Boiling Springs Duplex Investment
For Sale
$220,000
13 Wedgefield Dr, Boiling Springs, SC 29316
1,992 SF Multifamily Property
Property Size1,992 SF
Lot Size0.05 Acres
Price / SF$110.44
Days on Market584
Property Features for 13 Wedgefield Dr
General Information
Standard status
Active
Property type
Multifamily properties, Residential income homes, Other residential income properties, Residential income properties, Investment properties
Size
1,992 SF
Class
C
Elevators
N/A
Lot size
0.05 Acres
Building Details
Year Built
1973
Buildings
2
Stories
1
Units
2
Listing Agency:
(864) 680-7654
Listed By:
Carl
(864) 680-7654
Added: Jan 22, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
This 1,992 square foot multifamily property is located in Boiling Springs, South Carolina. Situated on a quiet street with no through traffic, the property features two units, each containing two bedrooms and one bathroom. Unit A has a monthly rent of $675 with a lease expiring November 30, 2024, while Unit B generates $803.50 per month, with a lease expiring June 30, 2025. The property is located on a 0.0457 acre lot and is conveniently located within minutes of Highway 9 and near Sherman College. The Spartanburg County Tax Map Number is 2-50-12-078.00.
Key Highlights
- Spartanburg County TMS#: 2‑50‑12‑078.00
- 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
$17,804
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
8.09%
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%
$356,080
$356.1K
Cap Rate 7%
$254,343
$254.3K
Cap Rate 9%
$197,822
$197.8K
Market Conditions
NOI Build-Up for 1,992 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
$26.8K $13.44/SF
− Vacancy
−$1.3K −$0.67/SF
EGI
$25.4K $12.77/SF
− OpEx
−$7.6K −$3.83/SF
NOI
$17.8K $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%
$356,080
Cap Rate 7%
$254,343
Cap Rate 9%
$197,822
Alternative Uses
Best Use
Multifamily LT 5
$254.3K
$222.6K – $296.7K
NOI $17,804 @ 7.0% cap · market cap 8.09%
Second Best
Apartment 5plus
$234.3K
$205.0K – $273.3K
NOI $16,400 @ 7.0% cap · market cap 7.45%
Theoretical Best
Warehouse
$1.55M
$1.35M – $1.80M
NOI $108,250 @ 7.0% cap · market cap 49.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - 1,992 SF Multifamily Property
Where is this multifamily property located?
The property is located at 13 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#: 2‑50‑12‑078.00; Both units 2 Bed / 1 Bath; Contact Broker for financials
