Triplex Property with Three
For Sale
$499,900
218 - 220 Spartanburg Street, Greenville, SC 29607
MULTIFAMILY, Greenville, SC
Property Size1,848 SF
Lot Size0.25 Acres
Price / SF$270.51
Days on Market96
Property Features for 218 - 220 Spartanburg Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
9
Rooms
Bedroom 1, Bedroom 4, Bedroom 5, Bedroom 9, Bedroom 3, Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 2
Subdivision
Greenfield
Elementary school
10-East North St
Middle school
10-Greenville Middle Academy
Elementary school district
10 (Greenville)
Middle school district
10 (Greenville)
High school district
10 (Greenville)
Directions
From Downtown Greenville, take E North St to Spartanburg St. Property at 220 Spartanburg St on the right.
Standard status
Active
Size
1,848 SF
Lot size
0.25 Acres
Utilities
Sewer type
Public Sewer
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Number of units
3
Roof type
Composition
Listing Agency:
Trelora Realty, INC
(803) 613-5083
Listed By:
Constance Bennett
(843) 231-5224
Added: Jun 8
Changed: Sep 8
Last Checked: Sep 11 at 7:06AM
MLS# 338060
Copyright © 2026 Spartanburg Association of REALTORS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 218–220 Spartanburg Street and 6 Mt Eustis Street, this residential property includes three single-family residences on one parcel, totaling 1,848 square feet on 0.25 acres. Two homes are tenant occupied, while the third is ready for move-in. The residences include two 3-bedroom, 1-bathroom homes and one 3-bedroom, 2-bathroom home.
Each residence is served by central air, public water, and public sewer. Composition roofing completes the existing improvements. The property is near downtown Greenville, with access to restaurants, shopping, parks, entertainment, and major highways.
Each residence is served by central air, public water, and public sewer. Composition roofing completes the existing improvements. The property is near downtown Greenville, with access to restaurants, shopping, parks, entertainment, and major highways.
Key Highlights
- Three single‑family residences on one 0.25‑acre parcel
- 1,848 square feet across the property
- Two homes are tenant occupied; one is ready for move‑in
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
$18,777
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
3.76%
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%
$375,540
$375.5K
Cap Rate 7%
$268,243
$268.2K
Cap Rate 9%
$208,633
$208.6K
Market Conditions
NOI Build-Up for 1,848 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
$28.4K $15.36/SF
− Vacancy
−$1.6K −$0.84/SF
EGI
$26.8K $14.52/SF
− OpEx
−$8.0K −$4.35/SF
NOI
$18.8K $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%
$375,540
Cap Rate 7%
$268,243
Cap Rate 9%
$208,633
Alternative Uses
Best Use
Multifamily LT 5
$268.2K
$234.7K – $313.0K
NOI $18,777 @ 7.0% cap · market cap 3.76%
Second Best
Apartment 5plus
$240.0K
$210.0K – $280.0K
NOI $16,801 @ 7.0% cap · market cap 3.36%
Theoretical Best
Office A
$789.6K
$690.9K – $921.2K
NOI $55,271 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
882
Businesses Nearby
Explore this area
Business Placement
Demographics for 29607, SC
44,216
Population
22,288
Households
2
Avg Household Size
35
Median Age
50%
College-Educated
94%
High-School Grad
29.0 sq mi
ZIP Area
1,525
Density / Sq Mi
$69,249
Median Household Income
$46,549
Median Earnings
$1,339
Median Rent
$315,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Three single-family residences share one parcel, with two occupied and one ready for move-in.
Where is this triplex located?
The property is located at 218 - 220 Spartanburg Street Greenville, SC.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Three single‑family residences on one 0.25‑acre parcel; 1,848 square feet across the property; Two homes are tenant occupied; one is ready for move‑in
