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100% Leased Pad to Home Depot | Walmart 1501 W. O. Ezell Blvd 9,833 SF 100% Leased Retail Building Spartanburg, SC 29301 $4,175,000 ($424.59/SF) 6.30% Cap Rate
INVESTMENT HIGHLIGHTS
- HIGHLY-VISIBLE OUT-PARCEL PAD LOCATION AT ENTRANCE TO 400,000 SF POWER CENTER
- TOP 10 GROWTH MARKET IN THE U.S. | 2.7% ANNUAL POPULATION GROWTH IN SPARTANBURG MSA
- HIGH TRAFFIC LOCATION WITH STRONG IDENTITY | 35,613 VPD | DIRECT ACCESS TO INTERSTATE 26
- PART OF WALMART AND HOME DEPOT ANCHORED POWER CENTER | TOP 5% AND 25% CUSTOMER VISITS FOR HOME DEPOT AND WALMART
- LOCATIONS - RED WING SHOES – 400+ | VITAMIN SHOPPE – 700+ | PRISMA HEALTH – 338+
- SPARTANBURG’S #1 RETAIL TRADE AREA WITH COSTCO, TARGET, SAM’S CLUB, DORMAN CENTRE
EXECUTIVE SUMMARY
BROKER OF RECORD....BRIAN BROCKMAN....License #: 108250
To obtain OM, please click link below or email agents.
Under Market Rent for all 3 tenants - Cap Rate at Market Rent: 9.91% - Area Lease Comps in OM
Faris Lee Investments is pleased to bring to market an opportunity to acquire Dorman Crossroads, a fee simple interest in an extremely well located, 3 tenant, 100% leased, outparcel pad building to Dorman Centre, a 400,000 sq. ft. power center in Spartanburg SC anchored Super Walmart and Home Depot. The offering is occupied by Red Wing Shoes (400+ locations), Prisma Health (338+ locations/largest healthcare provider in SC) and Vitamin Shoppe (700+ locations). The existing rents for all 3 tenants are considerably under market based on area lease comparables shown in the OM. Cap Rate at Market Rents = 9.91%. This pride of ownership, ease of management investment is ideal for the passive investor in search of yield significantly higher than what can be found in a single tenant offering while offering realistic upside potential through increasing existing rent to market levels.
Spartanburg is a jewel of the southeast and has seen tremendous growth over the past 15 years due to domestic migration and affordable living. With annual population growth of 2.7%, it continues to rank as a Top 10 Growth Market in the U.S. Dorman Crossroads is located within the #1 retail shopping district in Spartanburg. Other area retailers include Costco, Target, Sam’s Club and the 1.2 million sq. ft. Westgate Mall. Spartanburg boasts a thriving economy with major employers including BMW, GE, Michelin, and Milliken. The continued population growth and thriving economy create an ideal environment in which the tenants at Dorman Crossroads can have long term success.
To obtain OM, please click link below or email agents.
Under Market Rent for all 3 tenants - Cap Rate at Market Rent: 9.91% - Area Lease Comps in OM
Faris Lee Investments is pleased to bring to market an opportunity to acquire Dorman Crossroads, a fee simple interest in an extremely well located, 3 tenant, 100% leased, outparcel pad building to Dorman Centre, a 400,000 sq. ft. power center in Spartanburg SC anchored Super Walmart and Home Depot. The offering is occupied by Red Wing Shoes (400+ locations), Prisma Health (338+ locations/largest healthcare provider in SC) and Vitamin Shoppe (700+ locations). The existing rents for all 3 tenants are considerably under market based on area lease comparables shown in the OM. Cap Rate at Market Rents = 9.91%. This pride of ownership, ease of management investment is ideal for the passive investor in search of yield significantly higher than what can be found in a single tenant offering while offering realistic upside potential through increasing existing rent to market levels.
Spartanburg is a jewel of the southeast and has seen tremendous growth over the past 15 years due to domestic migration and affordable living. With annual population growth of 2.7%, it continues to rank as a Top 10 Growth Market in the U.S. Dorman Crossroads is located within the #1 retail shopping district in Spartanburg. Other area retailers include Costco, Target, Sam’s Club and the 1.2 million sq. ft. Westgate Mall. Spartanburg boasts a thriving economy with major employers including BMW, GE, Michelin, and Milliken. The continued population growth and thriving economy create an ideal environment in which the tenants at Dorman Crossroads can have long term success.
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
9,833 SF
Building Class
B
Year Built/Renovated
1996/2010
Price
$4,175,000
Price Per SF
$424.59
Cap Rate
6.30%
NOI
$263,137
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.29
Lot Size
0.79 AC
Parking
43 Spaces (4.37 Spaces per 1,000 SF Leased)
Frontage
30’ on Wo Ezell Blvd
AMENITIES
- Pylon Sign
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 6-20-04-005.00 | Improvements Assessment | $112,356 |
| Land Assessment | $37,590 | Total Assessment | $149,946 |
PROPERTY TAXES
Parcel Number
6-20-04-005.00
Land Assessment
$37,590
Improvements Assessment
$112,356
Total Assessment
$149,946
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100% Leased Pad to Home Depot | Walmart | 1501 W. O. Ezell Blvd
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