Storefront Property Under
For Sale
$425,000
706 W Main St, Spartanburg, SC 29303
Commercial storefront with an existing tenant area and active code-compliance improvements.
Property Size3,400 SF
Price / SF$125
Days on Market16
Property Features for 706 W Main St
General Information
Standard status
Active
Size
3,400 SF
Listing Agency:
Keller Williams Realty
(864) 207-0835
Listed By:
Dina Napechnik · License #139600
Source:
Adamtaylorteam
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 29 at 2:33PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This 3,400-square-foot storefront property occupies approximately half an acre and is undergoing renovation by a licensed contractor. A portion of the building is currently leased, while construction work is in progress to address code requirements. The property is offered strictly as-is, where-is, and the anticipated renovation completion is around the end of March 2026.
The building was previously condemned by local authorities. Buyers should independently confirm condition, permits, zoning, approvals, and other property information with the City of Spartanburg. Active construction is underway, and the property may not qualify for traditional financing in its current condition.
The building was previously condemned by local authorities. Buyers should independently confirm condition, permits, zoning, approvals, and other property information with the City of Spartanburg. Active construction is underway, and the property may not qualify for traditional financing in its current condition.
Key Highlights
- 3,400‑square‑foot storefront property on approximately half an acre
- Portion of the building is currently leased to a tenant
- Renovation underway with a licensed contractor
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
$39,113
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
9.20%
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%
$782,260
$782.3K
Cap Rate 7%
$558,757
$558.8K
Cap Rate 9%
$434,589
$434.6K
Market Conditions
NOI Build-Up for 3,400 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
$61.2K $18.00/SF
− Vacancy
−$5.3K −$1.57/SF
EGI
$55.9K $16.43/SF
− OpEx
−$16.8K −$4.93/SF
NOI
$39.1K $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%
$782,260
Cap Rate 7%
$558,757
Cap Rate 9%
$434,589
Alternative Uses
Best Use
Retail
$558.8K
$488.9K – $651.9K
NOI $39,113 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$2.64M
$2.31M – $3.08M
NOI $184,765 @ 7.0% cap · market cap 43.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
13k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
8,709 visits/mo
0.2 miles
Valero Energy
Shops & Services
2,219 visits/mo
0.5 miles
O'Reilly Auto Parts
Shops & Services
1,510 visits/mo
0.5 miles
AAMCO Transmissions
Shops & Services
285 visits/mo
0.2 miles
Demographics for 29303, SC
26,793
Population
10,891
Households
2.5
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
32.4 sq mi
ZIP Area
827
Density / Sq Mi
$45,713
Median Household Income
$24,506
Median Earnings
$968
Median Rent
$143,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Storefront property - Commercial storefront with an existing tenant area and active code-compliance improvements.
Where is this storefront property located?
The property is located at 706 W Main St Spartanburg, SC.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: 3,400‑square‑foot storefront property on approximately half an acre; Portion of the building is currently leased to a tenant; Renovation underway with a licensed contractor
