Renovated
New
For Sale
$144,900
204 E Fremont Ave, Spartanburg, SC 29303
Two separately entered residences include individual kitchens and bathrooms, with mini-split heating and cooling in one unit.
Property Size1,245 SF
Price / SF$116.39
Days on Market3
Property Features for 204 E Fremont Ave
General Information
Standard status
Active
Size
1,245 SF
Property subtype
Multi-Family
Building Details
Year Built
1945
Listing Agency:
Summey & McKillop Realty, LLC
Listed By:
Brandon McKillop · License #67162
(864) 585-4582
Source:
Greenvilleheartproperties
Added: Sep 28
Last Checked: Sep 29 at 3:04PM
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 Summey & McKillop Realty, LLC
Investment Insights
Based on property information with market context.
This 1,245-square-foot duplex at 204 E Fremont Ave contains two independent units, each with a private entrance, kitchen, and bathroom. Built in 1945, the property includes one residence updated in 2024 with vinyl windows and two mini-split systems for heating and cooling. The other unit has retained the same tenant for more than 15 years.
The property is in downtown Spartanburg, beside Chapel Park and surrounded by new development. Shopping, dining, schools, and major highways are nearby.
The property is in downtown Spartanburg, beside Chapel Park and surrounded by new development. Shopping, dining, schools, and major highways are nearby.
Key Highlights
- Two separate units, each with a private entrance, kitchen, and bathroom
- 1,245 square feet; built in 1945
- One unit updated in 2024 with vinyl windows and two mini‑split systems
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
$11,127
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
7.68%
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%
$222,540
$222.5K
Cap Rate 7%
$158,957
$159.0K
Cap Rate 9%
$123,633
$123.6K
Market Conditions
NOI Build-Up for 1,245 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
$16.7K $13.44/SF
− Vacancy
−$837 −$0.67/SF
EGI
$15.9K $12.77/SF
− OpEx
−$4.8K −$3.83/SF
NOI
$11.1K $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%
$222,540
Cap Rate 7%
$158,957
Cap Rate 9%
$123,633
Alternative Uses
Best Use
Multifamily LT 5
$159.0K
$139.1K – $185.5K
NOI $11,127 @ 7.0% cap · market cap 7.68%
Second Best
Apartment 5plus
$146.4K
$128.1K – $170.8K
NOI $10,250 @ 7.0% cap · market cap 7.07%
Theoretical Best
Warehouse
$966.5K
$845.7K – $1.13M
NOI $67,656 @ 7.0% cap · market cap 46.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,381
Businesses Nearby
Explore this area
Business Placement
Demographics for 29303, SC
26,793
Population
10,891
Households
2.5
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
32.4 sq mi
ZIP Area
827
Density / Sq Mi
$45,713
Median Household Income
$24,506
Median Earnings
$968
Median Rent
$143,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two separately entered residences include individual kitchens and bathrooms, with mini-split heating and cooling in one unit.
Where is this duplex located?
The property is located at 204 E Fremont Ave Spartanburg, SC.
What is the asking price?
The asking price for this property is $144,900.
What are key features of this property?
This property features: Two separate units, each with a private entrance, kitchen, and bathroom; 1,245 square feet; built in 1945; One unit updated in 2024 with vinyl windows and two mini‑split systems
