Leased Duplex
For Sale
$250,000
Pending
124 Bonner Road, Spartanburg, SC 29303
Duplex with two leased units, each offering 2 bedrooms and 1.5 bathrooms.
Property Size1,702 SF
Days on Market132
Property Features for 124 Bonner Road
General Information
Standard status
Pending
Size
1,702 SF
Property subtype
Multi-Family / Duplex
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,542
Amenities
Electric
Forced Air
Architectural
2
Vinyl Siding
Building Details
Year Built
1980
Listing Agency:
Fathom Realty - Woodruff Rd.
Listed By:
Christina Kerwin · License #88394
(864) 419-5116
Source:
Compass
Added: Apr 30
Changed: Aug 8
Last Checked: Jul 24 at 2:48PM
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 Fathom Realty - Woodruff Rd.
Investment Insights
Based on property information with market context.
This duplex provides two well-maintained residential units, with each unit featuring 2 bedrooms and 1.5 bathrooms. Both units are currently leased through October 2026. The property has also been maintained over time, including a roof replacement completed about three years ago.
Located near the Eastside of Spartanburg, the property is within 10 minutes of USC Upstate and Wofford College.
Offered for sale, the configuration supports immediate occupancy with both units already under lease as of the listed information.
Located near the Eastside of Spartanburg, the property is within 10 minutes of USC Upstate and Wofford College.
Offered for sale, the configuration supports immediate occupancy with both units already under lease as of the listed information.
Key Highlights
- Duplex with 2 units, each unit offers 2 bedrooms and 1.5 bathrooms
- Both units are currently leased through October 2026
- Roof replaced about 3 years ago; vinyl siding exterior
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
$15,212
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
6.08%
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%
$304,240
$304.2K
Cap Rate 7%
$217,314
$217.3K
Cap Rate 9%
$169,022
$169.0K
Market Conditions
NOI Build-Up for 1,702 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
$22.9K $13.44/SF
− Vacancy
−$1.1K −$0.67/SF
EGI
$21.7K $12.77/SF
− OpEx
−$6.5K −$3.83/SF
NOI
$15.2K $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%
$304,240
Cap Rate 7%
$217,314
Cap Rate 9%
$169,022
Alternative Uses
Best Use
Multifamily LT 5
$217.3K
$190.2K – $253.5K
NOI $15,212 @ 7.0% cap · market cap 6.08%
Second Best
Apartment 5plus
$200.2K
$175.2K – $233.5K
NOI $14,012 @ 7.0% cap · market cap 5.60%
Theoretical Best
Warehouse
$1.32M
$1.16M – $1.54M
NOI $92,491 @ 7.0% cap · market cap 37.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
Explore this area
Business Placement
Demographics for 29303, SC
26,793
Population
10,891
Households
2.5
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
32.4 sq mi
ZIP Area
827
Density / Sq Mi
$45,713
Median Household Income
$24,506
Median Earnings
$968
Median Rent
$143,600
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 - Duplex with two leased units, each offering 2 bedrooms and 1.5 bathrooms.
Where is this duplex located?
The property is located at 124 Bonner Road Spartanburg, SC.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Duplex with 2 units, each unit offers 2 bedrooms and 1.5 bathrooms; Both units are currently leased through October 2026; Roof replaced about 3 years ago; vinyl siding exterior
