Comparables · asking ≠ closed ≠ appraised
Medical-office comparables near the Mary Black corridor
Most "comps" pages blur three different kinds of numbers. We keep them separate: what sellers ask, what buyers actually paid, and what the county appraises — because conflating them is how bad underwriting starts.
Table 1 — Active asking prices (seller opinions, not evidence of value)
| Property | Ask | SF | $/SF | Condition/occupancy |
|---|---|---|---|---|
| 130 Dillon Dr (Lee & Associates listing) | $1,810,000 | 7,200 | ~$251 | partially leased medical (ortho + family practice); 4,015 SF also for lease at $20/SF |
| 125 Dillon Dr (subject) | $775,000 | ±10,000 | ~$77.50 | vacant; mid-renovation (core at studs) |
Table 2 — Closed sales (the only market evidence)
| Property | Closed | Last ask | Closed price | Notes |
|---|---|---|---|---|
| 1770 Skylyn Dr — vacant ~9,594 SF former medical office, two blocks from subject | Dec 19, 2025 (deed DEE-2025-57825, buyer TARVI LLC) | $825,000 (~$86/SF) | undisclosed | closest analog to the subject: similar size, similar vintage (1982), vacant at sale. Deed transfer stamps at the Register of Deeds would reveal the price — flagged as a diligence step. |
We found no other disclosed 2025–2026 closed office/medical sales in this corridor. One closed comp is thin evidence — we say so rather than manufacture confidence.
Table 3 — County appraisals (context only; appraisal ≠ market value)
| Property | County appraised (land + building) | County classification |
|---|---|---|
| 125 Dillon Dr | $804,900 | MED OFFICE, grade A, condition FAIR (1985) |
| 130 Dillon Dr | $472,500 | MED OFFICE, grade C, FAIR (1983) |
| 200 Dillon Cir | $750,000 | MED OFFICE building, grade C (1987) |
| 1770 Skylyn Dr | $760,000 | GEN OFFICE, grade C+, AVERAGE (1982) |
Two things stand out. First, the subject is asking below its own county appraisal. Second, 130 Dillon asks nearly 4× its county appraisal — a reminder that neither appraisals nor asks are value; tenancy is.
What the spread means
What could make this analysis wrong
- One closed comp with an undisclosed price anchors the "vacant analog" tier — if 1770 Skylyn closed far below ask, the subject's ask is less supported than it looks.
- Asking-price anchoring: 130 Dillon may never trade near $251/SF.
- The subject's SF discrepancy (10,000 vs 10,896) moves its $/SF by ~8%.
- County appraisals lag renovations and market shifts by design.
Continue: the investment thesis puts these numbers in context; the underwriter lets you test what renovation budget the spread actually supports; the subject's verified record is at /property/.
- Spartanburg County CAMA parcel records (appraisals, sale dates, deeds, classifications for all four parcels) [T1 · 2026 extract, retrieved 2026-08-23]
- Upstate Business Journal Dealmakers (1770 Skylyn Dr transaction reporting) [T3 · Q1 2026]
- LoopNet/Crexi listing surfaces (130 Dillon and subject asking prices; category averages) [T4 · as of 2026-08-23]
- Lee & Associates Greenville/Spartanburg Office Report (regional average sale $/SF) [T3 · Q2 2026]
Last reviewed 2026-08-23.