Duplex with Off-Street
For Sale
$255,000
309 Powell Mill Road, Spartanburg, SC 29301
MULTI_FAMILY - Spartanburg, SC
Property Size1,824 SF
Price / SF$139.80
Days on Market44
Property Features for 309 Powell Mill Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 3
Parking features
Off Street
Elementary school
Jesse S. Bobo
Middle school
Fairforest
High school
Dorman
Subdivision
015
Standard status
Active
APN
6-18-13-001.04
Utilities
Heating system
Electric (Heating)
Cooling system
Electric
Water source
Public
Building Details
Year built
1960
Floors in Building
1
Number of units
2
Listing Agency:
EXP Realty LLC
(888) 440-2798
Listed By:
Grant McDowell
(864) 590-9019
Added: Jul 11
Changed: Aug 3
Last Checked: Aug 23 at 3:06AM
MLS# 1586182
Copyright © 2026 Greater Greenville Association of Realtors. 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.
This well-maintained duplex at 309 Powell Mill Road provides two separate units, each with two bedrooms and one full bathroom. Each side offers approximately 912 square feet of functional living space and includes durable vinyl flooring throughout.
Updates include a new roof installed in 2020 and HVAC units replaced in 2021. The property is served by public water and is heated and cooled with electric systems. Off-street parking is available.
Both units are tenant occupied with leases in place until 2027, offering immediate rental presence for an owner or investor seeking a stabilized duplex. Built in 1960, the property is laid out for straightforward day-to-day management.
Updates include a new roof installed in 2020 and HVAC units replaced in 2021. The property is served by public water and is heated and cooled with electric systems. Off-street parking is available.
Both units are tenant occupied with leases in place until 2027, offering immediate rental presence for an owner or investor seeking a stabilized duplex. Built in 1960, the property is laid out for straightforward day-to-day management.
Key Highlights
- Two units, each with two bedrooms and one full bathroom
- Approximately 912 SF per side
- New roof installed in 2020
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
$16,302
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
6.39%
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%
$326,040
$326.0K
Cap Rate 7%
$232,886
$232.9K
Cap Rate 9%
$181,133
$181.1K
Market Conditions
NOI Build-Up for 1,824 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
$24.5K $13.44/SF
− Vacancy
−$1.2K −$0.67/SF
EGI
$23.3K $12.77/SF
− OpEx
−$7.0K −$3.83/SF
NOI
$16.3K $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%
$326,040
Cap Rate 7%
$232,886
Cap Rate 9%
$181,133
Alternative Uses
Best Use
Multifamily LT 5
$232.9K
$203.8K – $271.7K
NOI $16,302 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$214.5K
$187.7K – $250.3K
NOI $15,017 @ 7.0% cap · market cap 5.89%
Theoretical Best
Warehouse
$1.42M
$1.24M – $1.65M
NOI $99,121 @ 7.0% cap · market cap 38.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
263
Businesses Nearby
Explore this area
Business Placement
Demographics for 29301, SC
34,531
Population
16,020
Households
2.2
Avg Household Size
37
Median Age
27%
College-Educated
87%
High-School Grad
27.5 sq mi
ZIP Area
1,256
Density / Sq Mi
$56,606
Median Household Income
$37,761
Median Earnings
$1,126
Median Rent
$200,800
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 - Well-maintained duplex with off-street parking, two-bedroom/one-bath units, and public water in Spartanburg
Where is this duplex located?
The property is located at 309 Powell Mill Road Spartanburg, SC.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Two units, each with two bedrooms and one full bathroom; Approximately 912 SF per side; New roof installed in 2020
