Remodeled Duplex with Covered
For Sale
$240,000
1998 Old Grove Road, Piedmont, SC 29673
Two leased units feature updated systems, equipped kitchens, and flexible floor plans for residential income use.
Property Size1,421 SF
Days on Market26
Property Features for 1998 Old Grove Road
General Information
Standard status
Active
Size
1,421 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,245
Amenities
covered front porch
Building Details
Building Size
1,421 SF
Year Built
1930
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Carolina Moves, LLC
(864) 918-3325
Listed By:
Laura Szabo
Source:
Kaydangerfield
Added: Aug 5
Changed: Aug 29
Last Checked: Aug 29 at 2:51PM
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 Carolina Moves, LLC
Investment Insights
Based on property information with market context.
This duplex, originally built in 1930, has undergone substantial remodeling and includes two leased units. Recent property improvements include a new roof, septic system, and water heaters. Each residence offers a flexible floor plan, while the kitchens are equipped for everyday use. A covered front porch provides additional sheltered exterior space.
The property is located at 1998 Old Grove Road in Piedmont, South Carolina, minutes from downtown Greenville. It is being offered in as-is condition, with both units currently occupied under lease.
The property is located at 1998 Old Grove Road in Piedmont, South Carolina, minutes from downtown Greenville. It is being offered in as-is condition, with both units currently occupied under lease.
Key Highlights
- Duplex with both units currently leased
- New roof, septic system, and water heaters
- Fully remodeled interior with flexible floor plans
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
$14,438
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
6.02%
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%
$288,760
$288.8K
Cap Rate 7%
$206,257
$206.3K
Cap Rate 9%
$160,422
$160.4K
Market Conditions
NOI Build-Up for 1,421 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
$21.8K $15.36/SF
− Vacancy
−$1.2K −$0.84/SF
EGI
$20.6K $14.52/SF
− OpEx
−$6.2K −$4.35/SF
NOI
$14.4K $10.16/SF
Area
Greenville County, SC
Vacancy
5.50%
Lease Rate
$15.36 /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%
$288,760
Cap Rate 7%
$206,257
Cap Rate 9%
$160,422
Alternative Uses
Best Use
Multifamily LT 5
$206.3K
$180.5K – $240.6K
NOI $14,438 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$184.6K
$161.5K – $215.3K
NOI $12,919 @ 7.0% cap · market cap 5.38%
Theoretical Best
Office A
$607.1K
$531.3K – $708.3K
NOI $42,500 @ 7.0% cap · market cap 17.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
83
Businesses Nearby
Explore this area
Business Placement
Demographics for 29673, SC
29,898
Population
12,585
Households
2.4
Avg Household Size
39
Median Age
25%
College-Educated
87%
High-School Grad
70.6 sq mi
ZIP Area
423
Density / Sq Mi
$69,630
Median Household Income
$42,742
Median Earnings
$1,024
Median Rent
$225,300
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?
Duplex - Two leased units feature updated systems, equipped kitchens, and flexible floor plans for residential income use.
Where is this duplex located?
The property is located at 1998 Old Grove Road Piedmont, SC.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: Duplex with both units currently leased; New roof, septic system, and water heaters; Fully remodeled interior with flexible floor plans
