Income-Generating
For Sale
$460,000
Pending
104 Rickert Avenue, Landrum, SC 29356
Quadruplex with four separate units featuring private entrances, dedicated parking, and private decks.
Property Size3,300 SF
Days on Market214
Property Features for 104 Rickert Avenue
General Information
Standard status
Pending
Size
3,300 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$8,186
Amenities
Central Air, Heat Pump
3
Hardwood, Ceramic Tile, Vinyl, Laminate, Carpet, Wood
Convection Oven, Electric Oven, Refrigerator
Handicapped Access, Washer Hook Ups
Alarm -Smoke/Fire
Insulated Window, Storm Window, Storm Door
Deck, Porch
Parking. Attached Parking. Deck. Lot with Trees.
Assigned Parking Space.
Wood, Vinyl, Brick Trim/Veneer
Steep Slope, Sloped
1
Handicapped Access. Steep Slope, Sloped, Wooded.
Building Details
Year Built
1965
Stories
1
Tenancy
Multi
Listing Agency:
Leslie Horne and Associates
(864) 707-2315
Listed By:
Joey Praytor · License #109966
(864) 431-2613
Source:
Xome
Added: Feb 3
Changed: Sep 1
Last Checked: Sep 5 at 5:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Leslie Horne and Associates
Investment Insights
Based on property information with market context.
This income-producing quadplex consists of four separate residential units, providing four distinct living setups on one property. Across the full building, there are 7 bedrooms and 4 bathrooms. Each unit includes its own private entrance, dedicated parking, and a private deck.
The layout supports day-to-day convenience with functional interior floor plans that include living areas and kitchens, along with well-sized bedrooms. The property is configured to offer residents a degree of privacy and personal outdoor space while keeping each unit independently accessible.
With multiple units under one roof, the building is designed for residential income generation through separate, independently accessed living spaces.
The layout supports day-to-day convenience with functional interior floor plans that include living areas and kitchens, along with well-sized bedrooms. The property is configured to offer residents a degree of privacy and personal outdoor space while keeping each unit independently accessible.
With multiple units under one roof, the building is designed for residential income generation through separate, independently accessed living spaces.
Key Highlights
- Quadruplex with 4 separate units offering a total of 7 bedrooms and 4 bathrooms
- Each unit has a private entrance plus assigned/dedicated parking space
- Units include private outdoor space with decks/porch
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
$29,494
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
6.41%
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%
$589,880
$589.9K
Cap Rate 7%
$421,343
$421.3K
Cap Rate 9%
$327,711
$327.7K
Market Conditions
NOI Build-Up for 3,300 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
$44.4K $13.44/SF
− Vacancy
−$2.2K −$0.67/SF
EGI
$42.1K $12.77/SF
− OpEx
−$12.6K −$3.83/SF
NOI
$29.5K $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%
$589,880
Cap Rate 7%
$421,343
Cap Rate 9%
$327,711
Alternative Uses
Best Use
Multifamily LT 5
$421.3K
$368.7K – $491.6K
NOI $29,494 @ 7.0% cap · market cap 6.41%
Second Best
Apartment 5plus
$388.1K
$339.6K – $452.8K
NOI $27,168 @ 7.0% cap · market cap 5.91%
Theoretical Best
Warehouse
$2.56M
$2.24M – $2.99M
NOI $179,330 @ 7.0% cap · market cap 38.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
155
Businesses Nearby
Explore this area
Business Placement
Demographics for 29356, SC
8,893
Population
4,434
Households
2
Avg Household Size
51
Median Age
35%
College-Educated
90%
High-School Grad
82.1 sq mi
ZIP Area
108
Density / Sq Mi
$60,911
Median Household Income
$43,119
Median Earnings
$632
Median Rent
$273,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Quadruplex with four separate units featuring private entrances, dedicated parking, and private decks.
Where is this quadplex located?
The property is located at 104 Rickert Avenue Landrum, SC.
What is the asking price?
The asking price for this property is $460,000.
What are key features of this property?
This property features: Quadruplex with 4 separate units offering a total of 7 bedrooms and 4 bathrooms; Each unit has a private entrance plus assigned/dedicated parking space; Units include private outdoor space with decks/porch
