Classic Two-Unit
For Sale
$229,000
107 S Spain, Darlington, SC 29532
Multi-Family, Darlington, SC
Property Size2,500 SF
Price / SF$91.60
Days on Market47
Property Features for 107 S Spain
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1, Bedroom 4
Parking
2
Parking features
Off Street, Carport
Subdivision
CITY
Elementary school
CAIN
Middle school
DARLINGTON
High school
DARLINGTON
Standard status
Active
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Building Details
Year built
1931
Number of units
2
Flooring type
Vinyl, Carpet, Wood
Building materials
Aluminum/Vinyl Sid.
Roof type
Metal
Listing Agency:
Drayton Realty Group
(843) 407-5232
Listed By:
Kenneth Godbold
(843) 468-1309
Added: Jul 31
Changed: Sep 12
Last Checked: Sep 15 at 5:06AM
MLS# 2603140
Copyright © 2026 Pee Dee Realtor Association. 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.
Built in 1931, this duplex contains two residential units, each arranged with two bedrooms and one full bathroom. The property provides approximately 2,500 square feet of combined living area, with wood, vinyl, and carpet flooring, central heating, and central air. A metal roof and public water and sewer serve the building.
The left-side unit includes a detached carport and separate storage building. Off-street parking adds practical convenience, while the property’s location within walking distance of historic downtown Darlington provides access to the surrounding downtown area.
The left-side unit includes a detached carport and separate storage building. Off-street parking adds practical convenience, while the property’s location within walking distance of historic downtown Darlington provides access to the surrounding downtown area.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom per unit
- Approximately 2,500 square feet of combined living area
- Built in 1931 with a metal roof and mixed wood, vinyl, and carpet flooring
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
$14,137
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
6.17%
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%
$282,740
$282.7K
Cap Rate 7%
$201,957
$202.0K
Cap Rate 9%
$157,078
$157.1K
Market Conditions
NOI Build-Up for 2,500 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
$21.6K $8.64/SF
− Vacancy
−$1.4K −$0.56/SF
EGI
$20.2K $8.08/SF
− OpEx
−$6.1K −$2.42/SF
NOI
$14.1K $5.65/SF
Area
Darlington County, SC
Vacancy
6.50%
Lease Rate
$8.64 /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%
$282,740
Cap Rate 7%
$201,957
Cap Rate 9%
$157,078
Alternative Uses
Best Use
Multifamily LT 5
$202.0K
$176.7K – $235.6K
NOI $14,137 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$177.3K
$155.1K – $206.8K
NOI $12,408 @ 7.0% cap · market cap 5.42%
Theoretical Best
Specialty Retail
$4.62M
$4.05M – $5.39M
NOI $323,663 @ 7.0% cap · market cap 141.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
Explore this area
Business Placement
Demographics for 29532, SC
19,572
Population
9,641
Households
2
Avg Household Size
42
Median Age
15%
College-Educated
85%
High-School Grad
114.8 sq mi
ZIP Area
170
Density / Sq Mi
$41,810
Median Household Income
$27,378
Median Earnings
$885
Median Rent
$120,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Income-producing residential property with two separate units, central HVAC, and off-street parking.
Where is this duplex located?
The property is located at 107 S Spain Darlington, SC.
What is the asking price?
The asking price for this property is $229,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom per unit; Approximately 2,500 square feet of combined living area; Built in 1931 with a metal roof and mixed wood, vinyl, and carpet flooring
