Two-Unit Farmhouse-Style
For Sale
$398,500
401 W Forest Avenue, North Augusta, SC 29841
Residential Income, North Augusta, SC
Property Size3,440 SF
Lot Size0.40 Acres
Price / SF$115.84
Days on Market326
Property Features for 401 W Forest Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Residential
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 5, Bathroom 1
Parking features
Off Street, Paved or Surfaced
Patio and Porch features
Porch, Deck
Interior features
Kitchen Island, Built-in Features, Eat-in Kitchen, Tile Counters
Fencing
Fenced
Fireplace
1
Appliances
Built-In Microwave, Range, Dishwasher
Lot features
Cul-De-Sac, Corner Lot
Elementary school
Hammond Hill
Middle school
Paul Knox
High school
North Augusta
Directions
West Martintown Road to West Avenue. Turn right on to W Forest Avenue continue to stop sign. Straight ahead the property is on the right.
Standard status
Active
APN
0070622009
Size
3,440 SF
Lot size
0.40 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Unit 1 downstairs 401 W Forest Avenue Unit 2 upstairs 802 Lake Avenue
Tax Annual Amount
1311
Legal Description
Unit 1 downstairs 401 W Forest Avenue Unit 2 upstairs 802 Lake Avenue
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Floor Furnace, Natural Gas, Fireplace(s), Heat Pump (Heating)
Cooling system
Heat Pump, Ceiling Fan(s)
Water source
Public
Amenities
fenced backyard
deck
chicken coop
wraparound porch
Building Details
Year built
1907
Floors in Building
2
Number of units
2
Flooring type
Hardwood, Lvt/lvp, Laminate, Carpet
Building materials
Brick, Vinyl Siding, Wood Siding
Roof type
Metal
Listing Agency:
Dogwood Real Estate, LLC
(631) 766-2967
Listed By:
Andrea Johnson · License #246700
(706) 832-5678
Added: Oct 21, 2025
Changed: Sep 11
Last Checked: Sep 11 at 3:06PM
MLS# 100580596
Copyright © 2026 Hive MLS. 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.
Built in 1907, this 3,440-square-foot duplex occupies a 0.4-acre corner lot in North Augusta. The property contains two separate living units, each with its own kitchen, living space, bathroom, and laundry area. The lower unit includes three bedrooms and two full bathrooms, while the upper unit is accessed through a separate exterior entrance and includes flexible room arrangements. Interior details include hardwood, laminate, LVT/LVP, and carpet flooring; crown molding; wainscoting; built-in features; and kitchen islands. The home also offers a wraparound porch, rear deck, fenced backyard, and metal roof.
Public water and public sewer serve the property. Additional features include paved off-street parking, a fireplace, heat pump systems, electric heating, and natural gas. The property is located minutes from downtown North Augusta, SRP Park, the Greenway, shopping, dining, and major employers.
Public water and public sewer serve the property. Additional features include paved off-street parking, a fireplace, heat pump systems, electric heating, and natural gas. The property is located minutes from downtown North Augusta, SRP Park, the Greenway, shopping, dining, and major employers.
Key Highlights
- Two‑unit duplex built in 1907
- 3,440 square feet on a 0.4‑acre corner lot
- Lower unit includes 3 bedrooms and 2 full 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
$31,243
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
7.84%
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%
$624,860
$624.9K
Cap Rate 7%
$446,329
$446.3K
Cap Rate 9%
$347,144
$347.1K
Market Conditions
NOI Build-Up for 3,440 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
$47.5K $13.80/SF
− Vacancy
−$2.8K −$0.83/SF
EGI
$44.6K $12.97/SF
− OpEx
−$13.4K −$3.89/SF
NOI
$31.2K $9.08/SF
Area
Aiken County, SC
Vacancy
5.98%
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%
$624,860
Cap Rate 7%
$446,329
Cap Rate 9%
$347,144
Alternative Uses
Best Use
Multifamily LT 5
$446.3K
$390.5K – $520.7K
NOI $31,243 @ 7.0% cap · market cap 7.84%
Second Best
Apartment 5plus
$389.0K
$340.4K – $453.8K
NOI $27,230 @ 7.0% cap · market cap 6.83%
Theoretical Best
Office A
$663.1K
$580.2K – $773.6K
NOI $46,415 @ 7.0% cap · market cap 11.65%
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
534
Businesses Nearby
Explore this area
Business Placement
Demographics for 29841, SC
32,919
Population
16,474
Households
2
Avg Household Size
40
Median Age
32%
College-Educated
93%
High-School Grad
31.9 sq mi
ZIP Area
1,032
Density / Sq Mi
$72,811
Median Household Income
$46,447
Median Earnings
$1,050
Median Rent
$186,000
Median Home Value
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 - 1907 property with separate entrances, flexible living areas, and private outdoor space for multifamily occupancy.
Where is this duplex located?
The property is located at 401 W Forest Avenue North Augusta, SC.
What is the asking price?
The asking price for this property is $398,500.
What are key features of this property?
This property features: Two‑unit duplex built in 1907; 3,440 square feet on a 0.4‑acre corner lot; Lower unit includes 3 bedrooms and 2 full bathrooms
