Single-Story Duplex with
For Sale
$469,500
361/363 Main Street, Converse, SC 29329
MULTIFAMILY, Converse, SC
Property Size2,740 SF
Lot Size0.49 Acres
Price / SF$171.35
Days on Market99
Property Features for 361/363 Main Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Property condition
Under Construction
Bedrooms
6
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 5, Bedroom 6, Bedroom 4
Elementary school
3-Cannons Elem
High school
3-Broome High
Elementary school district
3 Sptbg Co
Middle school district
3 Sptbg Co
High school district
3 Sptbg Co
Directions
Downtown Spartanburg, head south on Church St Turn left onto East Broad St Continue as East Broad Street becomes East Main Street. Continue onto US-29 North. Turn right on oakland st then turn left onto Main Street. The property is on the left.
Subdivision
Converse
Standard status
Active
Size
2,740 SF
Lot size
0.49 Acres
Amenities
private deck
private entrances
backyard
Building Details
Year built
2026
Floors in Building
1
Number of units
2
Listing Agency:
Belle Realty and Associates
(864) 381-8075
Listed By:
Ricky Fields · License #135913
(864) 612-0492
Added: Jun 9
Changed: Sep 13
Last Checked: Sep 15 at 4:06AM
MLS# 338131
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 duplex contains 2,740 square feet across two single-level residences, with each unit measuring 1,370 square feet. Both layouts include three bedrooms, two full bathrooms, an attached one-car garage, a private deck, and backyard space. Separate entrances and generous driveway areas support independent occupancy, while the matching floor plans provide a straightforward configuration for dual-household living or rental operations. The property is identified as under construction with a 2026 year built.
Situated near Hillcrest Shopping Center in Converse, the property offers access to shopping, dining, and everyday services, with Spartanburg-area amenities also within reach. The 0.49-acre site provides outdoor space around the duplex and accommodates the property's two-residence layout.
Situated near Hillcrest Shopping Center in Converse, the property offers access to shopping, dining, and everyday services, with Spartanburg-area amenities also within reach. The 0.49-acre site provides outdoor space around the duplex and accommodates the property's two-residence layout.
Key Highlights
- 2,740‑square‑foot duplex with two 1,370‑square‑foot units
- Each unit includes 3 bedrooms and 2 full bathrooms
- Attached 1‑car garage serving each residence
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
$24,489
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
5.22%
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%
$489,780
$489.8K
Cap Rate 7%
$349,843
$349.8K
Cap Rate 9%
$272,100
$272.1K
Market Conditions
NOI Build-Up for 2,740 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
$36.8K $13.44/SF
− Vacancy
−$1.8K −$0.67/SF
EGI
$35.0K $12.77/SF
− OpEx
−$10.5K −$3.83/SF
NOI
$24.5K $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%
$489,780
Cap Rate 7%
$349,843
Cap Rate 9%
$272,100
Alternative Uses
Best Use
Multifamily LT 5
$349.8K
$306.1K – $408.2K
NOI $24,489 @ 7.0% cap · market cap 5.22%
Second Best
Apartment 5plus
$322.3K
$282.0K – $376.0K
NOI $22,558 @ 7.0% cap · market cap 4.80%
Theoretical Best
Warehouse
$2.13M
$1.86M – $2.48M
NOI $148,899 @ 7.0% cap · market cap 31.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 29329, SC
283
Population
173
Households
1.6
Avg Household Size
41
Median Age
21%
College-Educated
100%
High-School Grad
0.3 sq mi
ZIP Area
943
Density / Sq Mi
$37,019
Median Household Income
$21,298
Median Earnings
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Duplex - Two matching residences offer private outdoor space, individual entrances, and flexible owner-occupant or rental use.
Where is this duplex located?
The property is located at 361/363 Main Street Converse, SC.
What is the asking price?
The asking price for this property is $469,500.
What are key features of this property?
This property features: 2,740‑square‑foot duplex with two 1,370‑square‑foot units; Each unit includes 3 bedrooms and 2 full bathrooms; Attached 1‑car garage serving each residence
