Boiling Springs Multifamily Investment
For Sale
$220,000
14 Wedgefield Dr, Boiling Springs, SC 29316
1,782 SF Multifamily Property For Sale
Property Size1,782 SF
Lot Size0.04 Acres
Price / SF$123.46
Days on Market617
Property Features for 14 Wedgefield Dr
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
1,782 SF
Class
C
Elevators
N/A
Lot size
0.04 Acres
Building Details
Year Built
1979
Buildings
2
Stories
1
Listed By:
Carl Hocker
(864) 680-7654
Added: Jan 21, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This multifamily property, located in Boiling Springs, South Carolina, presents an investment opportunity. The property consists of a 1,782 square foot duplex with two units, each featuring two bedrooms and one bathroom. Situated on a quiet street with minimal through traffic, the property offers convenient access to Highway 9 and is approximately one minute from Sherman College. Unit A currently commands a monthly rent of $700 with a lease expiring October 31, 2024, while Unit B rents for $819.25 per month, with a lease expiring June 30, 2025. The property sits on a 0.04-acre lot and is identified by Spartanburg County TMS#: 2-50-12-103.00. This property offers potential for strong rental income and is situated in a desirable location within the thriving Boiling Springs community. Further details regarding financials are available upon request. The opportunity to acquire neighboring duplexes also exists.
Key Highlights
- Spartanburg County TMS#: 2‑50‑12‑103.00
- Both Units 2 Bed / 1 Bath
- Contact Broker for financials
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
$15,927
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
7.24%
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%
$318,540
$318.5K
Cap Rate 7%
$227,529
$227.5K
Cap Rate 9%
$176,967
$177.0K
Market Conditions
NOI Build-Up for 1,782 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
$24.0K $13.44/SF
− Vacancy
−$1.2K −$0.67/SF
EGI
$22.8K $12.77/SF
− OpEx
−$6.8K −$3.83/SF
NOI
$15.9K $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%
$318,540
Cap Rate 7%
$227,529
Cap Rate 9%
$176,967
Alternative Uses
Best Use
Multifamily LT 5
$227.5K
$199.1K – $265.5K
NOI $15,927 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$209.6K
$183.4K – $244.5K
NOI $14,671 @ 7.0% cap · market cap 6.67%
Theoretical Best
Warehouse
$1.38M
$1.21M – $1.61M
NOI $96,838 @ 7.0% cap · market cap 44.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,873
Businesses Nearby
Explore this area
Business Placement
Demographics for 29316, SC
29,459
Population
12,202
Households
2.4
Avg Household Size
36
Median Age
26%
College-Educated
93%
High-School Grad
21.8 sq mi
ZIP Area
1,351
Density / Sq Mi
$75,808
Median Household Income
$44,015
Median Earnings
$1,133
Median Rent
$227,700
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?
Multifamily property - 1,782 SF Multifamily Property For Sale
Where is this multifamily property located?
The property is located at 14 Wedgefield Dr Boiling Springs, SC.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Spartanburg County TMS#: 2‑50‑12‑103.00; Both Units 2 Bed / 1 Bath; Contact Broker for financials
