Standalone Restaurant with
For Sale
$650,000
98 Southport Rd, Spartanburg, SC 29306
Standalone restaurant site includes onsite parking and well-traveled corridor visibility, zoned B-1 in the City of Spartanburg.
Property Size1,600 SF
Lot Size0.44 Acres
Price / SF$406.25
Days on Market141
Property Features for 98 Southport Rd
General Information
Standard status
Active
Size
1,600 SF
Class
C
Lot size
0.44 Acres
Property subtype
Retail - Restaurant
Zoning
B-1
Building Details
Building Size
1,600 SF
Year Built
1998
Listing Agency:
Wilson Kibler
Listed By:
Bradley D. Toy · License #46844
(864) 640-7429
Source:
Commercialcafe
Added: Apr 21
Changed: Sep 3
Last Checked: Sep 8 at 3:44AM
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 Wilson Kibler
Investment Insights
Based on property information with market context.
This standalone restaurant site offers approximately 1,600 square feet of restaurant space and sits on 0.44 acres with onsite parking. The property is zoned B-1 (City of Spartanburg) and includes HVAC units with updates listed as Unit 1 (2022, 5-ton gas pack) and Unit 2 (2016), along with a 60-mil TPO roof installed July 2021.
Located on Southport Road in Spartanburg, SC, the site benefits from visibility along a well-traveled corridor.
For sale or lease, the configuration supports restaurant operations within the existing improvements, with parking on-site to accommodate guests and staff.
Located on Southport Road in Spartanburg, SC, the site benefits from visibility along a well-traveled corridor.
For sale or lease, the configuration supports restaurant operations within the existing improvements, with parking on-site to accommodate guests and staff.
Key Highlights
- ±1,600 SF standalone restaurant space available for sale or lease
- Located on Southport Road in Spartanburg, SC, with visibility along a well‑traveled corridor
- ±0.44 AC site with onsite parking
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
$31,500
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
4.85%
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%
$630,000
$630.0K
Cap Rate 7%
$450,000
$450.0K
Cap Rate 9%
$350,000
$350.0K
Market Conditions
NOI Build-Up for 1,600 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
$49.2K $30.72/SF
− Vacancy
−$7.2K −$4.47/SF
EGI
$42.0K $26.25/SF
− OpEx
−$10.5K −$6.56/SF
NOI
$31.5K $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%
$630,000
Cap Rate 7%
$450,000
Cap Rate 9%
$350,000
Alternative Uses
Best Use
Specialty Retail
$450.0K
$393.8K – $525.0K
NOI $31,500 @ 7.0% cap · market cap 4.85%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.24M
$1.09M – $1.45M
NOI $86,948 @ 7.0% cap · market cap 13.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
480
Businesses Nearby
170k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 56%
Shops & Services 44%
McDonald's
Dining
30,999 visits/mo
0.3 miles
Spinx
Shops & Services
28,429 visits/mo
0.3 miles
Cook Out
Dining
23,563 visits/mo
0.4 miles
Fuddruckers
Dining
14,932 visits/mo
0.0 miles
Bank of America
Shops & Services
11,780 visits/mo
0.2 miles
Demographics for 29306, SC
16,822
Population
7,618
Households
2.2
Avg Household Size
36
Median Age
21%
College-Educated
83%
High-School Grad
19.5 sq mi
ZIP Area
863
Density / Sq Mi
$38,858
Median Household Income
$30,629
Median Earnings
$913
Median Rent
$159,100
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?
Conventional restaurant - Standalone restaurant site includes onsite parking and well-traveled corridor visibility, zoned B-1 in the City of Spartanburg.
Where is this conventional restaurant located?
The property is located at 98 Southport Rd Spartanburg, SC.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: ±1,600 SF standalone restaurant space available for sale or lease; Located on Southport Road in Spartanburg, SC, with visibility along a well‑traveled corridor; ±0.44 AC site with onsite parking
