Four-Unit Quadplex with Private
For Sale
$375,000
181 N Fairview Avenue, Spartanburg, SC 29302
Fully leased configuration includes a three-bedroom home and three separate one-bedroom apartments.
Property Size3,630 SF
Days on Market18
Property Features for 181 N Fairview Avenue
General Information
Standard status
Active
Size
3,630 SF
Property subtype
Triplex
Amenities
Acres: 0.3, Area: 13068, Dimensions: 207 x 63, Square Feet: 13068
Roof: Composition
Sewer: Public Sewer
Tax Annual Amount: $8,456
Cooling Included, Cooling: Electric, Heat Pump
Heating Included, Heating: Baseboard, Electric, Natural Gas, Heat Pump
Contract Status Change Date: 2026-08-14, Listing Terms: None, Standard Status: Active
Open Parking, Parking Features: Paved
Elementary School: Drayton Mills, Middle Or Junior School: McCraken, High School: Spartanburg
6 total bedrooms
Building Area Total: 3630, Built in 1927, Construction Materials: Wood Siding, Levels: 2+Basement, Stories: 2
City: Spartanburg, County Or Parish: Spartanburg, MLS Area Major: 033, Postal Code: 29302, State Or Province: SC, Subdivision Name: None
Number Of Units Total: 4, Parcel Number: 71208036.00, Property Condition: 50+, Property Sub Type: Triplex
5 full bathrooms, 1 half bathroom, 6 total bathrooms
Water Source: Public
Foundation Details: Crawl Space/Slab, Basement, Sump Pump
Patio And Porch Features: Unit 1: Porch-Front, Unit 3: Deck
Appliances: Gas Water Heater, Water Heater
Building Details
Building Size
3,630 SF
Year Built
1927
Listing Agency:
Prime Realty, LLC
(864) 704-0886
Listed By:
W. Ashley Lewis
(864) 704-0886
Source:
Blackstreaminternational
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 30 at 6:22PM
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 Prime Realty, LLC
Investment Insights
Based on property information with market context.
This 1927 quadplex contains four separately entered units. The primary residence offers nearly 2,000 SF with a front porch, distinct living and dining rooms, a large kitchen, three bedrooms, and two-and-a-half bathrooms. Three additional residences sit behind the main home: two one-bedroom, one-bathroom apartments and a loft-style one-bedroom, one-bathroom unit. All four units are currently leased. Parking is provided at both the front and rear, with additional spaces serving the rear residences.
The property is located at 181 N Fairview Avenue in Spartanburg, across from Converse University. Downtown Spartanburg, Wofford College, shopping, dining, and major employers are described as minutes away, providing a setting near educational, employment, and everyday retail destinations.
The property is located at 181 N Fairview Avenue in Spartanburg, across from Converse University. Downtown Spartanburg, Wofford College, shopping, dining, and major employers are described as minutes away, providing a setting near educational, employment, and everyday retail destinations.
Key Highlights
- Four‑unit quadplex with all units currently leased
- Main residence offers nearly 2,000 SF, three bedrooms, and two‑and‑a‑half bathrooms
- Unit mix includes two one‑bedroom apartments and one loft‑style one‑bedroom unit
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
$32,443
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
8.65%
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%
$648,860
$648.9K
Cap Rate 7%
$463,471
$463.5K
Cap Rate 9%
$360,478
$360.5K
Market Conditions
NOI Build-Up for 3,630 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
$48.8K $13.44/SF
− Vacancy
−$2.4K −$0.67/SF
EGI
$46.3K $12.77/SF
− OpEx
−$13.9K −$3.83/SF
NOI
$32.4K $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%
$648,860
Cap Rate 7%
$463,471
Cap Rate 9%
$360,478
Alternative Uses
Best Use
Multifamily LT 5
$463.5K
$405.5K – $540.7K
NOI $32,443 @ 7.0% cap · market cap 8.65%
Second Best
Apartment 5plus
$426.9K
$373.6K – $498.1K
NOI $29,885 @ 7.0% cap · market cap 7.97%
Theoretical Best
Warehouse
$2.82M
$2.47M – $3.29M
NOI $197,263 @ 7.0% cap · market cap 52.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,017
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 - Fully leased configuration includes a three-bedroom home and three separate one-bedroom apartments.
Where is this quadplex located?
The property is located at 181 N Fairview Avenue Spartanburg, SC.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Four‑unit quadplex with all units currently leased; Main residence offers nearly 2,000 SF, three bedrooms, and two‑and‑a‑half bathrooms; Unit mix includes two one‑bedroom apartments and one loft‑style one‑bedroom unit
