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    459 Wofford St Spartanburg, SC 29301
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    459 Wofford St, Spartanburg, SC 29301

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    • Commercial land
    For Sale
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    Land Parcel Near New Development For Sale
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    3.88 Acres

    Land Parcel Near New Development

    3.88 acres zoned for apartments, townhouses, or condos.

    459 Wofford St, Spartanburg, SC
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    Property ID
    US77-1144287
    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

    • Commercial land

    Property Details for 459 Wofford St

    Property type
    Commercial land
    Property subtype
    Commercial real estate

    Description

    3.88 Acres for Sale in Downtown Spartanburg. Located in a Opportunity Zone. This Site is Currently Zoned for Multifamily and is for Sale for $1,400,000.

    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
    -81.9433805
    Latitude
    34.9500681

    Comparable in this City

    • $4,750,000
      Pending

      Spartanburg Commercial Corner Lot Opportunity

      27-acre commercial property near I-85 and I-26 in Spartanburg.
      11 Front St, Spartanburg, SC 29301
      View Details
    • $212,000
      0.61 Acres

      Spartanburg Vacant Commercial Land

      0.61 acre vacant lot with utilities in Spartanburg, SC.
      410 Spring St, Spartanburg, SC 29301
      View Details
    • Contact for pricing

      Land Parcel Near New Development

      3.88 acres zoned for apartments, townhouses, or condos.
      459 Wofford St, Spartanburg, SC 29301
      View Details
    • Contact for pricing

      Retail Parcels for Lease/Sale

      Land parcels available for ground lease, build to suit, or sale.
      9735 Us-29, Spartanburg, SC 29301
      View Details
    • $870,000
      7.25 Acres

      Spartanburg Commercial Land For Sale

      7.25 acre commercial site ready for development near I-85.
      Blackstock Rd, Spartanburg, SC 29301
      View Details

    Similar Nearby for Sale

    • $4,750,000
      Pending

      Spartanburg Commercial Corner Lot Opportunity

      27-acre commercial property near I-85 and I-26 in Spartanburg.
      11 Front St, Spartanburg, SC 29301
      View Details
    • $212,000
      0.61 Acres

      Spartanburg Vacant Commercial Land

      0.61 acre vacant lot with utilities in Spartanburg, SC.
      410 Spring St, Spartanburg, SC 29301
      View Details
    • Contact for pricing

      Land Parcel Near New Development

      3.88 acres zoned for apartments, townhouses, or condos.
      459 Wofford St, Spartanburg, SC 29301
      View Details
    • Contact for pricing

      Retail Parcels for Lease/Sale

      Land parcels available for ground lease, build to suit, or sale.
      9735 Us-29, Spartanburg, SC 29301
      View Details
    • $870,000
      7.25 Acres

      Spartanburg Commercial Land For Sale

      7.25 acre commercial site ready for development near I-85.
      Blackstock Rd, Spartanburg, SC 29301
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Commercial Land for Lease

      1.48+/- acre commercial land available for lease.
      Reidville Rd, Spartanburg, SC 29301
      View Details
    • Contact for pricing

      Walmart Anchored Shopping Center Outparcel

      Outparcel available in a 219,632 SF shopping center.
      141 Dorman Centre Dr, Spartanburg, SC 29301
      View Details
    • Contact for pricing

      Walmart Anchored Shopping Center Outparcel

      Outparcel available in a busy, Walmart-anchored shopping center.
      110 Dorman Commerce Dr, Spartanburg, SC 29301
      View Details
    • Contact for pricing

      Industrial Build-to-Suit Opportunity

      New Class A industrial space for lease near I-26.
      1095 Simuel Rd, Spartanburg, SC 29301
      View Details
    • Contact for pricing
      4,500 SF

      Retail Space with Highway Access

      4,500 SF retail space with flexible terms and visibility.
      2799 Reidville Rd, Spartanburg, SC 29301
      View Details
    View Listing
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    Spartanburg, SC 29301
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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.

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