Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    251 Magnolia St Spartanburg, SC 29306-2331
    Property profile & analytics

    251 Magnolia St, Spartanburg, SC 29306-2331

    View on Map
    • Office buildings
    • 2,666 SF
    • 0.14 lot acres
    Off-Market
    Last Sale Aug 7, 2024
    $72,500
    Property ID
    US77-0716823
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Bingman Title Agency / Law Firm
    • New York Life / Insurance Agency
    • Shulikov Law Firm / Law Firm
    • Gracious Guidance Consultant LLC / Financial Advisor
    • Life More Freely Home Care, LLC / Home Health Care Service

    Property Details for 251 Magnolia St

    Year built
    1960
    Construction
    CONCRETE BLOCKS
    Lot size
    0.14 lot acres
    Property type
    Office buildings
    APN
    7-1206-04100
    APU
    7120604100

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 7, 2024 $310,000 251 Magnolia LLC Insurance Group INC Warranty Deed —
    — — Insurance Group INC — Deed Of Trust · related $75k · Arthur State Bank
    — — Insurance Group INC — Deed Of Trust · related $34k · Branch Bk&tr

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.9352
    Latitude
    34.9533
    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
    $1,943
    $2,422
    $1,494
    $3,916
    -
    $40,364
    $24,900
    $65,264

    Comparable in this City

    • Value Estimation
      $560,000
      6,834 SF

      250 Magnolia St

      OFFICE BUILDING
      250 Magnolia St, Spartanburg, SC 29306-2329
      View Details
    • Value Estimation by Request
      10,496 SF

      460 Marion Ave

      OFFICE BUILDING
      460 Marion Ave, Spartanburg, SC 29306-3610
      View Details
    • Value Estimation by Request
      3,300 SF

      421 Marion Ave

      OFFICE BUILDING
      421 Marion Ave, Spartanburg, SC 29306-3609
      View Details
    • Value Estimation
      $885,000
      12,128 SF

      325 Church St

      OFFICE BUILDING
      325 Church St, Spartanburg, SC 29306-5231
      View Details
    • Value Estimation by Request
      4,943 SF

      1211 John B White Sr Blvd

      OFFICE BUILDING
      1211 John B White Sr Blvd, Spartanburg, SC 29306-3924
      View Details
    • Value Estimation by Request
      7,000 SF

      207 Magnolia St

      OFFICE BUILDING
      207 Magnolia St, Spartanburg, SC 29306-2354
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      9,240 SF

      Two-Story Office Building For Sale

      Two-story office building with subdivision potential and green space.
      201 Henry Pl, Spartanburg, SC 29306
      View Details
    • Contact for pricing
      110,661 SF

      Downtown Spartanburg Office Buildings

      Two office buildings in downtown Spartanburg, totaling 110,661 square feet.
      145 N Church St, Spartanburg, SC 29306
      View Details
    • Contact for pricing
      5,858 SF

      Downtown Office Space with Parking

      Prime office space available for sale in downtown Spartanburg.
      189 S Converse St, Spartanburg, SC 29306
      View Details
    • Contact for pricing

      Retail Space For Sale

      Retail space available for purchase.
      601 Union St, Spartanburg, SC 29306
      View Details
    • Contact for pricing
      0.75 Acres

      Residential Lots in Sherwood Acres

      Two residential lots for sale in Spartanburg, South Carolina.
      lot 13 & 14 S Church Street Ext, Spartanburg, SC 29306
      View Details
    • Contact for pricing

      Southport Road Acreage For Sale

      77+/- acres on Southport Road, suitable for retail.
      2081 Southport Rd, Spartanburg, SC 29306
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,660 SF

      Spartanburg Office Space Available

      Office space for rent in Spartanburg, South Carolina.
      210 Ezell St, Spartanburg, SC 29306
      View Details
    • Contact for pricing
      2,000 SF

      Downtown Spartanburg Retail/Office Space

      Retail or office space with high visibility in downtown.
      178-182 E Main St, Spartanburg, SC 29306
      View Details
    • Contact for pricing
      16,264 SF

      Downtown Spartanburg Office Space

      Unique office space in Spartanburg's Central Business District.
      150 E Henry St, Spartanburg, SC 29306
      View Details
    • Contact for pricing
      1,700 SF

      Spartanburg Office Space For Rent

      Office space available for rent in Spartanburg, SC.
      135 West Main Street Ext, Spartanburg, SC 29306
      View Details
    • Contact for pricing

      Spartanburg Flex Building For Lease

      Flex building with office and outdoor storage in Spartanburg.
      440 Southport Commerce Blvd, Spartanburg, SC 29306
      View Details
    • Contact for pricing
      157 SF

      Office Space Near Baseball Stadium

      Office space with street frontage, near new baseball stadium.
      128 Magnolia St, Spartanburg, SC 29306
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    251 Magnolia St
    Spartanburg, SC 29306-2331
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    251 Magnolia St, Spartanburg, SC, 29306
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!