Multifamily
New
For Sale
$1,250,000
1906 Old Spartanburg Road, Hendersonville, NC 28792
The property includes heat-pump heating, storage space, and an electric range, refrigerator, and electric water heater.
Property Size8,574 SF
Price / SF$145.79
Days on Market2
Property Features for 1906 Old Spartanburg Road
General Information
Standard status
Active
Size
8,574 SF
Property subtype
Residential Income
Building Details
Building Size
8,574 SF
Year Built
1985
Stories
2
Units
8
Listing Agency:
NAI Beverly-Hanks
Listed By:
Mark Morris · License #TN338916
(423) 298-3517
Source:
Geoffcampbell
Added: Oct 23
Last Checked: Oct 23 at 2:15PM
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 NAI Beverly-Hanks
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Investment Insights
Based on property information with market context.
Located at 1906 Old Spartanburg Road in Hendersonville, this multifamily property was built in 1985. Interior features include heat-pump heating and storage space, with crawl-space access from the exterior. The property also has an electric range, electric water heater, and refrigerator. Zoning is R1.
Key Highlights
- Multifamily property built in 1985
- R1 zoning
- Heat‑pump heating
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$68,141
Cap Rate
5.45%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,362,820
$1.4M
Cap Rate 7%
$973,443
$973.4K
Cap Rate 9%
$757,122
$757.1K
Market Conditions
NOI Build-Up for 8,574 SF
Gross rent
$146.1K $17.04/SF
− Vacancy
−$22.2K −$2.59/SF
EGI
$123.9K $14.45/SF
− OpEx
−$55.8K −$6.50/SF
NOI
$68.1K $7.95/SF
Area
Henderson County, NC
Vacancy
15.20%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,362,820
Cap Rate 7%
$973,443
Cap Rate 9%
$757,122
Alternative Uses
Best Use
Apartment 5plus
$973.4K
$851.8K – $1.14M
NOI $68,141 @ 7.0% cap · market cap 5.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.86M
$2.50M – $3.33M
NOI $200,014 @ 7.0% cap · market cap 16.00%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
295
Businesses Nearby
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Business Placement
Demographics for 28792, NC
35,962
Population
18,121
Households
2
Avg Household Size
44
Median Age
26%
College-Educated
87%
High-School Grad
102.9 sq mi
ZIP Area
349
Density / Sq Mi
$55,066
Median Household Income
$32,312
Median Earnings
$1,131
Median Rent
$249,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - The property includes heat-pump heating, storage space, and an electric range, refrigerator, and electric water heater.
Where is this multifamily property located?
The property is located at 1906 Old Spartanburg Road Hendersonville, NC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Multifamily property built in 1985; R1 zoning; Heat‑pump heating
