Absolute NNN Bank
For Sale
Contact for pricing
531 E Main St, Spartanburg, SC 29302
Single-tenant bank property on an absolute NNN lease with 11.8 years remaining.
Property Size9,320 SF
Price / SF$529.08
Days on Market232
Property Features for 531 E Main St
General Information
Standard status
Active
Size
9,320 SF
Property subtype
RETAIL
Building Details
Tenancy
Single
Listing Agency:
JLL
(404) 995-2100
Listed By:
Brad Buchanan · License #351151
(404) 942-3192
Source:
Moodyscre
Added: Mar 12
Changed: Oct 25
Last Checked: Oct 28 at 11:08AM
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 JLL
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Investment Insights
Based on property information with market context.
This single-tenant bank building is operating on an absolute NNN lease with approximately 11.8 years of lease term remaining and 1.9% annual rent escalations. The property is leased to Pinnacle Financial Partners, the bank holding company described in the remarks as investment grade (Moody’s Baa2).
The site is located at 531 E Main St in Spartanburg and is noted as having high visibility at a signalized intersection with 28,800 VPD. The property is positioned adjacent to Converse University and near Hillcrest Market Place, which is described as a top 3% shopping center in South Carolina.
The remarks also highlight the local market profile, including 27% population growth and an average household income of about $98,000.
The site is located at 531 E Main St in Spartanburg and is noted as having high visibility at a signalized intersection with 28,800 VPD. The property is positioned adjacent to Converse University and near Hillcrest Market Place, which is described as a top 3% shopping center in South Carolina.
The remarks also highlight the local market profile, including 27% population growth and an average household income of about $98,000.
Key Highlights
- Single‑tenant bank property on an absolute NNN lease with 11.8 years of term remaining
- 1.9% annual rent escalations on the absolute NNN lease
- Tenant: Pinnacle Financial Partners (investment grade rating Moody’s Baa2)
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$183,489
Cap Rate
3.72%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,669,780
$3.7M
Cap Rate 7%
$2,621,271
$2.6M
Cap Rate 9%
$2,038,767
$2.0M
Market Conditions
NOI Build-Up for 9,320 SF
Gross rent
$286.3K $30.72/SF
− Vacancy
−$41.7K −$4.47/SF
EGI
$244.7K $26.25/SF
− OpEx
−$61.2K −$6.56/SF
NOI
$183.5K $19.69/SF
Area
Spartanburg County, SC
Vacancy
14.55%
Lease Rate
$30.72 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,669,780
Cap Rate 7%
$2,621,271
Cap Rate 9%
$2,038,767
Alternative Uses
Best Use
Specialty Retail
$2.62M
$2.29M – $3.06M
NOI $183,489 @ 7.0% cap · market cap 3.72%
Second Best
Retail
$1.53M
$1.34M – $1.79M
NOI $107,215 @ 7.0% cap · market cap 2.17%
Theoretical Best
Warehouse
$7.24M
$6.33M – $8.44M
NOI $506,472 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,319
Businesses Nearby
126k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 62%
Dining 38%
QuikTrip
Shops & Services
41,006 visits/mo
0.3 miles
Spinx
Shops & Services
18,185 visits/mo
0.2 miles
Wendy's
Dining
13,373 visits/mo
0.2 miles
Chicken Salad Chick
Dining
9,884 visits/mo
0.2 miles
Eggs Up Grill
Dining
8,784 visits/mo
0.1 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
NNN property - Single-tenant bank property on an absolute NNN lease with 11.8 years remaining.
Where is this nnn property located?
The property is located at 531 E Main St Spartanburg, SC.
What is the asking price?
The asking price for this property is $4,931,000.
What are key features of this property?
This property features: Single‑tenant bank property on an absolute NNN lease with 11.8 years of term remaining; 1.9% annual rent escalations on the absolute NNN lease; Tenant: Pinnacle Financial Partners (investment grade rating Moody’s Baa2)
