3-Unit Residential
2623 W Willow Drive, Florence, SC 29501
For Sale
$379,900
The parcel includes a refurbished three-bedroom home, a two-bedroom residence, and a studio apartment.
Property Size2,200 SF
Price / SF$172.68
Days on Market139
Property Features for 2623 W Willow Drive
General Information
Standard status
Size
Property subtype
Units
Unit Mix
Multifamily Units
Additional Details
Tenant in Place
Building Details
Building Size
Year Built
Stories
Units
Listing Agency:
Greystone Properties, LLC
(843) 625-6893
Listed By:
Reeves Cannon · License #133705
Source:
Browncokerrealty
Added: Jun 24
Changed: Nov 7
Last Checked: Nov 8 at 6:29PM
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 Greystone Properties, LLC
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Investment Insights
Based on property information with market context.
Three separate residences occupy one parcel: a refurbished main home with three bedrooms and two bathrooms, a second home with two bedrooms and one bathroom, and a studio apartment. The property was built in 1965.
At 2623 W Willow Drive in Florence, the property is minutes from schools, shopping, dining, and a Walmart Neighborhood Market.
At 2623 W Willow Drive in Florence, the property is minutes from schools, shopping, dining, and a Walmart Neighborhood Market.
Key Highlights
- Three separate residences on one parcel
- Refurbished main home with 3 bedrooms and 2 bathrooms
- Second residence has 2 bedrooms and 1 bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$11,379
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$227,580
$227.6K
Cap Rate 7%
$162,557
$162.6K
Cap Rate 9%
$126,433
$126.4K
Market Conditions
NOI Build-Up for 2,200 SF
Gross rent
$22.4K $10.20/SF
− Vacancy
−$1.8K −$0.80/SF
EGI
$20.7K $9.40/SF
− OpEx
−$9.3K −$4.23/SF
NOI
$11.4K $5.17/SF
Area
Florence County, SC
Vacancy
7.80%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$227,580
Cap Rate 7%
$162,557
Cap Rate 9%
$126,433
Alternative Uses
Best Use
Apartment 5plus
$162.6K
$142.2K – $189.7K
NOI $11,379 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$324.3K
$283.8K – $378.4K
NOI $22,704 @ 7.0% cap · market cap 5.98%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
531
Businesses Nearby
Explore this area
Business Placement
Demographics for 29501, SC
46,528
Population
20,713
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
93%
High-School Grad
52.4 sq mi
ZIP Area
888
Density / Sq Mi
$70,618
Median Household Income
$46,246
Median Earnings
$995
Median Rent
$220,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Multifamily property - The parcel includes a refurbished three-bedroom home, a two-bedroom residence, and a studio apartment.
Where is this multifamily property located?
The property is located at 2623 W Willow Drive Florence, SC.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Three separate residences on one parcel; Refurbished main home with 3 bedrooms and 2 bathrooms; Second residence has 2 bedrooms and 1 bathroom
