Office and Retail Flex
For Sale
$316,500
516 Main Street, Spartanburg, SC 29302
Street-level reception plus multiple offices and flex spaces, positioned on a high-traffic corridor with 25,000+ vehicles daily.
Property Size2,100 SF
Price / SF$150.71
Days on Market303
Property Features for 516 Main Street
General Information
Standard status
Active
Size
2,100 SF
Property subtype
General Commercial
Additional Details
Traffic Count
25,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$6,288
Amenities
3
Composition
1 Parking Spaces.
City Road.
Listing Agency:
Ponce Realty Group
(864) 680-3952
Listed By:
Robert Wall · License #129946
(864) 680-3952
Source:
Xome
Added: Oct 11, 2025
Changed: Aug 8
Last Checked: Aug 8 at 3:32AM
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 office and retail flex building offers 2,100± SF of functional space designed for a variety of street-facing uses. The layout includes a street level reception area, four offices, two large flex spaces, and two restrooms. Additional space is provided via a lower-level flex space, creating flexibility for accommodating different operational needs within the same building.
Located at 516 E Main Street in Spartanburg, SC, the property benefits from exposure along an East Main Street corridor with 25,000+ vehicles per day. The building is minutes from Converse and Wofford College, with a surrounding mix of businesses and restaurants.
The combination of street-level frontage, adaptable flex areas, and proximity to established activity makes the property suitable for owner-users or investors seeking a flexible commercial presence.
Located at 516 E Main Street in Spartanburg, SC, the property benefits from exposure along an East Main Street corridor with 25,000+ vehicles per day. The building is minutes from Converse and Wofford College, with a surrounding mix of businesses and restaurants.
The combination of street-level frontage, adaptable flex areas, and proximity to established activity makes the property suitable for owner-users or investors seeking a flexible commercial presence.
Key Highlights
- Street‑level reception area with four offices, two large flex spaces, and a lower‑level flex space
- Includes 2 restrooms plus 3 guest facilities
- Approximately 2,100 SF commercial building
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
$24,158
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
7.63%
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%
$483,160
$483.2K
Cap Rate 7%
$345,114
$345.1K
Cap Rate 9%
$268,422
$268.4K
Market Conditions
NOI Build-Up for 2,100 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
$37.8K $18.00/SF
− Vacancy
−$3.3K −$1.57/SF
EGI
$34.5K $16.43/SF
− OpEx
−$10.4K −$4.93/SF
NOI
$24.2K $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%
$483,160
Cap Rate 7%
$345,114
Cap Rate 9%
$268,422
Alternative Uses
Best Use
Office B
$463.7K
$405.8K – $541.0K
NOI $32,462 @ 7.0% cap · market cap 10.26%
Second Best
Retail
$345.1K
$302.0K – $402.6K
NOI $24,158 @ 7.0% cap · market cap 7.63%
Theoretical Best
Warehouse
$1.63M
$1.43M – $1.90M
NOI $114,119 @ 7.0% cap · market cap 36.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
25,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
47
Businesses Nearby
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?
Office units - Street-level reception plus multiple offices and flex spaces, positioned on a high-traffic corridor with 25,000+ vehicles daily.
Where is this office units located?
The property is located at 516 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: Street‑level reception area with four offices, two large flex spaces, and a lower‑level flex space; Includes 2 restrooms plus 3 guest facilities; Approximately 2,100 SF commercial building
