Fully Occupied
For Sale
$299,990
125 Morningside Drive #A&B, Seneca, SC 29678
Each residence includes two bedrooms and one full bath, with separate updates to the two units.
Property Size1,985 SF
Days on Market21
Property Features for 125 Morningside Drive #A&B
General Information
Standard status
Active
Size
1,985 SF
Property subtype
Duplex
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Amenities
CityLot, NotInSubdivision
PublicSewer
Parcel Number: 520-17-01-030
HeatPump
Listing ID: 20304588, Standard Status: Active, MLS Status: Active, Property Subtype: Duplex, On market as of 2026-08-11
Elementary School: Northside Elem, Middle School: Seneca Middle, High School: Seneca High
CrawlSpace
Built in 1985, Year Built Details: 31-50 Years, Levels: One, Construction Materials: WoodSiding
MLS Area (Major): 204-Oconee County,SC, County/Parish: Oconee
Crawlspace
Oven, Range, Refrigerator
Building Details
Building Size
1,985 SF
Year Built
1985
Listing Agency:
Carolina Home Real Estate Inc.
(864) 324-1193
Listed By:
Lisa Ancona · License #1495
(864) 324-1193
Source:
Blackstreaminternational
Added: Aug 11
Changed: Aug 29
Last Checked: Aug 30 at 4:50PM
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 Carolina Home Real Estate Inc.
Investment Insights
Based on property information with market context.
Built in 1985, this duplex at 125 Morningside Drive #A&B includes two residential units, each arranged with two bedrooms and one full bath. Both units are currently occupied, providing an established rental setup.
The property has received targeted improvements over time. The roof was replaced in 2015; Unit A has a newer water heater, while Unit B includes updated flooring and cabinetry. Located in Seneca, South Carolina, the duplex is positioned near shopping, dining, and schools.
The property has received targeted improvements over time. The roof was replaced in 2015; Unit A has a newer water heater, while Unit B includes updated flooring and cabinetry. Located in Seneca, South Carolina, the duplex is positioned near shopping, dining, and schools.
Key Highlights
- Two‑unit duplex with both residences currently occupied
- Each unit offers 2 bedrooms and 1 full bath
- Roof replacement completed in 2015
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
$18,120
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
6.04%
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%
$362,400
$362.4K
Cap Rate 7%
$258,857
$258.9K
Cap Rate 9%
$201,333
$201.3K
Market Conditions
NOI Build-Up for 1,985 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
$27.4K $13.80/SF
− Vacancy
−$1.5K −$0.76/SF
EGI
$25.9K $13.04/SF
− OpEx
−$7.8K −$3.91/SF
NOI
$18.1K $9.13/SF
Area
Oconee County, SC
Vacancy
5.50%
Lease Rate
$13.80 /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%
$362,400
Cap Rate 7%
$258,857
Cap Rate 9%
$201,333
Alternative Uses
Best Use
Multifamily LT 5
$258.9K
$226.5K – $302.0K
NOI $18,120 @ 7.0% cap · market cap 6.04%
Second Best
Apartment 5plus
$232.4K
$203.4K – $271.2K
NOI $16,270 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$498.3K
$436.0K – $581.3K
NOI $34,880 @ 7.0% cap · market cap 11.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
357
Businesses Nearby
Explore this area
Business Placement
Demographics for 29678, SC
23,700
Population
11,742
Households
2
Avg Household Size
40
Median Age
24%
College-Educated
85%
High-School Grad
79.8 sq mi
ZIP Area
297
Density / Sq Mi
$49,699
Median Household Income
$33,779
Median Earnings
$943
Median Rent
$205,600
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 - Each residence includes two bedrooms and one full bath, with separate updates to the two units.
Where is this duplex located?
The property is located at 125 Morningside Drive #A&B Seneca, SC.
What is the asking price?
The asking price for this property is $299,990.
What are key features of this property?
This property features: Two‑unit duplex with both residences currently occupied; Each unit offers 2 bedrooms and 1 full bath; Roof replacement completed in 2015
