Renovated
For Sale
$749,000
401 S Cherry Street, Seneca, SC 29678
ResidentialIncome, Seneca, SC
Property Size3,740 SF
Lot Size0.50 Acres
Price / SF$200.27
Days on Market103
Property Features for 401 S Cherry Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Rooms
Basement
Appliances
Dishwasher, Microwave, Oven, Range, Refrigerator
Lot features
City Lot, Not In Subdivision
Elementary school
Blue Ridge Elementary
Middle school
Seneca Middle
High school
Seneca High
Directions
From 123 take S Walnut Street towards downtown Seneca for 0.4 miles, then turn left onto E South 4th St for 0.1 miles, then right onto S Cherry Street. See home and sign on left-hand side.
Subdivision
207-Oconee County, SC
Standard status
Active
APN
520-41-01-001
Size
3,740 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2025
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Central
Cooling system
Electric, Central Air
Water source
Public
Amenities
washer and dryer hookups
individual heating and air systems
Building Details
Year built
1968
Floors in Building
2
Number of units
4
Building materials
Brick
Architectural style
Other
Listing Agency:
Clardy Real Estate - Lake Keowee
(864) 882-4864
Listed By:
Cliff Stoltzfus · License #113107
(864) 985-3123
Added: May 13
Changed: Aug 19
Last Checked: Aug 23 at 8:06AM
MLS# 20301236
Copyright © 2026 Western Upstate Association of REALTORS®. 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 brick quadplex contains 3,740 square feet on a 0.5-acre lot, with four residential units offering two bedrooms and one bathroom each. Interior improvements include renovated tile bathrooms, updated kitchens, modern finishes, living areas, washer and dryer hookups, and kitchen appliances. Each unit has individually controlled heating and air systems, while public water and public sewer serve the property. A basement is also included.
Located at 401 S Cherry Street in Seneca, the property is near downtown and Ram Cat Alley, with dining, shopping, entertainment, and major employers identified in the surrounding area. Two units are occupied, and two are available. The property was built in 1968.
Located at 401 S Cherry Street in Seneca, the property is near downtown and Ram Cat Alley, with dining, shopping, entertainment, and major employers identified in the surrounding area. Two units are occupied, and two are available. The property was built in 1968.
Key Highlights
- Four‑unit quadplex with 3,740 square feet on 0.5 acres
- Each unit includes 2 bedrooms and 1 bathroom
- Two units occupied; two units available
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 residential units offer updated interiors, separate utility controls, and individual heating and cooling systems.
Where is this quadplex located?
The property is located at 401 S Cherry Street 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: Four‑unit quadplex with 3,740 square feet on 0.5 acres; Each unit includes 2 bedrooms and 1 bathroom; Two units occupied; two units available
