Quadplex with Four 2-Bed
156 Garrett Street Spartanburg, SC 29302
156 Garrett Street, Spartanburg, SC, 29302
$395,000
For Sale
$395,000
Quadplex offering four separately metered 2-bedroom, 1-bath units, with three currently occupied.
Property Size2,980 SF
Price / SF$132.55
Days on Market202
Property Features for 156 Garrett Street
General Information
- Standard status
- Active
- Size
- 2,980 SF
- Property subtype
- Multi-Family / Quad
Building Details
- Year Built
- 1916
Listing agency
Encore Realty
(864) 326-5047
Listed by
Shanda Davey
Source
Compass
Added: Dec 31, 2025 Updated: Jul 20 at 5:05PM Checked: Jul 21 at 6:28AM
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 Encore Realty
Investment Insights
Based on property information with market context.
This quadplex features four 2-bedroom, 1-bath units. Three units are currently occupied, with Unit 3 vacant, and the property has been marketed with separate utility metering for each unit. A newer roof is in place, and all appliances have been updated within the last three years. The property is offered for sale “As Is.”
Lease coverage is provided in the current information: Unit 1 is leased through 06/30/2026, Unit 2 through 10/31/2025, Unit 3 is vacant, and Unit 4 is leased through 07/31/2026. The reported combined monthly rental income for occupied units is $2,650/month, with stated total potential income of $3,550/month.
The property is located just off East Main Street in School District 7, and is described as being near shopping and public transportation, with walking distance to Converse College.
Lease coverage is provided in the current information: Unit 1 is leased through 06/30/2026, Unit 2 through 10/31/2025, Unit 3 is vacant, and Unit 4 is leased through 07/31/2026. The reported combined monthly rental income for occupied units is $2,650/month, with stated total potential income of $3,550/month.
The property is located just off East Main Street in School District 7, and is described as being near shopping and public transportation, with walking distance to Converse College.
Key Highlights
- Quadplex with four separately metered 2‑bedroom, 1‑bath units; three units currently occupied
- Combined current rental income is $2,650/month; total potential income is $3,550/month based on the fourth unit’s prior rent
- Lease expirations: Unit 1 through 06/30/2026, Unit 2 through 10/31/2025, Unit 3 vacant, Unit 4 through 07/31/2026
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $40.1k | $13.44 |
| − Vacancy | −$2.0k | −$0.67 |
| EGI | $38.0k | $12.77 |
| − OpEx | −$11.4k | −$3.83 |
| NOI | $26.6k | $8.94 |
2,980 SF · lease $13.44/SF/yr · vacancy 5.00% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$380.5K
$332.9K – $443.9K
NOI $26,634 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$350.5K
$306.7K – $408.9K
NOI $24,534 @ 7.0% cap · market cap 6.21%
Theoretical Best
Warehouse
$2.31M
$2.02M – $2.70M
NOI $161,941 @ 7.0% cap · market cap 41.00%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Quadplex - Quadplex offering four separately metered 2-bedroom, 1-bath units, with three currently occupied.
Where is this quadplex located?
The property is located at 156 Garrett Street Spartanburg, SC.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Quadplex with four separately metered 2‑bedroom, 1‑bath units; three units currently occupied; Combined current rental income is $2,650/month; total potential income is $3,550/month based on the fourth unit’s prior rent; Lease expirations: Unit 1 through 06/30/2026, Unit 2 through 10/31/2025, Unit 3 vacant, Unit 4 through 07/31/2026
