Street-Level Flex
For Sale
$316,500
516 E Main Street, Spartanburg, SC 29302
COMMERCIAL/INDUSTRIAL, Spartanburg, SC
Property Size2,100 SF
Lot Size0.04 Acres
Price / SF$148.94
Days on Market214
Property Features for 516 E Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
Central Business District
Directions
Head East from Downtown Spartanburg on E Main Street, cross the N Pine St intersection, and the property is on the left.
Subdivision
Spartanburg
Standard status
Active
Size
2,125 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6288
Utilities
Cooling system
Central Air
Water source
Public
Listing Agency:
Ponce Realty Group
(864) 285-4445
Listed By:
Robert Wall · License #95766
(864) 680-3952
Added: Jan 26
Changed: Aug 20
Last Checked: Aug 28 at 10:06AM
MLS# 332932
Copyright © 2026 Spartanburg Association of REALTORS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,125-square-foot commercial building combines a street-level reception area with four offices, two large flex areas, two restrooms, and an additional flex space on the lower level. Central air and public water serve the property, creating a practical foundation for a range of commercial operations.
Located at 516 E Main Street in Spartanburg, the property sits along a corridor reporting more than 25,000 vehicles per day. Converse and Wofford College are minutes away, with surrounding businesses and restaurants contributing to the area’s activity. The layout offers a mix of customer-facing, office, and flexible work areas within a compact 0.04-acre site.
Located at 516 E Main Street in Spartanburg, the property sits along a corridor reporting more than 25,000 vehicles per day. Converse and Wofford College are minutes away, with surrounding businesses and restaurants contributing to the area’s activity. The layout offers a mix of customer-facing, office, and flexible work areas within a compact 0.04-acre site.
Key Highlights
- 2,125 SF commercial building on a 0.04‑acre site
- More than 25,000 vehicles per day along the East Main Street corridor
- Street‑level reception area plus four offices and two large flex areas
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
25,000 VPD
Traffic count
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
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-room commercial building supports retail, professional office, and service-oriented uses.
Where is this flex space located?
The property is located at 516 E Main Street 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: 2,125 SF commercial building on a 0.04‑acre site; More than 25,000 vehicles per day along the East Main Street corridor; Street‑level reception area plus four offices and two large flex areas
