Building Details

Year Built 2026

Buildings 1

Listing Agency: Belle Realty and Associates r***@gmail.com Show Phone

Listed By: Ricky Fields · License #135913

Source: Greenvilleheartproperties

Added: Aug 24 Changed: Aug 29 Last Checked: Aug 29 at 11:05AM

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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 Belle Realty and Associates

Investment Insights

Based on property information with market context.

Completed in 2026, this duplex contains two single-level residences totaling 2,740 square feet. Each unit offers 1,370 square feet with three bedrooms, two full bathrooms, an attached one-car garage, a private deck, and a spacious backyard. Private entrances and generous driveway areas support separate household use, while the matching layouts create a consistent configuration across the property.

The property is located near Hillcrest Shopping Center in Converse, providing access to shopping, dining, and everyday services. Spartanburg-area amenities are also within reach. The duplex configuration supports use as a two-unit residential property, with each residence offering its own interior and exterior spaces.

Key Highlights

• Two‑unit duplex with 2,740 square feet total
• Each unit measures 1,370 square feet with 3 bedrooms and 2 full bathrooms
• Built in 2026

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 (±1% cap)

NOI $24,489 @ 7.0% cap · market cap 5.22%

Second Best

Apartment 5plus

$322.3K

$282.0K – $376.0K (±1% cap)

NOI $22,558 @ 7.0% cap · market cap 4.80%

Theoretical Best

Warehouse

$2.13M

$1.86M – $2.48M (±1% cap)

NOI $148,899 @ 7.0% cap · market cap 31.71%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency HVAC Service Storage Facility Furniture & Home Goods Restaurant Spa & Massage Center

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

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

47

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

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Duplex - Single-level duplex with private entrances, attached garages, decks, and spacious backyards for flexible residential use.

Where is this duplex located?

The property is located at 361 /363 Main St 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: Two‑unit duplex with 2,740 square feet total; Each unit measures 1,370 square feet with 3 bedrooms and 2 full bathrooms; Built in 2026