Listing Agency: NorthGroup Real Estate

Listed By: Allen Williams, Allen Williams · License #103166 Show Phone

Source: Greenvilleheartproperties

Added: Aug 3 Changed: Oct 8 Last Checked: Oct 15 at 1:46AM

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Investment Insights

Based on property information with market context.

This two-unit duplex offers a residential income configuration with an established rental component. The property may also suit an owner-occupant seeking to live in one unit while leasing the other. Property size is reported at 1,500.

The home is positioned near Downtown Spartanburg, local hospitals, the new baseball stadium, colleges, shopping, dining, and major roadways. Greenville is also accessible from the property, adding regional connectivity to the Spartanburg setting.

Key Highlights

• Two‑unit duplex with an established rental component
• 1,500 reported property size
• Owner‑occupant configuration with one unit available for personal residence and the other for leasing

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$13,406

Cap Rate

6.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$268,120 $268.1K

Cap Rate 7%

$191,514 $191.5K

Cap Rate 9%

$148,956 $149.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,500 SF

Gross rent

$20.2K $13.44/SF

− Vacancy

−$1.0K −$0.67/SF

EGI

$19.2K $12.77/SF

− OpEx

−$5.7K −$3.83/SF

NOI

$13.4K $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 Rate 5%

$268,120

Cap Rate 7%

$191,514

Cap Rate 9%

$148,956

Alternative Uses

Best Use

Multifamily LT 5

$191.5K

$167.6K – $223.4K (±1% cap)

NOI $13,406 @ 7.0% cap · market cap 6.74%

Second Best

Apartment 5plus

$176.4K

$154.4K – $205.8K (±1% cap)

NOI $12,349 @ 7.0% cap · market cap 6.21%

Theoretical Best

Warehouse

$1.16M

$1.02M – $1.36M (±1% cap)

NOI $81,514 @ 7.0% cap · market cap 40.96%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Gym & Fitness Center Garden Center (Bike/Boat/Book/etc) Store Law Firm Locksmith Parking Lot & Garage

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

595

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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Duplex with rental income and owner-occupant flexibility near hospitals, colleges, shopping, dining, and major roadways.

Where is this duplex located?

The property is located at 211 California Ave Spartanburg, SC.

What is the asking price?

The asking price for this property is $199,000.

What are key features of this property?

This property features: Two‑unit duplex with an established rental component; 1,500 reported property size; Owner‑occupant configuration with one unit available for personal residence and the other for leasing