Absolute NNN Bank
531 E Main St Spartanburg, SC 29302
For Sale
Contact for pricing
Single-tenant bank property on an absolute NNN lease with 11.8 years remaining.
Property Size9,320 SF
Price / SF$529.08
Days on Market141
Property Features for 531 E Main St
General Information
Standard status
Active
Size
9,320 SF
Property subtype
RETAIL
Listing Agency:
JLL
(404) 942-3192
Listed By:
Brad Buchanan · License #351151
Source:
Moodyscre
Added: Mar 12
Changed: Jul 29
Last Checked: Jul 29 at 7:12AM
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
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 For Specialty Retail
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 | $286.3k | $30.72 |
| − Vacancy | −$41.7k | −$4.47 |
| EGI | $244.7k | $26.25 |
| − OpEx | −$61.2k | −$6.56 |
| NOI | $183.5k | $19.69 |
9,320 SF · lease $30.72/SF/yr · vacancy 14.55% · expense 25.00%
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.
Property Analytics
Location Intelligence
Current Use
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)
