Flex Space With Office
For Sale
$316,500
516 E Main St, Spartanburg, SC 29302
Adaptable commercial building with offices, open work areas, reception, restrooms, and street-level access.
Property Size2,125 SF
Price / SF$148.94
Days on Market26
Property Features for 516 E Main St
General Information
Standard status
Active
Size
2,125 SF
Additional Details
Road Access
Yes
Building Details
Buildings
1
Listing Agency:
Ponce Realty Group
(864) 680-3952
Listed By:
Robert Wall · License #129946
Source:
Adamtaylorteam
Added: Aug 4
Changed: Aug 28
Last Checked: Aug 29 at 12:23PM
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 Ponce Realty Group
Investment Insights
Based on property information with market context.
This flex property at 516 E Main St includes a street-level reception area, four offices, two larger flex areas, two restrooms, and an additional flex area on the lower level. The configuration combines enclosed office space with open areas for varied commercial operations, while providing direct access from East Main Street.
The property is positioned in Spartanburg’s East Main Street corridor, which records 25,000+ vehicles per day. It is minutes from Converse and Wofford College and near a mix of businesses and restaurants. Ongoing redevelopment in the surrounding area is also noted in the property information.
The property is positioned in Spartanburg’s East Main Street corridor, which records 25,000+ vehicles per day. It is minutes from Converse and Wofford College and near a mix of businesses and restaurants. Ongoing redevelopment in the surrounding area is also noted in the property information.
Key Highlights
- Flex property at 516 E Main St, Spartanburg, SC 29302
- 25,000+ vehicles per day along the East Main Street corridor
- Four offices, two large flex spaces, reception area, and two restrooms
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
$24,446
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
7.72%
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%
$488,920
$488.9K
Cap Rate 7%
$349,229
$349.2K
Cap Rate 9%
$271,622
$271.6K
Market Conditions
NOI Build-Up for 2,125 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
$38.3K $18.00/SF
− Vacancy
−$3.3K −$1.57/SF
EGI
$34.9K $16.43/SF
− OpEx
−$10.5K −$4.93/SF
NOI
$24.4K $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%
$488,920
Cap Rate 7%
$349,229
Cap Rate 9%
$271,622
Alternative Uses
Best Use
Industrial
$1.36M
$1.19M – $1.58M
NOI $95,099 @ 7.0% cap · market cap 30.05%
Second Best
Flex RnD
$1.26M
$1.10M – $1.47M
NOI $88,307 @ 7.0% cap · market cap 27.90%
Theoretical Best
Warehouse
$1.65M
$1.44M – $1.92M
NOI $115,478 @ 7.0% cap · market cap 36.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,539
Businesses Nearby
Well-served
Demand for This Use
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.
Similar Off Market Nearby
- Monstermash Catering — 121 Dunbar St, Spartanburg, SC 29306
- Firehouse Subs Pine Street — 159 S Pine St A, Spartanburg, SC 29302
- Queen Treats — 256 N Church St, Spartanburg, SC 29306
- Cribbs Catering — 392 E St John St, Spartanburg, SC 29302
Frequently Asked Questions
What type of property is this?
Flex space - Adaptable commercial building with offices, open work areas, reception, restrooms, and street-level access.
Where is this flex space located?
The property is located at 516 E Main St Spartanburg, SC.
What is the asking price?
The asking price for this property is $316,500.
What are key features of this property?
This property features: Flex property at 516 E Main St, Spartanburg, SC 29302; 25,000+ vehicles per day along the East Main Street corridor; Four offices, two large flex spaces, reception area, and two restrooms
