New Construction Duplex with Modern
For Sale
$394,999
Pending
259-261 Vanderbilt Road, Spartanburg, SC 29301
Two-level duplex with open living areas, private primary suites, separate utility meters, and convenient access to nearby shopping and dining.
Property Size2,662 SF
Days on Market125
Property Features for 259-261 Vanderbilt Road
General Information
Standard status
Pending
Size
2,662 SF
Property subtype
Multi-Family / Duplex
Site & Location
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
2 x 3BR/2.5BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$1,035
Amenities
Electric
Central Forced, Electric
Electric, Forced Air
Architectural
2
Private
Hardboard Siding
Building Details
Year Built
2026
Buildings
1
Listing Agency:
Keller Williams Greenville Central
(864) 400-4200
Listed By:
Santiago Hernandez · License #47176
Source:
Compass
Added: Apr 30
Changed: Aug 31
Last Checked: Aug 30 at 8:46AM
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 Keller Williams Greenville Central
Investment Insights
Based on property information with market context.
Completed in 2026, this 2,662-square-foot duplex includes two residences, each with 3 bedrooms and 2.5 bathrooms. Both units feature two-level layouts, open-concept living areas, modern kitchens with granite countertops, soft-close cabinets, and stainless steel appliances. Luxury vinyl plank flooring extends throughout each residence, while private primary bathrooms and laundry hookups add practical functionality. Separate utility meters serve the units, and parking accommodates at least two vehicles per residence.
The property at 259-261 Vanderbilt Road is positioned just off Main Street and Hwy 29 in Spartanburg. Hwy 29 provides access to restaurants, grocery stores, major retailers, and Westgate Mall. The Trailside at Three Creeks runs directly behind the property. A second newly constructed duplex next door is also available for purchase together with this property.
The property at 259-261 Vanderbilt Road is positioned just off Main Street and Hwy 29 in Spartanburg. Hwy 29 provides access to restaurants, grocery stores, major retailers, and Westgate Mall. The Trailside at Three Creeks runs directly behind the property. A second newly constructed duplex next door is also available for purchase together with this property.
Key Highlights
- 2026 construction with 2,662 SF across two duplex units
- Each unit offers 3 bedrooms, 2.5 bathrooms, and a two‑level layout
- Granite countertops, soft‑close cabinetry, stainless steel appliances, and luxury vinyl plank flooring
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
$23,792
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%
$475,840
$475.8K
Cap Rate 7%
$339,886
$339.9K
Cap Rate 9%
$264,356
$264.4K
Market Conditions
NOI Build-Up for 2,662 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
$35.8K $13.44/SF
− Vacancy
−$1.8K −$0.67/SF
EGI
$34.0K $12.77/SF
− OpEx
−$10.2K −$3.83/SF
NOI
$23.8K $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%
$475,840
Cap Rate 7%
$339,886
Cap Rate 9%
$264,356
Alternative Uses
Best Use
Multifamily LT 5
$339.9K
$297.4K – $396.5K
NOI $23,792 @ 7.0% cap · market cap 6.02%
Second Best
Apartment 5plus
$313.1K
$274.0K – $365.3K
NOI $21,916 @ 7.0% cap · market cap 5.55%
Theoretical Best
Warehouse
$2.07M
$1.81M – $2.41M
NOI $144,660 @ 7.0% cap · market cap 36.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
145
Businesses Nearby
Explore this area
Business Placement
Demographics for 29301, SC
34,531
Population
16,020
Households
2.2
Avg Household Size
37
Median Age
27%
College-Educated
87%
High-School Grad
27.5 sq mi
ZIP Area
1,256
Density / Sq Mi
$56,606
Median Household Income
$37,761
Median Earnings
$1,126
Median Rent
$200,800
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-level duplex with open living areas, private primary suites, separate utility meters, and convenient access to nearby shopping and dining.
Where is this duplex located?
The property is located at 259-261 Vanderbilt Road Spartanburg, SC.
What is the asking price?
The asking price for this property is $394,999.
What are key features of this property?
This property features: 2026 construction with 2,662 SF across two duplex units; Each unit offers 3 bedrooms, 2.5 bathrooms, and a two‑level layout; Granite countertops, soft‑close cabinetry, stainless steel appliances, and luxury vinyl plank flooring
