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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1611 Union St Spartanburg, SC 29302

    • Warehouses
    • 8,460 SF
    • 2.09 lot acres
    For Lease
    View listing
    $7 SF/Yr
    Last Sale
    Jul 23, 2020
    $100,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-2134717
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Sylvester and Cockrum / Mechanical Contractor
    • Race City Steel / Steel Distributor

    Property Details for 1611 Union St

    Year built
    1966
    Construction
    BRICK
    Lot size
    2.09 lot acres
    Property size
    8,460 SF
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    7-1710-06601
    APU
    7171006601

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.8906
    Latitude
    34.9281
    CBSA code
    43900
    CBSA name
    SPARTANBURG, SC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,286
    $2,151
    $10,648
    $12,799
    -
    $55,500
    $274,700
    $330,200

    Comparable in this City

    • Value Estimation
      $3,695,000
      242,500 SF

      3200 Southport Rd

      MINI-WAREHOUSE, STORAGE • 242,500 SF
      3200 Southport Rd, Spartanburg, SC 29302-5327
      View Details
    • Value Estimation by Request
      1,800 SF

      514 Amelia Ave

      MINI-WAREHOUSE, STORAGE • 1,800 SF
      514 Amelia Ave, Spartanburg, SC 29302-4326
      View Details
    • Value Estimation
      $2,755,000
      39,000 SF

      899 Main St

      MINI-WAREHOUSE, STORAGE • 39,000 SF
      899 Main St, Spartanburg, SC 29302-2002
      View Details
    • Value Estimation
      $640,000
      30,250 SF

      325 Cedar Spgs Ave

      MINI-WAREHOUSE, STORAGE • 30,250 SF
      325 Cedar Spgs Ave, Spartanburg, SC 29302
      View Details
    • Value Estimation by Request
      7,280 SF

      50 King Line

      MINI-WAREHOUSE, STORAGE • 7,280 SF
      50 King Line, Spartanburg, SC 29302-4149
      View Details
    • Value Estimation by Request
      5,355 SF

      1720 Un St

      MINI-WAREHOUSE, STORAGE • 5,355 SF
      1720 Un St, Spartanburg, SC 29302-4133
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Spartanburg Industrial Flex Space

      ±5,600 SF Flex/Warehouse - Immediate Occupancy
      2251 Pine St, Spartanburg, SC 29302
      View Details
    • Contact for pricing
      5,600 SF

      Spartanburg Flex/Industrial/Retail Opportunity

      5,600 SF flex/industrial/retail space for sale or lease.
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    • New
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      Versatile Commercial Building in Spartanburg

      Adaptable commercial building suitable for office, retail, auto repair, and more.
      250 Cedar Springs Ave, Spartanburg, SC 29302
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    • New
      $374,900
      0.46 Acres

      Versatile Commercial Building in Spartanburg

      Adaptable commercial building suitable for office, auto repair, or community center.
      250 Cedar Springs Ave, Spartanburg, SC 29302
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    • $1,280,000
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      Prime Spartanburg Mixed-Use Property

      Versatile building, ideal location, high potential.
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    • $650,000
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      Downtown Spartanburg Retail Opportunity

      Income-producing retail property in downtown Spartanburg with ample parking.
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    Similar Nearby for Lease

    • $7 SF/Yr
      9,595 SF

      Warehouse/Office Space Available For Lease

      9,595 SF warehouse/office space with fenced laydown yard.
      1611 Union St, Spartanburg, SC 29302
      View Details
    • $10 SF/Yr
      5,600 SF

      Spartanburg Industrial Warehouse For Sale/Lease

      5,600 SF Warehouse, Excellent Location
      2251 Pine St, Spartanburg, SC 29302
      View Details
    • $4 SF/Yr
      90,000 SF

      Industrial Building in Spartanburg, SC

      90,000-SF industrial building with office space for lease.
      3260 Southport Rd, Spartanburg, SC 29302
      View Details
    • $2,350 /Mo
      6,600 SF

      Union Street Warehouse Space Available

      Warehouse space for lease with roll-up doors and dock access.
      1759 Union St, Spartanburg, SC 29302
      View Details
    • $48,000
      190,793 SF

      Spartanburg Industrial Land for Lease

      ±4.38 Acres, Single Tenant, Ideal Storage
      220 Lanford St, Spartanburg, SC 29302
      View Details
    • $8 SF/Yr
      34,053 SF

      Spartanburg Flexible Space For Rent

      Flexible space suitable for retail or mixed-use purposes.
      1201 Union St, Spartanburg, SC 29302
      View Details
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    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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