Listing Agency: NAI Earle Furman Spartanburg

Listed By: Mike Tanbonliong II · License #109381

Source: Crexi

Added: May 7 Changed: Aug 30 Last Checked: Aug 30 at 2:15AM

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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 NAI Earle Furman Spartanburg

Investment Insights

Based on property information with market context.

This flex property combines approximately 1,000 SF of office space with an additional approximately 1,000 SF shop and work area. The configuration provides separate administrative and operational areas within one commercial asset. Existing inventory may be available for purchase through negotiation.

The sale includes a transferable salvage license, a notable operational component because Spartanburg County is no longer issuing new salvage licenses. A month-to-month residential tenant is currently in place, adding an existing occupancy component to the property.

Key Highlights

• Approximately 1,000 SF of office space
• Approximately 1,000 SF shop or work area
• Transferable salvage license included with sale

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

$44,753

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

8.95%

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%

$895,060 $895.1K

Cap Rate 7%

$639,329 $639.3K

Cap Rate 9%

$497,256 $497.3K

Market Conditions

NOI Build-Up for 1,000 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

$70.8K $70.80/SF

− Vacancy

−$6.9K −$6.87/SF

EGI

$63.9K $63.93/SF

− OpEx

−$19.2K −$19.18/SF

NOI

$44.8K $44.75/SF

Area

Spartanburg County, SC

Vacancy

9.70%

Lease Rate

$70.80 /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%

$895,060

Cap Rate 7%

$639,329

Cap Rate 9%

$497,256

Alternative Uses

Best Use

Industrial

$639.3K

$559.4K – $745.9K (±1% cap)

NOI $44,753 @ 7.0% cap · market cap 8.95%

Second Best

Flex RnD

$593.7K

$519.5K – $692.6K (±1% cap)

NOI $41,556 @ 7.0% cap · market cap 8.31%

Theoretical Best

Warehouse

$776.3K

$679.3K – $905.7K (±1% cap)

NOI $54,343 @ 7.0% cap · market cap 10.87%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Furniture & Home Goods Skin Care Clinic Electrical Service Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

177

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 29378, SC

286

Population

113

Households

2.5

Avg Household Size

29

Median Age

44%

High-School Grad

0.1 sq mi

ZIP Area

2,860

Density / Sq Mi

$26,979

Median Household Income

$24,115

Median Earnings

$681

Median Rent

Market

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Chartwells — 7092 Howard St # B, Spartanburg, SC 29303

Frequently Asked Questions

What type of property is this?

Flex space - Commercially zoned property combines office space with a dedicated shop or work area.

Where is this flex space located?

The property is located at 541 New Cut Road Una, SC.

What is the asking price?

The asking price for this property is $500,000.

What are key features of this property?

This property features: Approximately 1,000 SF of office space; Approximately 1,000 SF shop or work area; Transferable salvage license included with sale