Retail/Development Site For
For Sale
Contact for pricing
103 Jones Rd, Spartanburg, SC 29303
2+/- acres with 2,100+/- sq ft building near I-85.
Property Size2,100 SF
Lot Size2.00 Acres
Price / SF$266.19
Days on Market662
Property Features for 103 Jones Rd
General Information
Standard status
Active
Size
2,100 SF
Lot size
2.00 Acres
Property subtype
Retail, Land
Listing Agency:
McDaniel & Company
(864) 576-4660
Listed By:
Emma McDaniel Lunning, CCIM · License #SC 126662
Source:
Crexi
Added: Nov 8, 2024
Changed: Aug 20
Last Checked: Sep 1 at 12:14AM
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 McDaniel & Company
Investment Insights
Based on property information with market context.
This property features 2+/- acres of land with a 2,100+/- sq ft building that has been partially renovated inside. It is located off I-85 and includes a double-sided billboard with I-85 exposure. The I-85 traffic count is 70,100. The property is ideal for a retail location or development site. It has two access points on Jones Road. Major retailers are located within a 1-mile radius, including Starbucks, Hardees, Burger King, Subway, Arby's, Waffle House, QT, McDonalds, Bojangles, Wendy's, Advanced Auto Parts, RaceWay, and Ingles.
Key Highlights
- Billboard with I‑85 exposure (70,100 traffic count)
- 2+/- acres off I‑85
- Ideal for retail location/development site
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
$24,158
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
4.32%
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%
$483,160
$483.2K
Cap Rate 7%
$345,114
$345.1K
Cap Rate 9%
$268,422
$268.4K
Market Conditions
NOI Build-Up for 2,100 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
$37.8K $18.00/SF
− Vacancy
−$3.3K −$1.57/SF
EGI
$34.5K $16.43/SF
− OpEx
−$10.4K −$4.93/SF
NOI
$24.2K $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%
$483,160
Cap Rate 7%
$345,114
Cap Rate 9%
$268,422
Alternative Uses
Best Use
Retail
$345.1K
$302.0K – $402.6K
NOI $24,158 @ 7.0% cap · market cap 4.32%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.63M
$1.43M – $1.90M
NOI $114,119 @ 7.0% cap · market cap 20.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
146k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 53%
Dining 43%
Hotels & Casinos 4%
QuikTrip
Shops & Services
63,512 visits/mo
0.3 miles
Starbucks
Dining
16,747 visits/mo
0.5 miles
Burger King
Dining
15,441 visits/mo
0.3 miles
Wendy's
Dining
13,996 visits/mo
0.4 miles
Raceway
Shops & Services
8,526 visits/mo
0.4 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
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Frequently Asked Questions
What type of property is this?
Retail space - 2+/- acres with 2,100+/- sq ft building near I-85.
Where is this retail space located?
The property is located at 103 Jones Rd Spartanburg, SC.
What is the asking price?
The asking price for this property is $559,000.
What are key features of this property?
This property features: Billboard with I‑85 exposure (70,100 traffic count); 2+/- acres off I‑85; Ideal for retail location/development site
