Two-Unit Duplex Near
For Sale
$199,000
211 California Ave, Spartanburg, SC 29303
Duplex with rental income and owner-occupant flexibility near hospitals, colleges, shopping, dining, and major roadways.
Property Size1,500 SF
Price / SF$132.67
Days on Market29
Property Features for 211 California Ave
General Information
Standard status
Active
Size
1,500 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$21,600
Multifamily Units
2
Listing Agency:
NorthGroup Real Estate
(864) 376-2955
Listed By:
Allen Williams, Allen Williams · License #103166
Source:
Greenvilleheartproperties
Added: Aug 3
Changed: Aug 29
Last Checked: Aug 31 at 6:55PM
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 NorthGroup Real Estate
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.
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 = 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
$13,406
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
6.74%
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%
$268,120
$268.1K
Cap Rate 7%
$191,514
$191.5K
Cap Rate 9%
$148,956
$149.0K
Market Conditions
NOI Build-Up for 1,500 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
$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 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%
$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
NOI $13,406 @ 7.0% cap · market cap 6.74%
Second Best
Apartment 5plus
$176.4K
$154.4K – $205.8K
NOI $12,349 @ 7.0% cap · market cap 6.21%
Theoretical Best
Warehouse
$1.16M
$1.02M – $1.36M
NOI $81,514 @ 7.0% cap · market cap 40.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
