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    Two-Story Retail and Office Building Title is generated by Realmo AI

    512 E Main St, Spartanburg, SC 29302

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    New
    For Sale
    $615,000

    Recently renovated two-story building with historic finishes, offering space for retail or office use.

    Type:Retail
    Property size:
    2,762 SF
    Price / SF:
    $222/SF
    Added:
    Jun 3, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 5 at 1:44 am

    Property Features for 512 E Main St

    General Information

    Standard status
    Active
    Size
    2,762 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1930

    We can help!

    Listing Contact
    Chris Philbrick
    Chris Philbrick

    Listing agent Chris Philbrick License #SC #135680

    Listing office SVN Palmetto

    Listing date Jun 3, 2026

    Source Svn

    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

    HighLights

    • 2,762 SF two‑story building originally built in 1930 at 512 E Main St in Spartanburg
    • Recently renovated with historic finishes including exposed brick and tin ceilings
    • Available for sale in its entirety or the 2,046 SF main level is available for lease
    • Building identified as storefront retail/office use
    • Listing shows sale price of $615,000

    Overview

    Reedy River Retail presents a two-story retail and office building originally constructed in 1930 and recently renovated. The property totals approximately 2,762 square feet and is available for sale in its entirety, or the main level of approximately 2,046 square feet can be leased. Historic interior details include exposed brick and tin ceilings, providing a distinctive character while supporting flexible retail or office configurations.

    The building is located at 512 E Main St on the east side of Spartanburg’s downtown district. It is offered as a storefront retail/office space and is positioned for tenants looking to operate close to surrounding downtown activity.

    For users considering a retail storefront with the option to operate office functions, the available main level offers a practical footprint for a single-tenant setup. Buyers may also consider the full building as a bundled asset that retains its historic architectural features while providing multiple stories of usable space.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $66.6k $24.12
    − Vacancy −$9.7k −$3.51
    EGI $56.9k $20.61
    − OpEx −$14.2k −$5.15
    NOI $42.7k $15.46
    2,762 SF · lease $24.12/SF/yr · vacancy 14.55% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $609.9K
    $533.7K – $711.6K (±1% cap)
    NOI $42,695 @ 7.0% cap · market cap 6.94%
    Second Best
    Retail
    $453.9K
    $397.2K – $529.6K (±1% cap)
    NOI $31,773 @ 7.0% cap · market cap 5.17%
    Theoretical Best
    Warehouse
    $2.14M
    $1.88M – $2.50M (±1% cap)
    NOI $150,094 @ 7.0% cap · market cap 24.41%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    KS Smith Dynasty ... Hotel & Motel The Board Ryders Club ... (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Ira's Flowers — 514 E Main St, Spartanburg, SC 29302
    • Russ Gaffney Florist — 160 S Pine St, Spartanburg, SC 29302
    • Kennedy Street Florist — 237 e kennedy st, spartanburg, sc 29306

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.9191536
    Latitude
    34.9532088

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    FAQs

    What type of property is this?
    Storefront property - Recently renovated two-story building with historic finishes, offering space for retail or office use.
    Where is this storefront property located?
    The property is located at 512 E Main St Spartanburg, SC.
    What is the asking price?
    The asking price for this property is $615,000.
    What are key features of this property?
    This property features: 2,762 SF two‑story building originally built in 1930 at 512 E Main St in Spartanburg; Recently renovated with historic finishes including exposed brick and tin ceilings; Available for sale in its entirety or the 2,046 SF main level is available for lease
    (864) 631-3419
    We can help!
    Listing Contact
    Chris Philbrick
    Chris Philbrick
    Real Estate License ID: SC #135680
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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