Mixed-Use Retail/Office
For Sale
Contact for pricing
453 Union St, Spartanburg, SC 29306
Flexible commercial space near the Mary Black Rail Trail and downtown Spartanburg.
Property Size2,170 SF
Price / SF$184.33
Days on Market9
Property Features for 453 Union St
General Information
Standard status
Active
Size
2,170 SF
Property subtype
Retail, Office
Building Details
Buildings
1
Building Size
2,170 SF
Listing Agency:
SVN Palmetto
Listed By:
Chris Philbrick · License #SC 135680
(864) 631-3419
Source:
Crexi
Added: Sep 3
Changed: Sep 9
Last Checked: Sep 11 at 6:35AM
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 SVN Palmetto
Investment Insights
Based on property information with market context.
This ±2,170 SF mixed-use building combines retail and office space in a flexible interior configuration. The property can accommodate retail, office, or service-oriented uses, with the opportunity for an owner-user or investor to complete improvements tailored to its operating plan.
Located at 453 Union Street, the building is just steps from the Mary Black Rail Trail and within walking distance of downtown Spartanburg and Little River Roasting Co. Nearby development includes Boxcar Apartments, a 174-unit mixed-use project, The Fitzgerald apartments, and the planned Power Up Spartanburg Retail/Restaurant Incubator at 351 E. Henry St. That incubator is designed as a nine-unit, container-style development supporting small-business retail and dining concepts along the trail.
Located at 453 Union Street, the building is just steps from the Mary Black Rail Trail and within walking distance of downtown Spartanburg and Little River Roasting Co. Nearby development includes Boxcar Apartments, a 174-unit mixed-use project, The Fitzgerald apartments, and the planned Power Up Spartanburg Retail/Restaurant Incubator at 351 E. Henry St. That incubator is designed as a nine-unit, container-style development supporting small-business retail and dining concepts along the trail.
Key Highlights
- ±2,170 SF retail/office building
- Flexible interior for retail, office, or service‑based uses
- Just steps from the Mary Black Rail Trail
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
$33,544
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
8.39%
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%
$670,880
$670.9K
Cap Rate 7%
$479,200
$479.2K
Cap Rate 9%
$372,711
$372.7K
Market Conditions
NOI Build-Up for 2,170 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
$52.3K $24.12/SF
− Vacancy
−$7.6K −$3.51/SF
EGI
$44.7K $20.61/SF
− OpEx
−$11.2K −$5.15/SF
NOI
$33.5K $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%
$670,880
Cap Rate 7%
$479,200
Cap Rate 9%
$372,711
Alternative Uses
Best Use
Office B
$479.2K
$419.3K – $559.1K
NOI $33,544 @ 7.0% cap · market cap 8.39%
Second Best
Mixed Use
$409.2K
$358.1K – $477.4K
NOI $28,644 @ 7.0% cap · market cap 7.16%
Theoretical Best
Warehouse
$1.68M
$1.47M – $1.97M
NOI $117,923 @ 7.0% cap · market cap 29.48%
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
1,012
Businesses Nearby
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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
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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?
Mixed-use property - Flexible commercial space near the Mary Black Rail Trail and downtown Spartanburg.
Where is this mixed-use property located?
The property is located at 453 Union St Spartanburg, SC.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: ±2,170 SF retail/office building; Flexible interior for retail, office, or service‑based uses; Just steps from the Mary Black Rail Trail
