Prime Land on E.
For Sale
Contact for pricing
2700 E Main St, Spartanburg, SC 29307
7.76 acres on a busy commercial corridor, redevelopment opportunity.
Property Size10,000 SF
Lot Size7.76 Acres
Price / SF$197.50
Days on Market815
Property Features for 2700 E Main St
General Information
Standard status
Active
Size
10,000 SF
Lot size
7.76 Acres
Property subtype
Land, Mixed Use, Office, Retail
Zoning
No Zoning
Listing Agency:
Spencer/Hines Properties Spartanburg
(864) 706-0189
Listed By:
Andy Hayes · License #SC 13179
Source:
Crexi
Added: Jun 7, 2024
Changed: Aug 24
Last Checked: Aug 29 at 3:15AM
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 Spencer/Hines Properties Spartanburg
Investment Insights
Based on property information with market context.
This property features approximately 7.76 acres situated on the busy commercial corridor of E. Main Street (Highway 29). The site presents a redevelopment opportunity suitable for assisted living, office space, or multifamily housing. A 10,000 sq. ft. home is located on the property, which could potentially be converted for office use. The property offers approximately 303 feet of road frontage on E. Main Street and approximately 517 feet of road frontage on Plainview Drive. High visibility is ensured with over 27,000 vehicles per day (VPD) on E. Main Street. The location falls within Spartanburg County and is subject to the Unified Land Management Ordinance, with no specific zoning restrictions. The area is experiencing high growth, with approximately 3,000 new residential units planned nearby. This location is suitable for retail or mixed-use development. The Spartanburg County Tax Map number is 7-09-00-011.00.
Key Highlights
- Prime redevelopment opportunity on Highway 29 with high visibility (27,000+ VPD)
- Large 7.76‑acre lot with significant road frontage on E. Main Street (+/- 303') and Plainview Drive (+/- 517')
- No zoning restrictions, offering flexible development options
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
$154,579
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
7.83%
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%
$3,091,580
$3.1M
Cap Rate 7%
$2,208,271
$2.2M
Cap Rate 9%
$1,717,544
$1.7M
Market Conditions
NOI Build-Up for 10,000 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
$241.2K $24.12/SF
− Vacancy
−$35.1K −$3.51/SF
EGI
$206.1K $20.61/SF
− OpEx
−$51.5K −$5.15/SF
NOI
$154.6K $15.46/SF
Area
Spartanburg County, SC
Vacancy
14.55%
Lease Rate
$24.12 /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%
$3,091,580
Cap Rate 7%
$2,208,271
Cap Rate 9%
$1,717,544
Alternative Uses
Best Use
Office B
$2.21M
$1.93M – $2.58M
NOI $154,579 @ 7.0% cap · market cap 7.83%
Second Best
Mixed Use
$1.89M
$1.65M – $2.20M
NOI $132,000 @ 7.0% cap · market cap 6.68%
Theoretical Best
Warehouse
$7.76M
$6.79M – $9.06M
NOI $543,425 @ 7.0% cap · market cap 27.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Explore this area
Business Placement
Demographics for 29307, SC
19,034
Population
8,946
Households
2.1
Avg Household Size
44
Median Age
35%
College-Educated
86%
High-School Grad
44.7 sq mi
ZIP Area
426
Density / Sq Mi
$61,330
Median Household Income
$39,543
Median Earnings
$1,043
Median Rent
$207,800
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Commercial land - 7.76 acres on a busy commercial corridor, redevelopment opportunity.
Where is this commercial land located?
The property is located at 2700 E Main St Spartanburg, SC.
What is the asking price?
The asking price for this property is $1,975,000.
What are key features of this property?
This property features: Prime redevelopment opportunity on Highway 29 with high visibility (27,000+ VPD); Large 7.76‑acre lot with significant road frontage on E. Main Street (+/- 303') and Plainview Drive (+/- 517'); No zoning restrictions, offering flexible development options
