Renovated Duplex with Private
For Sale
$144,900
204 E Fremont Avenue, Spartanburg, SC 29303
MULTIFAMILY, Spartanburg, SC
Property Size1,245 SF
Lot Size0.25 Acres
Price / SF$116.39
Days on Market170
Property Features for 204 E Fremont Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1
Parking features
Off Street
Subdivision
Spartan Heights
Elementary school
7-Cleveland
Middle school
7-Carver Jr
High school
7-Spartanburg
Elementary school district
7 Sptbg Co
Middle school district
7 Sptbg Co
High school district
7 Sptbg Co
Directions
From 85 take Asheville Hwy towards downtown Spartanburg. TR on Fremont. Duplex on right
Standard status
Active
Size
1,245 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
986
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1945
Floors in Building
1
Number of units
2
Listing Agency:
Summey & McKillop Realty, LLC
(864) 909-6975
Listed By:
Brandon McKillop · License #67162
(864) 590-4921
Added: Mar 21
Changed: Aug 30
Last Checked: Sep 6 at 3:06AM
MLS# 334928
Copyright © 2026 Spartanburg Association of REALTORS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 204 E Fremont Avenue in Spartanburg, this 1,245-square-foot duplex contains two separate units, each with its own entrance, kitchen, and bathroom. The property includes off-street parking and was built in 1945. Unit A received renovations in 2024, including new vinyl windows and two mini-split systems for heating and cooling. Unit B has been occupied by the same tenant for 15+ years.
Public water and public sewer serve the property. The duplex is situated in downtown Spartanburg beside Chapel Park, with shopping, dining, schools, and major highways identified nearby. Its two-unit configuration supports both rental use and owner-occupancy, while the separate entrances provide functional division between the residences.
Public water and public sewer serve the property. The duplex is situated in downtown Spartanburg beside Chapel Park, with shopping, dining, schools, and major highways identified nearby. Its two-unit configuration supports both rental use and owner-occupancy, while the separate entrances provide functional division between the residences.
Key Highlights
- Two‑unit duplex with 1,245 square feet on 0.25 acres
- Unit A renovated in 2024 with new vinyl windows
- Unit A includes 2 mini‑split systems for heating and cooling
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,127
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.68%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$222,540
$222.5K
Cap Rate 7%
$158,957
$159.0K
Cap Rate 9%
$123,633
$123.6K
Market Conditions
NOI Build-Up for 1,245 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$16.7K $13.44/SF
− Vacancy
−$837 −$0.67/SF
EGI
$15.9K $12.77/SF
− OpEx
−$4.8K −$3.83/SF
NOI
$11.1K $8.94/SF
Area
Spartanburg County, SC
Vacancy
5.00%
Lease Rate
$13.44 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$222,540
Cap Rate 7%
$158,957
Cap Rate 9%
$123,633
Alternative Uses
Best Use
Multifamily LT 5
$159.0K
$139.1K – $185.5K
NOI $11,127 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$146.4K
$128.1K – $170.8K
NOI $10,250 @ 7.0% cap · market cap 7.07%
Theoretical Best
Warehouse
$966.5K
$845.7K – $1.13M
NOI $67,656 @ 7.0% cap · market cap 46.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 29303, SC
26,793
Population
10,891
Households
2.5
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
32.4 sq mi
ZIP Area
827
Density / Sq Mi
$45,713
Median Household Income
$24,506
Median Earnings
$968
Median Rent
$143,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separate units include kitchens, bathrooms, and off-street parking.
Where is this duplex located?
The property is located at 204 E Fremont Avenue Spartanburg, SC.
What is the asking price?
The asking price for this property is $144,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,245 square feet on 0.25 acres; Unit A renovated in 2024 with new vinyl windows; Unit A includes 2 mini‑split systems for heating and cooling
