Updated Four-Unit
For Sale
$394,302
156 Garrett Street, Spartanburg, SC 29302
Four separately metered residences offer a two-bedroom, one-bath configuration in School District 7.
Property Size2,980 SF
Days on Market34
Property Features for 156 Garrett Street
General Information
Standard status
Active
Size
2,980 SF
Property subtype
Residential Income
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Additional Details
Gross Income
$21,000
Taxes and HOA fees
Annual Taxes
$9,977
Building Details
Building Size
2,980 SF
Year Built
1916
Stories
2
Units
4
Listing Agency:
Herlong Sotheby's International Realty
(843) 696-3458
Listed By:
Shanda Davey · License #114910
Source:
Kaydangerfield
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 30 at 5:38PM
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 Herlong Sotheby's International Realty
Investment Insights
Based on property information with market context.
This four-unit multifamily property contains four residences, each arranged with two bedrooms and one bathroom. Repairs have been completed, and the improvements include a newer roof and appliances replaced within the last 3 years. Each residence has its own utility meter, providing separate utility measurement for the units. The property is offered AS-IS.
Located just off East Main Street in Spartanburg, the property is near shopping and public transportation, with Converse College within walking distance. It is also situated within School District 7. Two units are currently occupied, while the remaining units have previously been rented. The property was built in 1916.
Located just off East Main Street in Spartanburg, the property is near shopping and public transportation, with Converse College within walking distance. It is also situated within School District 7. Two units are currently occupied, while the remaining units have previously been rented. The property was built in 1916.
Key Highlights
- Four 2‑bedroom, 1‑bath units
- Separate utility meters for each unit
- Appliances updated within the last 3 years
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
$26,634
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
6.75%
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%
$532,680
$532.7K
Cap Rate 7%
$380,486
$380.5K
Cap Rate 9%
$295,933
$295.9K
Market Conditions
NOI Build-Up for 2,980 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
$40.1K $13.44/SF
− Vacancy
−$2.0K −$0.67/SF
EGI
$38.0K $12.77/SF
− OpEx
−$11.4K −$3.83/SF
NOI
$26.6K $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%
$532,680
Cap Rate 7%
$380,486
Cap Rate 9%
$295,933
Alternative Uses
Best Use
Multifamily LT 5
$380.5K
$332.9K – $443.9K
NOI $26,634 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$350.5K
$306.7K – $408.9K
NOI $24,534 @ 7.0% cap · market cap 6.22%
Theoretical Best
Warehouse
$2.31M
$2.02M – $2.70M
NOI $161,941 @ 7.0% cap · market cap 41.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
757
Businesses Nearby
Explore this area
Business Placement
Demographics for 29302, SC
17,356
Population
8,169
Households
2.1
Avg Household Size
42
Median Age
41%
College-Educated
92%
High-School Grad
50.7 sq mi
ZIP Area
342
Density / Sq Mi
$77,428
Median Household Income
$44,476
Median Earnings
$1,031
Median Rent
$264,000
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?
Quadplex - Four separately metered residences offer a two-bedroom, one-bath configuration in School District 7.
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 $394,302.
What are key features of this property?
This property features: Four 2‑bedroom, 1‑bath units; Separate utility meters for each unit; Appliances updated within the last 3 years
