519 Honeysuckle Rd 33,613 SF Industrial Building Spartanburg, SC 29303 $2,593,000 ($77.14/SF) 7.18% Cap Rate

This investment property for sale in Spartanburg, SC is a 33,613 SF+- warehouse on 1.47 acres+- leased through March 31, 2030. Rent increases 3% annually. The tenant reimburses the landlord for property taxes and insurance. The landlord is responsible for repairs to the roof, structure, foundation, exterior walls, HVAC and parking lot. The tenant has one option to renew for three years with 3% annual rent increases.
The tenant is Watertite Products, Inc. a wholly owned subsidiary of IPS Corporation a privately held holding company with estimated sales in excess of $100 million. The Spartanburg facility is an injection molding plant of PVC based construction industry products under the ProSet name, primarily plumbing drain components that comply with required fire stop and water tight seals when penetrating the walls and floors of multiple story commercial buildings.
The original 1975 building has a concrete loading apron leading to two front loading dock high doors, plus an at grade 16’ x 18’ door on the east wall. The office is 800 SF+- and shop has 15’8‘’ to 18’ clear height space, 1@2 ton overhead crane and metal halide lighting. The 3 phase power has a robust 2,000 amp service. The property is on septic for sewer. In 2007, a 12,000 SF+- addition with 20’ clear height was built for inventory storage.
The property location in unincorporated Spartanburg is 1.2 miles from I-26 and 2.6 miles from I-85.