Listing Agency: Wilson Kibler | Columbia Show Phone

Listed By: Grant Chapman Show Phone

Source: Moodyscre

Added: Aug 5 Changed: Oct 11 Last Checked: Oct 12 at 10:38PM

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Investment Insights

Based on property information with market context.

This 1,600-square-foot storefront property occupies approximately 0.44 acres and includes onsite parking. The building is served by two HVAC systems: Unit 1 was installed in 2022 and is a 5-ton gas pack, while Unit 2 dates to 2016. A new 60mil TPO roof was installed in July 2021.

Located at 98 Southport Rd in Spartanburg, the property carries B-1 zoning within the City of Spartanburg, supporting its established commercial classification.

Key Highlights

• 1,600 SF storefront property on approximately ±0.44 AC
• B‑1 zoning within the City of Spartanburg
• Onsite parking

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$18,406

Cap Rate

2.83%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$368,120 $368.1K

Cap Rate 7%

$262,943 $262.9K

Cap Rate 9%

$204,511 $204.5K

Market Conditions

NOI Build-Up for 1,600 SF

Gross rent

$28.8K $18.00/SF

− Vacancy

−$2.5K −$1.57/SF

EGI

$26.3K $16.43/SF

− OpEx

−$7.9K −$4.93/SF

NOI

$18.4K $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 Rate 5%

$368,120

Cap Rate 7%

$262,943

Cap Rate 9%

$204,511

Alternative Uses

Best Use

Retail

$262.9K

$230.1K – $306.8K (±1% cap)

NOI $18,406 @ 7.0% cap · market cap 2.83%

Second Best

—

—

no second resolved use

Theoretical Best

Warehouse

$1.24M

$1.09M – $1.45M (±1% cap)

NOI $86,948 @ 7.0% cap · market cap 13.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

The Peach Cobbler Factory Restaurant

Suggested Use

Top Pick Big Box & Wholesale Store Building Supply Parking Lot & Garage Electrical Service HVAC Service Grocery & Convenience Store

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

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

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

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

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Frequently Asked Questions

What type of property is this?

Storefront property - B-1-zoned commercial space with updated roofing, dedicated HVAC systems, and onsite parking.

Where is this storefront property 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 storefront property on approximately ±0.44 AC; B‑1 zoning within the City of Spartanburg; Onsite parking