Fully Renovated Victorian 5-Unit Apartment
For Sale
$899,900
405 Perry Avenue, Greenville, SC 29601
Five one-bedroom, one-bath units with in-unit washers and dryers, separately metered utilities, and fully restored Victorian character.
Property Size1,920 SF
Price / SF$236.82
Days on Market17
Property Features for 405 Perry Avenue
General Information
Standard status
Active
Size
1,920 SF
Property subtype
Apartment
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Amenities
in-unit washer and dryer
separately metered utilities
partially fenced yard
Acres: 0.4, Area: 17424, Dimensions: 111 x 166, Square Feet: 17424
Roof: Architectural
Door Features: Unit 1: Some Storm Door(s), Unit 2: Some Storm Door(s), Unit 3: Some Storm Door(s), Unit 4: Some Storm Door(s)
Sewer: Public Sewer
Tax Annual Amount: $1,239
Cooling Included, Cooling: Electric, Ductless
Heating Included, Heating: Electric, Ductless
Contract Status Change Date: 2026-07-24, Listing Terms: None, Standard Status: Active
Parking Features: Off Street
Elementary School: A.J. Whittenberg, Middle Or Junior School: League, High School: Berea
4 total bedrooms
Built in 1920, Construction Materials: Wood Siding, Levels: Two, Stories: 2
City: Greenville, County Or Parish: Greenville, MLS Area Major: 074, Postal Code: 29601, State Or Province: SC, Subdivision Name: None
Number Of Units Total: 5, Parcel Number: 0077000101000, Property Condition: 50+, Property Sub Type: Apartment
4 full bathrooms, 4 total bathrooms
Water Source: Public
Foundation Details: Crawl Space
Appliances: Electric Water Heater
Building Details
Building Size
1,920 SF
Year Built
1920
Buildings
1
Construction
Victorian
Listing Agency:
Shulikov Realty & Associates
(864) 775-2235
Listed By:
Dimitry Bruehl
(864) 775-2235
Source:
Blackstreaminternational
Added: Jul 25
Changed: Aug 9
Last Checked: Aug 9 at 4:52AM
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 Shulikov Realty & Associates
Investment Insights
Based on property information with market context.
This fully renovated Victorian apartment building provides a turnkey setup with five one-bedroom, one-bath apartments. The property totals over 3,800 square feet and was built in 1920, with renovations designed to preserve its historic character while updating interiors. Unit interiors feature original pine flooring and soaring ceilings, along with oversized windows that bring in abundant natural light. Each apartment includes a washer and dryer, and the apartments have tiled tub/shower combinations, updated kitchens, and spacious floor plans with large bedrooms and walk-in closets.
The layout includes two apartments on the main level, two apartments on the upper level, and one private apartment with its own separate entrance. Upper-level units enjoy views of Paris Mountain and the Downtown Greenville skyline. Outside, there is a partially fenced yard.
The building also uses separately metered utilities, including separate electric and utility meters, supporting efficient property management. Showings are by appointment only, with proof of funds or a lender pre-approval letter required prior to scheduling.
The layout includes two apartments on the main level, two apartments on the upper level, and one private apartment with its own separate entrance. Upper-level units enjoy views of Paris Mountain and the Downtown Greenville skyline. Outside, there is a partially fenced yard.
The building also uses separately metered utilities, including separate electric and utility meters, supporting efficient property management. Showings are by appointment only, with proof of funds or a lender pre-approval letter required prior to scheduling.
Key Highlights
- Over 3,800 square feet Victorian apartment building
- Five one‑bedroom, one‑bath apartments
- Separate electric and utility meters for each unit
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
$34,548
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
3.84%
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%
$690,960
$691.0K
Cap Rate 7%
$493,543
$493.5K
Cap Rate 9%
$383,867
$383.9K
Market Conditions
NOI Build-Up for 3,800 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
$66.1K $17.40/SF
− Vacancy
−$3.3K −$0.87/SF
EGI
$62.8K $16.53/SF
− OpEx
−$28.3K −$7.44/SF
NOI
$34.5K $9.09/SF
Area
Greenville County, SC
Vacancy
5.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
45.00%
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%
$690,960
Cap Rate 7%
$493,543
Cap Rate 9%
$383,867
Alternative Uses
Best Use
Apartment 5plus
$493.5K
$431.9K – $575.8K
NOI $34,548 @ 7.0% cap · market cap 3.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.62M
$1.42M – $1.89M
NOI $113,651 @ 7.0% cap · market cap 12.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,480
Businesses Nearby
Explore this area
Business Placement
Demographics for 29601, SC
13,261
Population
8,067
Households
1.6
Avg Household Size
38
Median Age
52%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
3,157
Density / Sq Mi
$73,321
Median Household Income
$55,727
Median Earnings
$1,406
Median Rent
$583,200
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?
Apartment building - Five one-bedroom, one-bath units with in-unit washers and dryers, separately metered utilities, and fully restored Victorian character.
Where is this apartment building located?
The property is located at 405 Perry Avenue Greenville, SC.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Over 3,800 square feet Victorian apartment building; Five one‑bedroom, one‑bath apartments; Separate electric and utility meters for each unit
