Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    505 Gossett Rd Spartanburg, SC 29307-5422

    • Office buildings
    • 3,792 SF
    • 2.99 lot acres
    OFF-MARKET
    Value Estimations
    $585,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-1083215
    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

    • Ame Inc / General Contractor

    Property Details for 505 Gossett Rd

    Year built
    1986
    Construction
    BRICK
    Lot size
    2.99 lot acres
    Property size
    3,792 SF
    Property type
    Office buildings
    APN
    3-0800-07002
    APU
    3080007002

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $525,000
      Market price range: $241k - $705k
      AI Estimate
      $619,000
      Market price range: $206k - $649k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $365,000
      Current use
      MEDICAL BUILDING
      $545,000
      Change: +50% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.874
    Latitude
    35.0197
    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
    $17,021
    $5,612
    $35,093
    $40,705
    -
    $107,525
    $672,400
    $779,925

    Comparable in this City

    • Value Estimation by Request
      2,400 SF

      4597 Main St Ext

      OFFICE BUILDING • 2,400 SF
      4597 Main St Ext, Spartanburg, SC 29307
      View Details
    • Value Estimation by Request
      2,076 SF

      2086 Main St

      OFFICE BUILDING • 2,076 SF
      2086 Main St, Spartanburg, SC 29307-1425
      View Details
    • Value Estimation
      $840,000
      5,065 SF

      130 Polydeck Way

      OFFICE BUILDING • 5,065 SF
      130 Polydeck Way, Spartanburg, SC 29307-4311
      View Details
    • Value Estimation by Request
      4,425 SF

      1770 Dewberry Rd

      OFFICE BUILDING • 4,425 SF
      1770 Dewberry Rd, Spartanburg, SC 29307-4345
      View Details
    • Value Estimation by Request
      8,840 SF

      1451 Main St

      OFFICE BUILDING • 8,840 SF
      1451 Main St, Spartanburg, SC 29307-2262
      View Details
    • Value Estimation
      $630,000
      5,862 SF

      2375 Main St, Unit C

      OFFICE BUILDING • 5,862 SF
      2375 Main St, Spartanburg, SC 29307-1434
      View Details

    Similar Nearby for Sale

    • $1,810,000
      7,200 SF

      Spartanburg Office Building For Sale

      7,200 SF office building near Spartanburg Medical District.
      130 Dillon Dr, Spartanburg, SC 29307
      View Details
    • $825,000
      9,594 SF

      Spartanburg Medical/Office Building For Sale

      9,594 SF medical/office building near downtown Spartanburg.
      1770 Skylyn Dr, Spartanburg, SC 29307
      View Details
    • Contact for pricing
      11,058 SF

      Spartanburg Medical Office Building

      11,058 SF medical building; strong tenant base.
      480 Floyd Rd, Spartanburg, SC 29307
      View Details
    • $1,975,000
      7.76 Acres

      Main St. Commercial Land Opportunity

      7.76 Acres, High-Visibility Location
      2700 Main St, Spartanburg, SC 29307
      View Details
    • $2,016,000
      3.73 Acres

      Spartanburg Townhome Development

      28 build-ready townhome pads, ±3.73 acres
      2751 E Main St, Spartanburg, SC 29307
      View Details
    • $249,000
      0.44 Acres

      Well-Maintained Duplex in Spartanburg

      Single-level duplex with solid rental history, ideal for investors.
      3030/3028 Benjamin Rd, Spartanburg, SC 29307
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      4,022 SF

      Main Street Commercial Property

      Spartanburg Office/Retail Space - High Traffic Area
      1948 Main St, Spartanburg, SC 29307
      View Details
    • $700 /Mo
      425 SF

      Premier Office Suite For Rent

      Executive office suite in a premier location with ample natural light.
      1451 E Main St, Spartanburg, SC 29307
      View Details
    • $15 SF/Yr
      6,900 SF

      Prime Spartanburg Executive Office Space

      4,400 SF Available, Ample Parking
      1023 Fernwood Glendale Rd, Spartanburg, SC 29307
      View Details
    • $28 SF/Yr
      53,571 SF

      Historic Mill Office Space Available

      Creative office space in a vibrant mixed-use community.
      1802 Drayton Rd, Spartanburg, SC 29307
      View Details
    • $2,100 /Mo
      1,866 SF

      Office Space Near Shopping Center

      Office space for rent across from Willow Place Shopping Center.
      1586 Skylyn Dr, Spartanburg, SC 29307
      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 29307
      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.
    505 Gossett Rd
    Spartanburg, SC 29307-5422
    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

    Google sign-in failed. Please try again or use another login method.