Four-Unit
New
For Sale
$374,302
156 Garrett Street, Spartanburg, SC 29302
Apartments have separate utility meters, updated appliances, and a newer roof.
Property Size2,980 SF
Price / SF$125.60
Days on Market2
Property Features for 156 Garrett Street
General Information
Standard status
Active
Size
2,980 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Individually Metered Utilities
unspecified utilities
Additional Details
Public Transit
Yes
Tenant in Place
Yes
Taxes and HOA fees
Annual Taxes
$9,977
Amenities
Yes
4
No
8
Square Feet
Public
7405.2
0.17
Off Street,On Street
Crawl Space
2980
Building Details
Year Built
1916
Stories
2
Listing Agency:
RE/MAX A-Team
(864) 622-1234
Listed By:
Keith Donna
(603) 229-9962
Source:
Cdanjoyner
Added: Oct 23
Last Checked: Oct 23 at 5:32PM
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 RE/MAX A-Team
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Investment Insights
Based on property information with market context.
This 2,980-square-foot quadplex, built in 1916, contains four apartments, each with two bedrooms and one bathroom. Three units are occupied. The property has a newer roof, and its appliances were updated within the last three years. Each apartment is separately metered for utilities. The sale is offered as-is.
The property sits just off East Main Street in School District 7, near shopping and public transportation. Converse College is within walking distance.
The property sits just off East Main Street in School District 7, near shopping and public transportation. Converse College is within walking distance.
Key Highlights
- Four apartments, each with 2 bedrooms and 1 bathroom
- 2,980 square feet; built in 1916
- Three of the four units are occupied
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,634
Cap Rate
7.12%
Suggested Prices Based on Cap Rates
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
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 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 7.12%
Second Best
Apartment 5plus
$350.5K
$306.7K – $408.9K
NOI $24,534 @ 7.0% cap · market cap 6.55%
Theoretical Best
Warehouse
$2.31M
$2.02M – $2.70M
NOI $161,941 @ 7.0% cap · market cap 43.26%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Apartments have separate utility meters, updated appliances, and a newer roof.
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 $374,302.
What are key features of this property?
This property features: Four apartments, each with 2 bedrooms and 1 bathroom; 2,980 square feet; built in 1916; Three of the four units are occupied
