Renovated 12-Unit Apartment
For Sale
Contact for pricing
122 Wendy Hill Way, Piedmont, SC 29673
Three-bedroom, two-bathroom residences feature updated interiors, in-unit laundry, and shared outdoor amenities.
Property Size14,244 SF
Lot Size1.00 Acre
Price / SF$164.98
Days on Market133
Property Features for 122 Wendy Hill Way
General Information
Standard status
Active
Size
14,244 SF
Lot size
1.00 Acre
Property subtype
Multifamily
Net Operating Income
$156,624
Units
Unit Mix
12 x 3BR/2BA
Multifamily Units
12
Amenities
dog park
grilling area
fire pit
covered seating
in-unit washer/dryer
Building Details
Year Built
1999
Year Renovated
2023
Units
12
Listing Agency:
Marcus & Millichap - Charleston
Listed By:
Carson Ford · License #139774
Source:
Crexi
Added: Apr 21
Changed: Aug 29
Last Checked: Aug 29 at 4:54PM
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 Marcus & Millichap - Charleston
Investment Insights
Based on property information with market context.
Windy Hill Apartments is a 12-unit multifamily property totaling 14,244 square feet on approximately 1.00 acre in Piedmont, South Carolina. Constructed in 1999, the community consists exclusively of three-bedroom, two-bathroom residences. Interior work completed in 2023 added new cabinetry, granite counters, tile backsplashes, stainless steel appliances, updated lighting, and in-unit washers and dryers.
Property-wide improvements completed in 2023 also included a new roof, PEX plumbing, replacement windows and shutters, exterior brick painting, and parking lot work. Resident amenities include a dog park, grilling area, fire pit, and covered seating. The property is located at 122 Wendy Hill Way, Piedmont, SC 29673, within a suburban community positioned between Anderson and Greenville counties. Downtown Greenville and its manufacturing, healthcare, and professional-services employment base are described as accessible from the property.
Property-wide improvements completed in 2023 also included a new roof, PEX plumbing, replacement windows and shutters, exterior brick painting, and parking lot work. Resident amenities include a dog park, grilling area, fire pit, and covered seating. The property is located at 122 Wendy Hill Way, Piedmont, SC 29673, within a suburban community positioned between Anderson and Greenville counties. Downtown Greenville and its manufacturing, healthcare, and professional-services employment base are described as accessible from the property.
Key Highlights
- 12‑unit apartment community totaling 14,244 SF
- Approximately 1.00 acre in Piedmont, South Carolina
- All residences are three‑bedroom, two‑bathroom units
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
$129,499
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
5.51%
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%
$2,589,980
$2.6M
Cap Rate 7%
$1,849,986
$1.8M
Cap Rate 9%
$1,438,878
$1.4M
Market Conditions
NOI Build-Up for 14,244 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
$247.8K $17.40/SF
− Vacancy
−$12.4K −$0.87/SF
EGI
$235.5K $16.53/SF
− OpEx
−$106.0K −$7.44/SF
NOI
$129.5K $9.09/SF
Area
Greenville County, SC
Vacancy
5.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$2,589,980
Cap Rate 7%
$1,849,986
Cap Rate 9%
$1,438,878
Alternative Uses
Best Use
Apartment 5plus
$1.85M
$1.62M – $2.16M
NOI $129,499 @ 7.0% cap · market cap 5.51%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.09M
$5.33M – $7.10M
NOI $426,014 @ 7.0% cap · market cap 18.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
178
Businesses Nearby
Explore this area
Business Placement
Demographics for 29673, SC
29,898
Population
12,585
Households
2.4
Avg Household Size
39
Median Age
25%
College-Educated
87%
High-School Grad
70.6 sq mi
ZIP Area
423
Density / Sq Mi
$69,630
Median Household Income
$42,742
Median Earnings
$1,024
Median Rent
$225,300
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?
Apartment building - Three-bedroom, two-bathroom residences feature updated interiors, in-unit laundry, and shared outdoor amenities.
Where is this apartment building located?
The property is located at 122 Wendy Hill Way Piedmont, SC.
What is the asking price?
The asking price for this property is $2,350,000.
What are key features of this property?
This property features: 12‑unit apartment community totaling 14,244 SF; Approximately 1.00 acre in Piedmont, South Carolina; All residences are three‑bedroom, two‑bathroom units
