Updated Two-Unit
For Sale
$255,000
309 Powell Mill Road, Spartanburg, SC 29301
Each residence offers two bedrooms, one full bath, and vinyl flooring for straightforward upkeep.
Property Size1,824 SF
Price / SF$139.80
Days on Market184
Property Features for 309 Powell Mill Road
General Information
Standard status
Active
Size
1,824 SF
Property subtype
Multi-Family / Duplex
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,354
Amenities
Electric
Architectural
1
Public
Vinyl Siding
Building Details
Year Built
1960
Listing Agency:
EXP Realty LLC
(864) 590-9019
Listed By:
Grant McDowell · License #107576
Source:
Compass
Added: Feb 28
Changed: Aug 31
Last Checked: Aug 30 at 11:44PM
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 EXP Realty LLC
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each with two bedrooms, one full bathroom, and approximately 912 square feet of living area. Vinyl flooring runs throughout both sides, while vinyl siding finishes the exterior. The property was built in 1960 and has received key mechanical and roofing updates, including a roof replacement in 2020 and HVAC replacements in 2021.
Located at 309 Powell Mill Road in Spartanburg, the property sits just off Highway 29 with access to shopping, dining, and everyday services. Each unit is served by electric utilities, and the overall property size is 1824 square feet.
Located at 309 Powell Mill Road in Spartanburg, the property sits just off Highway 29 with access to shopping, dining, and everyday services. Each unit is served by electric utilities, and the overall property size is 1824 square feet.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom per side
- Approximately 912 square feet in each unit
- 1824 square feet total property size
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
$16,302
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
6.39%
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%
$326,040
$326.0K
Cap Rate 7%
$232,886
$232.9K
Cap Rate 9%
$181,133
$181.1K
Market Conditions
NOI Build-Up for 1,824 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
$24.5K $13.44/SF
− Vacancy
−$1.2K −$0.67/SF
EGI
$23.3K $12.77/SF
− OpEx
−$7.0K −$3.83/SF
NOI
$16.3K $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%
$326,040
Cap Rate 7%
$232,886
Cap Rate 9%
$181,133
Alternative Uses
Best Use
Multifamily LT 5
$232.9K
$203.8K – $271.7K
NOI $16,302 @ 7.0% cap · market cap 6.39%
Second Best
Apartment 5plus
$214.5K
$187.7K – $250.3K
NOI $15,017 @ 7.0% cap · market cap 5.89%
Theoretical Best
Warehouse
$1.42M
$1.24M – $1.65M
NOI $99,121 @ 7.0% cap · market cap 38.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
263
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 - Each residence offers two bedrooms, one full bath, and vinyl flooring for straightforward upkeep.
Where is this duplex located?
The property is located at 309 Powell Mill Road Spartanburg, SC.
What is the asking price?
The asking price for this property is $255,000.
What are key features of this property?
This property features: Two‑unit duplex with 2 bedrooms and 1 full bathroom per side; Approximately 912 square feet in each unit; 1824 square feet total property size
