6-Unit Renovated Apartment
For Sale
$450,000
326 Irby Street, Woodruff, SC 29388
Tenant-occupied multifamily property with one-bedroom layouts, individual kitchens, and recently completed improvements.
Property Size2,040 SF
Price / SF$220.59
Days on Market383
Property Features for 326 Irby Street
General Information
Standard status
Active
Size
2,040 SF
Property subtype
Multi-Family / Apt. 5+
Occupancy
100%
Units
Unit Mix
6 x 1BR/1BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$11,414
Amenities
Electric
Wall/Window Units
Baseboard, Electric
Composition Shingle
1
Public
Brick Veneer – Full
Building Details
Year Built
1958
Listing Agency:
Grace Real Estate LLC
(864) 444-6259
Listed By:
Halston Littleton · License #102446
Source:
Compass
Added: Aug 13, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:31PM
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 Grace Real Estate LLC
Investment Insights
Based on property information with market context.
This 6-unit apartment property in Woodruff, South Carolina, offers a compact multifamily configuration with 2,040 square feet of property size. Each unit includes 1 bedroom, 1 bathroom, and a kitchen, with all units currently occupied by tenants. The property has been newly renovated and includes a new roof.
Built in 1958, the building features full brick veneer and composition shingle roofing. Interior systems include electric service, baseboard electric heating, and wall/window units. The property is located at 326 Irby Street in Woodruff, SC 29388.
Built in 1958, the building features full brick veneer and composition shingle roofing. Interior systems include electric service, baseboard electric heating, and wall/window units. The property is located at 326 Irby Street in Woodruff, SC 29388.
Key Highlights
- 6 units, each with 1 bedroom, 1 bathroom, and a kitchen
- All units are occupied by tenants
- Newly renovated property with a new roof
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
$16,795
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
3.73%
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%
$335,900
$335.9K
Cap Rate 7%
$239,929
$239.9K
Cap Rate 9%
$186,611
$186.6K
Market Conditions
NOI Build-Up for 2,040 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
$32.3K $15.84/SF
− Vacancy
−$1.8K −$0.87/SF
EGI
$30.5K $14.97/SF
− OpEx
−$13.7K −$6.74/SF
NOI
$16.8K $8.23/SF
Area
Spartanburg County, SC
Vacancy
5.50%
Lease Rate
$15.84 /SF/Yr
Expense Ratio
45.00%
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%
$335,900
Cap Rate 7%
$239,929
Cap Rate 9%
$186,611
Alternative Uses
Best Use
Apartment 5plus
$239.9K
$209.9K – $279.9K
NOI $16,795 @ 7.0% cap · market cap 3.73%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.58M
$1.39M – $1.85M
NOI $110,859 @ 7.0% cap · market cap 24.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
366
Businesses Nearby
Explore this area
Business Placement
Demographics for 29388, SC
16,017
Population
7,466
Households
2.1
Avg Household Size
41
Median Age
25%
College-Educated
89%
High-School Grad
97.2 sq mi
ZIP Area
165
Density / Sq Mi
$77,197
Median Household Income
$44,428
Median Earnings
$848
Median Rent
$216,700
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?
Apartment building - Tenant-occupied multifamily property with one-bedroom layouts, individual kitchens, and recently completed improvements.
Where is this apartment building located?
The property is located at 326 Irby Street Woodruff, SC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 6 units, each with 1 bedroom, 1 bathroom, and a kitchen; All units are occupied by tenants; Newly renovated property with a new roof
