1310 Union StSpartanburg, SC 29302

Property Details for 1310 Union St

Year built

1973

Construction

BRICK

Lot size

4.70 AC

Property size (Sq ft)

31,498 SF

Property type

Office buildings

APN

7-1706-00400

APU

7170600400

Description

This exceptional investment opportunity presents a 30,000 square foot Class B office building situated at 1310 Union Street in Spartanburg, South Carolina, 29302. The property, built in 1973, offers a compelling blend of executive and traditional office space, along with approximately 4,000 square feet of warehouse space. Currently occupied by a single tenant for over a decade, this global headquarters boasts a favorable five-year lease renewal in place. The property features a Net Net Net (NNN) lease structure, generating a substantial net operating income (NOI) of $288,600, resulting in an attractive 8.50% capitalization rate. The asking price is $3,400,000, translating to a price per square foot of $113.33. The building's prime location on Union Street, a high-traffic thoroughfare with an average daily traffic count of 18,300 vehicles in 2022, and its proximity to downtown Spartanburg (approximately 2 miles) further enhance its investment appeal. The property's APN is 7-17-06-004.00. This is a rare opportunity to acquire a well-established, income-producing asset in a thriving South Carolina market. The substantial square footage, strong tenant history, and favorable lease terms make this an ideal addition to any investment portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $6,894,350

  6.5%

  $6,364,010

  7%

  $5,909,440

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,593,230

  Geo Method

  $2,593,230

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $12,822,300

  Retail / Commercial

  $6,517,840

  Mixed-Use / Specialty

  $6,449,400

  Hospitality / Lodging

  $4,672,880

  Institutional / Educational

  $6,688,630

  Residential Income

  $7,825,690

  Multifamily

  $9,636,280

  Automotive / Energy

  $5,733,110

  Parking / Income-Based Land

  $2,023,080

  Restaurant / Food Service

  $3,257,920

  Healthcare / Senior Housing

  $6,660,090

Location Insight

City

Spartanburg

County

Spartanburg

State

South Carolina

Latitude

34.9315

Longitude

-81.8973

CBSA code

43900

CBSA name

SPARTANBURG, SC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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