Renovated
New
For Sale
$749,000
401 S Cherry St, Seneca, SC 29678
Four two-bedroom units feature updated kitchens, tile bathrooms, appliances, and laundry hookups.
Property Size3,740 SF
Price / SF$200.27
Days on Market6
Property Features for 401 S Cherry St
General Information
Standard status
Active
Size
3,740 SF
Property subtype
Multi-Family
Units
Unit Mix
4 x 2BR/1BA
Multifamily Units
4
Amenities
washer and dryer hookups
kitchen appliances included
Building Details
Year Built
1968
Buildings
1
Listing Agency:
Clardy Real Estate - Lake Keowee
(864) 985-3123
Listed By:
Cliff Stoltzfus · License #113107
Source:
Greenvilleheartproperties
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 30 at 3:40PM
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 Clardy Real Estate - Lake Keowee
Investment Insights
Based on property information with market context.
This 3,740-square-foot quadplex, built in 1968, has been renovated into four residential units with a consistent two-bedroom, one-bathroom layout. Each apartment includes a living room, updated kitchen, renovated tile bathroom, kitchen appliances, washer and dryer hookups, and individually controlled heating and air systems. Updated finishes are in place throughout the property, while separately controlled utilities support distinct unit operations.
The property is located at 401 S Cherry St in Seneca, South Carolina, near downtown and Ram Cat Alley. Dining, shopping, entertainment, and major employers are identified as nearby area amenities. Two units are occupied, and two are currently available.
The property is located at 401 S Cherry St in Seneca, South Carolina, near downtown and Ram Cat Alley. Dining, shopping, entertainment, and major employers are identified as nearby area amenities. Two units are occupied, and two are currently available.
Key Highlights
- 3,740‑square‑foot quadplex at 401 S Cherry St, Seneca, SC 29678
- Four units, each with 2 bedrooms and 1 bathroom
- Renovated interiors with updated finishes and tile bathrooms
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
$34,141
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
4.56%
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%
$682,820
$682.8K
Cap Rate 7%
$487,729
$487.7K
Cap Rate 9%
$379,344
$379.3K
Market Conditions
NOI Build-Up for 3,740 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
$51.6K $13.80/SF
− Vacancy
−$2.8K −$0.76/SF
EGI
$48.8K $13.04/SF
− OpEx
−$14.6K −$3.91/SF
NOI
$34.1K $9.13/SF
Area
Oconee County, SC
Vacancy
5.50%
Lease Rate
$13.80 /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%
$682,820
Cap Rate 7%
$487,729
Cap Rate 9%
$379,344
Alternative Uses
Best Use
Multifamily LT 5
$487.7K
$426.8K – $569.0K
NOI $34,141 @ 7.0% cap · market cap 4.56%
Second Best
Apartment 5plus
$437.9K
$383.2K – $510.9K
NOI $30,655 @ 7.0% cap · market cap 4.09%
Theoretical Best
Office A
$938.8K
$821.5K – $1.10M
NOI $65,719 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
505
Businesses Nearby
Explore this area
Business Placement
Demographics for 29678, SC
23,700
Population
11,742
Households
2
Avg Household Size
40
Median Age
24%
College-Educated
85%
High-School Grad
79.8 sq mi
ZIP Area
297
Density / Sq Mi
$49,699
Median Household Income
$33,779
Median Earnings
$943
Median Rent
$205,600
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?
Quadplex - Four two-bedroom units feature updated kitchens, tile bathrooms, appliances, and laundry hookups.
Where is this quadplex located?
The property is located at 401 S Cherry St Seneca, SC.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: 3,740‑square‑foot quadplex at 401 S Cherry St, Seneca, SC 29678; Four units, each with 2 bedrooms and 1 bathroom; Renovated interiors with updated finishes and tile bathrooms
