Income
$44,428
Median Earnings
$848
Median Rent
$216,700
Median Home Value
Market
Vacancy Rate% for Retail 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?
Retail space - Long-term lease with investment-grade tenant Tractor Supply Company.
Where is this retail space located?
The property is located at 391 N Main St Woodruff, SC.
What is the asking price?
The asking price for this property is $4,690,000.
What are key features of this property?
This property features: Long‑term lease with Tractor Supply Company (10 years remaining).; Investment‑grade tenant (Baa1/BBB) provides peace of mind.; Essential retailer that thrived during the COVID‑19 pandemic, offering stability.
