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

    2400 Portrush Dr Spartanburg, SC 29301-3334

    • Office buildings
    • 2,154 SF
    • 42.76 lot acres
    OFF-MARKET
    Last Sale
    Mar 03, 2021
    $57,005,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-0928960
    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

    • Lisa A. Clarke, PTA / Physician

    Property Details for 2400 Portrush Dr

    Year built
    1995
    Lot size
    42.76 lot acres
    Property size
    2,154 SF
    Property type
    Office buildings
    APN
    6-2400-08201
    APU
    6240008201

    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
    -81.995
    Latitude
    34.9164
    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
    $1,123,849
    $129,489
    $3,008,921
    $3,138,410
    -
    $2,352,000
    $54,653,100
    $57,005,100

    Comparable in this City

    • Value Estimation
      $3,340,000
      25,102 SF

      1750 Martin Rd

      OFFICE BUILDING • 25,102 SF
      1750 Martin Rd, Spartanburg, SC 29301-1160
      View Details
    • Value Estimation
      $1,135,000
      6,925 SF

      1524 John B White Sr Blvd

      OFFICE BUILDING • 6,925 SF
      1524 John B White Sr Blvd, Spartanburg, SC 29301-3878
      View Details
    • Value Estimation
      $1,050,000
      6,222 SF

      1335 Nazareth Church Rd

      OFFICE BUILDING • 6,222 SF
      1335 Nazareth Church Rd, Spartanburg, SC 29301
      View Details
    • Value Estimation by Request
      2,400 SF

      208 Oak Frst Rd

      OFFICE BUILDING • 2,400 SF
      208 Oak Frst Rd, Spartanburg, SC 29301-3617
      View Details
    • Value Estimation by Request
      2,800 SF

      101 Pne Stb

      OFFICE BUILDING • 2,800 SF
      101 Pne Stb, Spartanburg, SC 29301
      View Details
    • Value Estimation by Request
      1,767 SF

      426 Blackstock Rd

      OFFICE BUILDING • 1,767 SF
      426 Blackstock Rd, Spartanburg, SC 29301-3750
      View Details

    Similar Nearby for Sale

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    • $1,275,000

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      Spartanburg Office Space Auction

      Well-positioned office space in Spartanburg, being sold at online auction.
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    • $225,000

      Undeveloped Land in Clevedale Park

      1.36-acre parcel zoned for commercial development or industrial outdoor storage.
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    • $1,126,500

      Reidville Road Land For Sale

      7.51 acres with frontage on Reidville Road.
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    • $995,000
      2,400 SF

      Operating Retail Storefront For Sale

      Operating retail store with high traffic volume, inventory negotiable.
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    Similar Nearby for Lease

    • $10 SF/Yr
      2,000 SF

      Prime Office Suites at Country Corners

      Two small office spaces available now!
      430 Oak Grove Rd, Spartanburg, SC 29301
      View Details
    • $16 SF/Yr
      2,527 SF

      Knollwood Executive Office Suites

      Spartanburg Office Space Available Now
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      View Details
    • $15 SF/Yr
      4,000 SF

      Spartanburg Flex Space For Lease

      Flex space featuring office and warehouse areas, near I-26.
      3211 Reidville Rd, Spartanburg, SC 29301
      View Details
    • $23 SF/Yr
      2,268 SF

      Class A Office Suite

      Available office suite in Spartanburg's Point West Office Complex.
      775 Spartan Blvd, Spartanburg, SC 29301
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    • $11 SF/Yr
      4,000 SF

      Spartanburg Office Space Available

      4,000 sq. ft. office space for rent.
      170 Camelot Dr, Spartanburg, SC 29301
      View Details
    • $18 SF/Yr
      1,600 SF

      Spartanburg Office Space For Rent

      Office space available for lease in Spartanburg, South Carolina.
      896 W Saint John St, Spartanburg, SC 29301
      View Details
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    2400 Portrush Dr
    Spartanburg, SC 29301-3334
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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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