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 Market186
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: Sep 5
Last Checked: Sep 13 at 9:08AM
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
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 = 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
$183,489
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
3.72%
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%
$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
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
$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 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%
$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.
Property Analytics
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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
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Market
Vacancy Rate% for Retail in South region
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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)
