Listing Agency: EXP Realty LLC

Listed By: Austin McDowell · License #107576 Show Phone

Source: Greenvilleheartproperties

Added: Mar 27 Changed: Oct 1 Last Checked: Oct 14 at 11:55PM

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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.

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 / Yr

$16,302

Cap Rate

6.39%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$326,040 $326.0K

Cap Rate 7%

$232,886 $232.9K

Cap Rate 9%

$181,133 $181.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,824 SF

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 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 (±1% cap)

NOI $16,302 @ 7.0% cap · market cap 6.39%

Second Best

Apartment 5plus

$214.5K

$187.7K – $250.3K (±1% cap)

NOI $15,017 @ 7.0% cap · market cap 5.89%

Theoretical Best

Warehouse

$1.42M

$1.24M – $1.65M (±1% cap)

NOI $99,121 @ 7.0% cap · market cap 38.87%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Building Supply HVAC Service Big Box & Wholesale Store Kitchen & Bath Showroom Auto Repair Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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 Rd 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