Updated Duplex on Acre-Plus
New
For Sale
$329,900
37 Wedgefield Drive, Boiling Springs, SC 29316
MULTIFAMILY, Boiling Springs, SC
Property Size2,398 SF
Price / SF$137.57
Days on Market2
Property Features for 37 Wedgefield Drive
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bedroom 1, Bedroom 4, Bedroom 2
Parking features
Driveway
Subdivision
North Hills
Elementary school
2-Hendrix Elem
Middle school
2-Boiling Springs
High school
2-Boiling Springs
Elementary school district
2 Sptbg Co
Middle school district
2 Sptbg Co
High school district
2 Sptbg Co
Directions
From I-85, take Exit 72 toward Boiling Springs. Turn left onto N Pine St. Continue approximately 0.75 mile, then turn right onto Springfield Rd. Continue approximately 1 mile and turn left onto Wedgefield Dr. Property is on the left side.
Standard status
Active
Size
2,398 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7289
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
1
Number of units
2
Listing Agency:
Century 21 Blackwell & Co · Century 21 Real Estate
(864) 578-2120
Listed By:
Preston Inglee · License #100294
(864) 752-5255
Added: Sep 2
Changed: Sep 3
Last Checked: Sep 3 at 11:06PM
MLS# 341309
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 2,398-square-foot duplex contains two updated residential units on more than 1 acre at 37 Wedgefield Drive. Improvements include renovated kitchens with granite countertops and backsplashes, new appliances, refreshed bathroom vanities, LVP flooring, fresh paint, ceiling fans, and modern light fixtures. One unit is newly renovated and available for viewing, while access to the second is by appointment. The property includes driveway parking, public water, public sewer, heat pump heating, and central air conditioning.
Set on a private cul-de-sac in Boiling Springs, the duplex is near Spartanburg Regional and Mary Black Hospital, VCOM, medical and chiropractic programs, universities, and major employers. The property also has a documented rental history and five listed bedrooms across the units, supporting both continued leasing and owner-occupancy use.
Set on a private cul-de-sac in Boiling Springs, the duplex is near Spartanburg Regional and Mary Black Hospital, VCOM, medical and chiropractic programs, universities, and major employers. The property also has a documented rental history and five listed bedrooms across the units, supporting both continued leasing and owner-occupancy use.
Key Highlights
- Duplex totaling 2,398 square feet
- More than 1 acre on a private cul‑de‑sac
- Renovated kitchens with granite countertops and backsplashes
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
$21,432
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
6.50%
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%
$428,640
$428.6K
Cap Rate 7%
$306,171
$306.2K
Cap Rate 9%
$238,133
$238.1K
Market Conditions
NOI Build-Up for 2,398 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
$32.2K $13.44/SF
− Vacancy
−$1.6K −$0.67/SF
EGI
$30.6K $12.77/SF
− OpEx
−$9.2K −$3.83/SF
NOI
$21.4K $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%
$428,640
Cap Rate 7%
$306,171
Cap Rate 9%
$238,133
Alternative Uses
Best Use
Multifamily LT 5
$306.2K
$267.9K – $357.2K
NOI $21,432 @ 7.0% cap · market cap 6.50%
Second Best
Apartment 5plus
$282.0K
$246.8K – $329.0K
NOI $19,742 @ 7.0% cap · market cap 5.98%
Theoretical Best
Warehouse
$1.86M
$1.63M – $2.17M
NOI $130,313 @ 7.0% cap · market cap 39.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
Demographics for 29316, SC
29,459
Population
12,202
Households
2.4
Avg Household Size
36
Median Age
26%
College-Educated
93%
High-School Grad
21.8 sq mi
ZIP Area
1,351
Density / Sq Mi
$75,808
Median Household Income
$44,015
Median Earnings
$1,133
Median Rent
$227,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two refreshed units provide flexible owner-occupant or rental configurations in a residential income property.
Where is this duplex located?
The property is located at 37 Wedgefield Drive Boiling Springs, SC.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Duplex totaling 2,398 square feet; More than 1 acre on a private cul‑de‑sac; Renovated kitchens with granite countertops and backsplashes
