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    1208 Union Street Spartanburg, SC 29302

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    1208 Union Street Spartanburg, SC 29302

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    • Retail properties & Spaces
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    • Retail properties & Spaces

    Property Details for 1208 Union Street

    Property type
    Retail properties & Spaces
    Property subtype
    Office properties & Spaces

    Description

    Adequate parking Prime location at a signalized Intersection Located in a shopping center with a grocery store and ice machine company. $40+ Million development across the street with ±174-unit apartment complex and retail Rail Trail across the street Less than 5 minutes to Downtown Spartanburg and new Baseball Stadium Traffic Count: ±17,000 VPD Location Description Located just 3 miles from downtown Spartanburg on Union Street (parallel to Pine Street) ±500 feet to Mary Black Rail Trail ±250 feet of road frontage on Union Street ±160 feet of road frontage on Lucerne Drive

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    State
    South Carolina
    Longitude
    -81.8933
    Latitude
    34.9294

    Comparable in this City

    • Value Estimation by Request
      9,560 SF

      Main St & Pne St

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      0 Main St & Pne St, Spartanburg, SC 29302
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    • Value Estimation by Request
      1,927 SF

      507 St John St

      Office properties & Spaces • 1,927 SF
      507 St John St, Spartanburg, SC 29302
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    • Value Estimation by Request
      0.50 Acres

      Cedar Springs Rd

      Restaurants • 1,200 SF
      0 Cedar Springs Rd, Spartanburg, SC 29302
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    • Value Estimation by Request
      3,500 SF

      207 Cedar Springs Rd

      Retail properties & Spaces • 3,500 SF
      207 Cedar Springs Rd, Spartanburg, SC 29302
      View Details
    • Value Estimation by Request
      5,023 SF

      205 Pine St

      Flex space • 5,023 SF
      205 Pine St, Spartanburg, SC 29302
      View Details
    • Value Estimation by Request
      1,500 SF

      Hilton St

      DEPARTMENT STORE • 1,500 SF
      Hilton St, Spartanburg, SC 29302
      View Details

    Similar Nearby for Sale

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      26,000 SF

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      Highly visible retail space with strong traffic and flexible layouts.
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      Historic Mixed-Use Property For Sale

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    • $316,500
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      East Main Street Commercial Opportunity

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      Adaptable commercial building suitable for office, retail, or automotive uses.
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    • New
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      Versatile Commercial Building in Spartanburg

      Adaptable commercial building suitable for office, retail, or automotive uses.
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    Similar Nearby for Lease

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      1,200 SF

      Spartanburg Retail Space For Lease

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      10,992 SF

      Mixed-Use Building in Opportunity Zone

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    • $15 SF/Yr

      Spartanburg Storefront Retail/Office Space

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      1,800 SF

      Spartanburg Office Building For Lease

      1800 SF Office, Prime Location
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      2,312 SF

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      Turnkey retail/office space with high visibility and ample parking.
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      1,600 SF

      Retail Space Near Downtown Spartanburg

      Retail space with high visibility near Converse University.
      449 E Main St, Spartanburg, SC 29302
      View Details
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    1208 Union Street
    Spartanburg, SC 29302
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    1208 Union Street , Spartanburg, SC, 29302

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