Quadplex with Private
New
For Sale
$375,000
181 N Fairview Avenue, Spartanburg, SC 29302
MULTI_FAMILY - Spartanburg, SC
Property Size3,691 SF
Lot Size0.30 Acres
Price / SF$101.60
Days on Market1
Property Features for 181 N Fairview Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 5, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 1
Parking features
Driveway
Elementary school
11-Draytonville Elem
Middle school
7-McCraken J
High school
7-Spartanburg
Elementary school district
7 Sptbg Co
Middle school district
7 Sptbg Co
High school district
7 Sptbg Co
Directions
From Downtown Spartanburg, take East Main Street toward Converse University, then turn left onto North Fairview Avenue. The property is located on the right, directly across from Converse University.
Subdivision
Spartanburg
Standard status
Active
Size
3,691 SF
Lot size
0.30 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
8456
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating), Baseboard
Cooling system
Heat Pump
Water source
Public
Building Details
Year built
1927
Floors in Building
2
Number of units
4
Roof type
Composition
Listing Agency:
Prime Realty, LLC
(864) 334-8690
Listed By:
William Lewis
(864) 334-8690
Added: Aug 14
Last Checked: Aug 14 at 9:06PM
MLS# 340644
Copyright © 2026 Spartanburg Association of REALTORS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1927-built quadplex contains four separately accessed residences and 3,691 square feet on a 0.3-acre parcel. The primary residence measures nearly 2,000 square feet and includes three bedrooms, two-and-a-half bathrooms, distinct living and dining rooms, a sizable kitchen, and a front porch. Three additional units sit behind it: two one-bedroom, one-bath apartments and a loft-style one-bedroom, one-bath unit. Heat pump systems provide heating and cooling, with baseboard heating also present. Public water and public sewer serve the property, which has a composition roof.
All four residences are leased. Driveway parking is provided at both the front and rear, with the rear area serving the three back units. The property is located across from Converse University and near downtown Spartanburg, Wofford College, shopping, dining, and major employers. The address is 181 N Fairview Avenue, Spartanburg, SC 29302.
All four residences are leased. Driveway parking is provided at both the front and rear, with the rear area serving the three back units. The property is located across from Converse University and near downtown Spartanburg, Wofford College, shopping, dining, and major employers. The address is 181 N Fairview Avenue, Spartanburg, SC 29302.
Key Highlights
- Four‑unit property with all residences currently leased
- 3,691 square feet on a 0.3‑acre lot
- Front residence is nearly 2,000 SF with 3 bedrooms and 2.5 bathrooms
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
$32,989
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
8.80%
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%
$659,780
$659.8K
Cap Rate 7%
$471,271
$471.3K
Cap Rate 9%
$366,544
$366.5K
Market Conditions
NOI Build-Up for 3,691 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
$49.6K $13.44/SF
− Vacancy
−$2.5K −$0.67/SF
EGI
$47.1K $12.77/SF
− OpEx
−$14.1K −$3.83/SF
NOI
$33.0K $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%
$659,780
Cap Rate 7%
$471,271
Cap Rate 9%
$366,544
Alternative Uses
Best Use
Multifamily LT 5
$471.3K
$412.4K – $549.8K
NOI $32,989 @ 7.0% cap · market cap 8.80%
Second Best
Apartment 5plus
$434.1K
$379.8K – $506.5K
NOI $30,387 @ 7.0% cap · market cap 8.10%
Theoretical Best
Warehouse
$2.87M
$2.51M – $3.34M
NOI $200,578 @ 7.0% cap · market cap 53.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
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 front and rear parking for residents.
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 property with all residences currently leased; 3,691 square feet on a 0.3‑acre lot; Front residence is nearly 2,000 SF with 3 bedrooms and 2.5 bathrooms
