Owner-user medical practice
Strongest case
Can a physician group cut occupancy cost by owning at $77.50/SF with seller financing, and which specialties does county evidence support?
Asset research desk · Spartanburg, South Carolina
125 Dillon Drive
A ±10,000 SF former medical office on 1.37 acres in unincorporated Spartanburg County, adjacent to the Spartanburg Medical Center – Mary Black Campus. Asking $775,000, for sale or lease. This site is an independent research layer around one asset: verified facts, market evidence, tested business cases, and the diligence questions, with a source behind every number.
Explore the investment thesis View business cases Contact listing broker
Asking price
$775,000
as of 2026-08-23
Price / SF
$77.50
at marketed 10,000 SF
Building
±10,000 SF
marketed; see fact ledger
Lot
1.37 AC
county deed records
Year built
1985
county record
Parking
56 spaces
listing surface; ±5.6/1,000 SF
Status
For sale or lease
single tenant, NNN
Facts above from the live listing and Spartanburg County records; last verified 2026-08-23. Conflicts (building square footage, lot acreage) are disclosed in the full fact ledger.
Why investigate this asset
1. A basis well below its own tax appraisal
The $775,000 ask equals $77.50/SF on the marketed 10,000 SF — below Spartanburg County's current appraised value of $804,900 for the property, roughly half the Greenville–Spartanburg average office sale price ($147.90/SF, Lee & Associates Q2 2026), and a fraction of the $251/SF asked for the stabilized medical building directly across the street at 130 Dillon Drive. The discount reflects vacancy and condition, not location. See the comparables analysis.
2. A county adding people faster than its healthcare capacity
Spartanburg County grew from a 328,000 base (April 2020) to 380,857 residents (July 2025), a 16.1% gain in five years (U.S. Census Bureau). Education & Health Services employment in the MSA rose ~24% over the past decade (BLS). Meanwhile the county's provider ratios trail state averages: one primary-care physician per 1,610 residents and one mental-health provider per 720 (2024 CHNA). See the growth evidence.
3. A hospital-anchored corridor
The property sits in the established medical node around Spartanburg Medical Center – Mary Black Campus, a 231-bed campus with a 24-bed emergency department, surgical suites, inpatient rehabilitation, and behavioral-health units. Off-campus buildings on Dillon Drive and Skylyn Drive house physician practices; on-campus Class A space leases at a premium. No affiliation with the hospital is implied. See the corridor map.
4. Unusual deal flexibility
Current listing materials offer the property for sale or lease ($10.00/SF NNN per the broker flyer), with low-interest owner financing considered, build-to-suit available, and a purchase option during lease. Listing materials also market South Carolina abandoned-building tax credits as available. We examine that claim, and the statutory tests behind it, in our incentive research.
The business cases that survived testing
We researched six potential uses for this building and pressure-tested each. The four strongest earned full analyses; the other two are folded into them or summarized in the business-case index. How we work.
Behavioral health outpatient center
Promising, staffing-led
County health plans target behavioral-health expansion and providers are scarce (720:1 vs 460:1 statewide). Does this building fit, and what does staffing take?
Multi-tenant medical office
Conditional
Medical suites at the lowest basis in the corridor. We publish the break-even occupancy and rent math so you can underwrite it properly.
Ambulatory surgery center feasibility
Specialist project
South Carolina repealed CON for surgery centers in 2023. We map what ASC facility standards would ask of this building, and which procedure uses fit it today.
Where it sits
125 Dillon Drive sits on the south side of Dillon Drive in unincorporated Spartanburg County, ZIP 29307, on the east side of Spartanburg, in the medical corridor anchored by the Mary Black Campus at 1700 Skylyn Drive. The Skylyn Drive / Cannons Campground Road corridor (SC route S-31) adjacent to the property carried 13,600 vehicles/day, and Drayton Road (S-44) toward E Main Street 20,700/day (SCDOT, 2021 counts).
- Adjacent: Spartanburg Medical Center – Mary Black Campus (231 beds; ED, surgery, inpatient rehab, geriatric psychiatry).
- Across the street: 130 Dillon Dr — medical building with orthopedic and family-practice tenants.
- On campus: Hugh R. Black Pavilion (1650 Skylyn Dr), ~109,500 SF Class A medical offices.
- Nearby development: Drayton Townhomes (~90–110 units, city development agreement approved May 2025; construction status unconfirmed), Drayton Mills Lofts & Marketplace, Hillcrest retail reinvestment.
What to verify before you offer
Five questions a tour and a document request can answer
- The completion budget. Perimeter suites have new flooring and paint; the core is opened up and ready for build-out to your own layout. Bring a contractor to the tour and price the scope. It is the number that shapes every scenario.
- Lease-up pace. Space is also available nearby on the corridor, which is part of why the entry price sits where it does. Model conservative absorption; the low basis is what buys the patience.
- The exact square footage. Marketing says ±10,000 SF and a public record shows 10,896 SF. The county property card settles it; request it in diligence.
- Tax-credit documentation. South Carolina's abandoned-buildings credit can return 25% of rehab spend where the vacancy history qualifies (≥66% closed for ≥5 years). Ask for the documentation early; we price it at zero in our models, so anything confirmed is upside.
- The campus context. Spartanburg Regional's announced 2023–2026 capital projects sit elsewhere in the county; underwrite the hospital adjacency as the stable, established amenity it is today.
Most of these resolve with a tour and a few documents. The listing broker arranges both.
Property gallery: today, and tomorrow
Each image pairs the building as it stands today (left) with a concept visualization of the finished space (right); drag the divider to compare. Imagery is based on the current listing's photographs, used with the owner's authorization and digitally enhanced; the visions are illustrations of what a build-out could deliver, with scope and cost set by your contractor's walk-through. Tenant branding shown is a fictional placeholder; for condition details, rely on the fact ledger and a tour.
Run the numbers yourself
The Property Scenario Underwriter models owner-user occupancy cost, multi-tenant stabilization, and buy-vs-lease. Every formula is visible and every assumption editable; none of it is a forecast.
Listing contact
The property is exclusively listed by Tom McMeekin, Brokerage Associate at Pintail (cell 864.921.7924, email tom@pintailcre.com). This website is an independent research resource and is not the listing brokerage; all transaction inquiries go to the broker. You can also view the current Crexi listing.
- Spartanburg County Open Data — CAMA parcel record 7-09-00-001.30 (owner, acreage, year built, values, jurisdiction) [T1 government · 2026 extract]
- U.S. Census Bureau, Vintage 2025 county population estimates (Spartanburg County) [T1 government · 2020–2025]
- U.S. Bureau of Labor Statistics, Education & Health Services employment, Spartanburg MSA (series SMU45439006500000001) [T1 government · 2015–Jul 2026]
- SCDOT statewide traffic points (AADT stations 491, 360) [T1 government · 2021 counts]
- Spartanburg County 2024 Community Health Needs Assessment (provider ratios) [T2 institution · 2024]
- Spartanburg Regional Healthcare System — Mary Black Campus [T2 institution]
- Lee & Associates, Greenville/Spartanburg Office Market Report [T3 CRE research · Q1–Q2 2026]
- Crexi listing 2356244 (price, terms, marketing claims — listing-supplied) [T4 listing · as of 2026-08-23]
Last reviewed 2026-08-23 · Sources & methodology · Machine-readable facts (JSON)