New Construction Duplex with Modern
For Sale
$389,000
119-121 South 1224, Woodruff, SC 29388
Two-unit residential property with open-concept interiors, private primary suites, individual laundry hookups, and separate utility meters.
Property Size2,662 SF
Price / SF$146.13
Days on Market191
Property Features for 119-121 South 1224
General Information
Standard status
Active
Size
2,662 SF
Property subtype
Multi-Family / Duplex
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Parking per Unit
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$212
Amenities
laundry hookups
Electric
Central Forced, Electric
Architectural
2
Public
Hardboard Siding
Building Details
Year Built
2025
Listing Agency:
Keller Williams Greenville Central
(864) 400-4200
Listed By:
Santiago Hernandez · License #47176
Source:
Compass
Added: Feb 20
Changed: Aug 29
Last Checked: Aug 29 at 10:47PM
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 Keller Williams Greenville Central
Investment Insights
Based on property information with market context.
Built in 2025, this duplex contains 2,662 square feet across two residences. Each unit offers three bedrooms, two-and-a-half bathrooms, open-concept living areas, and a modern kitchen equipped with granite countertops, soft-close cabinetry, and stainless steel appliances. Luxury vinyl plank flooring extends throughout both levels, while private primary suites include en-suite bathrooms. Each residence also has a dedicated laundry area with hookups, separate utility metering, and parking for at least two vehicles.
The property is located just off Main Street in Woodruff, near Woodruff High School and several local restaurants and coffee shops. I-26 is nearby, providing regional commuting access. The address is 119-121 South 1224, Woodruff, SC 29388.
The property is located just off Main Street in Woodruff, near Woodruff High School and several local restaurants and coffee shops. I-26 is nearby, providing regional commuting access. The address is 119-121 South 1224, Woodruff, SC 29388.
Key Highlights
- Newly built duplex completed in 2025
- 2,662 square feet with two residential units
- Each unit includes 3 bedrooms and 2.5 bathrooms
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
$23,792
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
6.12%
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%
$475,840
$475.8K
Cap Rate 7%
$339,886
$339.9K
Cap Rate 9%
$264,356
$264.4K
Market Conditions
NOI Build-Up for 2,662 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
$35.8K $13.44/SF
− Vacancy
−$1.8K −$0.67/SF
EGI
$34.0K $12.77/SF
− OpEx
−$10.2K −$3.83/SF
NOI
$23.8K $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%
$475,840
Cap Rate 7%
$339,886
Cap Rate 9%
$264,356
Alternative Uses
Best Use
Multifamily LT 5
$339.9K
$297.4K – $396.5K
NOI $23,792 @ 7.0% cap · market cap 6.12%
Second Best
Apartment 5plus
$313.1K
$274.0K – $365.3K
NOI $21,916 @ 7.0% cap · market cap 5.63%
Theoretical Best
Warehouse
$2.07M
$1.81M – $2.41M
NOI $144,660 @ 7.0% cap · market cap 37.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
320
Businesses Nearby
Explore this area
Business Placement
Demographics for 29388, SC
16,017
Population
7,466
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
97.2 sq mi
ZIP Area
165
Density / Sq Mi
$77,197
Median Household Income
$44,428
Median Earnings
$848
Median Rent
$216,700
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?
Duplex - Two-unit residential property with open-concept interiors, private primary suites, individual laundry hookups, and separate utility meters.
Where is this duplex located?
The property is located at 119-121 South 1224 Woodruff, SC.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Newly built duplex completed in 2025; 2,662 square feet with two residential units; Each unit includes 3 bedrooms and 2.5 bathrooms
