Updated Duplex with Tenant
For Sale
$255,000
309 Powell Mill Road, Spartanburg, SC 29301
MULTIFAMILY, Spartanburg, SC
Property Size1,824 SF
Lot Size0.32 Acres
Price / SF$139.80
Days on Market158
Property Features for 309 Powell Mill Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 6, Bedroom 3
Parking features
On Street
Elementary school
6-Jesse Bobo
Middle school
6-Fair Forest
High school
6-Dorman High
Elementary school district
6 Sptbg Co
Middle school district
6 Sptbg Co
High school district
6 Sptbg Co
Directions
From US 29 turn onto Powell Mill Rd. 309 Powell Mill Rd is on the left.
Subdivision
Spartanburg
Standard status
Active
Size
1,824 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6354
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Floors in Building
1
Number of units
2
Listing Agency:
EXP Realty LLC
(888) 440-2798
Listed By:
Grant McDowell · License #107576
(864) 590-9019
Added: Mar 27
Changed: Aug 28
Last Checked: Aug 31 at 9:06PM
MLS# 335148
Copyright © 2026 Spartanburg Association of REALTORS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,824-square-foot duplex contains two residential units, each offering 2 bedrooms, 1 full bathroom, and approximately 912 square feet. Vinyl flooring runs throughout both sides. The roof was replaced in 2020, and both HVAC systems were replaced in 2021. Each unit is currently occupied under a lease extending through 2027.
The property sits on a 0.32-acre lot at 309 Powell Mill Road in Spartanburg, with convenient access to Highway 29 and nearby shopping, dining, and daily services. Public water and public sewer serve the property, while on-street parking is available. Heat pump systems provide both heating and cooling.
The property sits on a 0.32-acre lot at 309 Powell Mill Road in Spartanburg, with convenient access to Highway 29 and nearby shopping, dining, and daily services. Public water and public sewer serve the property, while on-street parking is available. Heat pump systems provide both heating and cooling.
Key Highlights
- Two‑unit duplex totaling 1,824 square feet
- Each unit includes 2 bedrooms, 1 full bathroom, and approximately 912 square feet
- Both units are tenant occupied with leases until 2027
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
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road 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 - Two-unit property with public utilities, heat pumps, and on-street parking near Highway 29.
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 totaling 1,824 square feet; Each unit includes 2 bedrooms, 1 full bathroom, and approximately 912 square feet; Both units are tenant occupied with leases until 2027
