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    Property profile & analytics

    7092 Howard St, Unit | Spartanburg Spartanburg, SC 29303

    • Warehouses
    • 65,905 SF
    • 5.97 lot acres
    For Lease
    View listing
    $6 SF/Yr
    Last Sale
    Nov 20, 2023
    $3,673,086
    Value Estimations
    $3,185,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-0426372
    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

    • Record Nations / Information Services / Print Shop
    • Deborah Torrey Brown-Landrum / Speech Pathologist
    • Whitney Sheppard Palmer / Speech Pathologist
    • Chartwells / Caterer
    • Upstate Treatment Specialists / Addiction Treatment Center

    Property Details for 7092 Howard St

    Year built
    1996
    Construction
    METAL FRAME
    Lot size
    5.97 lot acres
    Property size
    65,905 SF
    Property type
    Warehouses
    Property subtype
    Self storage facilities
    APN
    6-1302-01106
    APU
    6130201106

    Description

    This exceptional 9,750-square-foot flex space is part of a larger 55,000-square-foot industrial building located at 7092 Howard Street in Spartanburg, South Carolina. The property, built in 1996, features a single-story building with a 15-foot ceiling height, providing ample vertical space for various uses. The space includes three dock-high doors and one drive-in door, ensuring efficient loading and unloading of goods. The property's APN is 6130201106 and is situated in Spartanburg County, SC, zip code 29303. This multi-tenant building offers a prime location for businesses seeking flexible and functional space. The available space totals 9,750 square feet, representing a significant opportunity for expansion or relocation. The property's convenient location and versatile design make it an attractive option for a wide range of industrial and flex-space users. This is a rare opportunity to secure high-quality industrial space in a thriving South Carolina market. The property's single-story design and ample loading capabilities make it an ideal choice for businesses requiring efficient operations.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $2,705,000
      ML approach
      $3,275,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,587,000
      Market price range: $1.88M - $4.67M

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $3,360,000
      Current use
      AUTO REPAIR, GARAGE
      $5,185,000
      Change: +54% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $5,065,000
      Change: +51% Conversion: Moderate
      RETAIL STORES
      $4,135,000
      Change: +23% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.9721
    Latitude
    34.9801
    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
    $38,144
    $19,713
    $81,786
    $101,499
    -
    $328,550
    $1,363,100
    $1,691,650

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      1560 International Dr

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      $710,000
      18,208 SF

      155 American Way

      MINI-WAREHOUSE, STORAGE • 18,208 SF
      155 American Way, Spartanburg, SC 29303-4817
      View Details

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    7092 Howard St, Unit | Spartanburg
    Spartanburg, SC 29303
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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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