Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Spartanburg Duplex: Investor Opportunity Title is generated by Realmo AI

    309 Powell Mill Road, Spartanburg, SC 29301

    View on Map
    Claim this Listing
    For Sale
    $255,000

    MULTI_FAMILY - Spartanburg, SC

    Property size:
    1,824 SF
    Price / SF:
    $139/SF
    Added:
    Apr 6, 2026
    Days on Market:
    58
    Last Refresh:
    Jun 2 at 2:06 am

    Property Features for 309 Powell Mill Road

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bedroom 2, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3
    Parking features
    Off Street
    Standard status
    Active
    APN
    6-18-13-001.04
    Size
    1,824 SF

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    Electric
    Water source
    Public

    Building Details

    Year built
    1960
    Floors in Building
    1
    Number of units
    2

    We can help!

    Listing Contact
    Grant McDowell

    Listing agent Grant McDowell

    Listing office EXP Realty LLC Greenville, SC

    Listing date Apr 6, 2026

    MLS# 1586182 Listing URL

    Copyright © 2026 Greater Greenville Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Tenant occupied with leases until 2027, providing immediate and stable income.
    • New roof (2020) and HVAC units (2021) minimize near‑term maintenance costs.
    • Prime Spartanburg location offers convenient access to shopping, dining, and Highway 29.
    • Each unit features 2 bedrooms and 1 full bathroom, totaling approximately 912 square feet, suitable for renters.
    • Durable vinyl flooring throughout both units ensures easy maintenance and tenant appeal.
    • Turnkey duplex presents an ideal opportunity for both new and experienced real estate investors.

    Overview

    This well-maintained duplex is located just off Highway 29 in Spartanburg, South Carolina, providing convenient access to shopping, dining, and other everyday conveniences. Each unit features 2 bedrooms and 1 full bathroom, with approximately 912 square feet per side. The units offer comfortable and functional living space. Durable vinyl flooring is installed throughout, making maintenance easy. A new roof was installed in 2020, and HVAC units were replaced in 2021. This property offers strong income potential in a high-demand rental area. Both units are tenant occupied with leases until 2027. This multi-family property is an investment opportunity for expanding a rental portfolio.

    Local Financial Insights For Multifamily LT 5

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $24.5k $13.44
    − Vacancy −$1.2k −$0.67
    EGI $23.3k $12.77
    − OpEx −$7.0k −$3.83
    NOI $16.3k $8.94
    1,824 SF · lease $13.44/SF/yr · vacancy 5.00% · expense 30.00%

    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 local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.979226
    Latitude
    34.94437

    Nearby Similar for Sale

    • $319,900
      3,445 SF

      Versatile Commercial Building, Spartanburg, SC

      Adaptable commercial building suitable for office, retail, or automotive uses.
      250 Cedar Springs Avenue, Spartanburg, SC 29302
      View Details
    • $749,000
      2,900 SF

      Versatile Commercial Property in Spartanburg

      Commercial property suitable for office, retail, church, or service users.
      449 W Centennial Street, Spartanburg, SC 29303
      View Details
    • $1,125,000
      6,551 SF

      Spartanburg Child Care and Church

      Large child care facility and church in active Eastside area.
      95 Ashley Street, Spartanburg, SC 29307-5102
      View Details
    • $316,500
      2,125 SF

      East Main Street Commercial Opportunity

      High-visibility commercial space in a high-traffic area.
      516 E Main Street, Spartanburg, SC 29302
      View Details
    • $425,000
      3,000 SF

      New Duplex in Spartanburg, SC

      Brand new duplex in desirable westside area, great investment opportunity.
      250/254 Brewton Road, Spartanburg, SC 29301
      View Details
    • $425,000
      3,000 SF

      New Duplex in Spartanburg, SC

      New duplex with modern features on a spacious 1.12-acre lot.
      242/246 Brewton Road, Spartanburg, SC 29301
      View Details
    • $294,000
      5,970 SF

      Spartanburg Multifamily Investment Opportunity

      Value-add investment: partially renovated building for up to 7 units.
      203 Caulder Circle, Spartanburg, SC 29306
      View Details
    • $319,900
      3,445 SF

      Versatile Commercial Building in Spartanburg

      Adaptable commercial building suitable for office, retail, or automotive use.
      250 Cedar Springs Avenue, Spartanburg, SC 29302
      View Details
    • $2,500,000
      24,000 SF

      Spartanburg Commercial Building For Sale

      24,000 sq ft commercial building on 2.18 acres.
      300 S Daniel Morgan Avenue, Spartanburg, SC 29306
      View Details
    • $260,000
      1,944 SF

      Spartanburg Duplex: Investor Opportunity

      Turnkey duplex in Spartanburg with strong income potential.
      2056 Pineview Drive, Spartanburg, SC 29307-3805
      View Details
    • $399,990
      2,168 SF

      New Construction Duplex in Spartanburg

      New construction duplex near W Main St with no HOA.
      142/144 Andover Road, Spartanburg, SC 29322
      View Details
    • $225,000
      1,336 SF

      Turnkey Duplex in Spartanburg Location

      Well-maintained duplex in Converse Heights with strong income potential.
      723 Connecticut Avenue, Spartanburg, SC 29302
      View Details

    FAQs

    What type of property is this?
    Duplex - Turnkey duplex in prime location with strong income potential.
    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: Tenant occupied with leases until 2027, providing immediate and stable income.; New roof (2020) and HVAC units (2021) minimize near‑term maintenance costs.; Prime Spartanburg location offers convenient access to shopping, dining, and Highway 29.
    (864) 590-9019
    We can help!
    Listing Contact
    Grant McDowell
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    309 Powell Mill Road, Spartanburg, SC 29301
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!