Four-Unit Duplex
For Sale
$479,000
621 Freddie Drive, Spartanburg, SC 29303
Two duplex buildings provide four residential units, with three currently occupied by established tenants.
Property Size1,972 SF
Days on Market12
Property Features for 621 Freddie Drive
General Information
Standard status
Active
Size
1,972 SF
Property subtype
Duplex
Occupancy
75%
Property Condition
Severity
Repairs Needed
Evidence
NEEDS SOME UPDATING
Additional Details
Average Monthly Rent
$650
Multifamily Units
4
Amenities
Acres: 0.75, Area: 32670, Dimensions: 200 x 168 x 200 x 193, Square Feet: 32670
Roof: Composition
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: Septic Tank
Tax Annual Amount: $4,513
Cooling Included, Cooling: Wall/Window Unit(s)
Heating Included, Heating: Baseboard
Contract Status Change Date: 2026-08-20, Listing Terms: None, Standard Status: Active
Parking Features: Two Spaces
Elementary School: Drayton Mills, Middle Or Junior School: HE McCracken, High School: Spartanburg
Window Features: Unit 1: Some Storm Window(s), Unit 2: Some Storm Window(s), Unit 3: Some Storm Window(s), Unit 4: Some Storm Window(s)
8 total bedrooms
Built in 1972, Construction Materials: Vinyl Siding, Brick Veneer, Levels: One, Stories: 1
City: Spartanburg, County Or Parish: Spartanburg, MLS Area Major: 015, Postal Code: 29303, State Or Province: SC, Subdivision Name: None
Number Of Units Total: 4, Parcel Number: 70200048.00, Property Condition: 50+, Property Sub Type: Duplex
4 full bathrooms, 4 total bathrooms
Water Source: Public
Foundation Details: Crawl Space
Appliances: Electric Water Heater
Building Details
Building Size
1,972 SF
Year Built
1972
Buildings
2
Listing Agency:
Century 21 Blackwell & Co
(864) 909-4108
Listed By:
Diane P Howard
(864) 909-4108
Source:
Blackstreaminternational
Added: Aug 20
Changed: Aug 31
Last Checked: Aug 31 at 3:45PM
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 Century 21 Blackwell & Co
Investment Insights
Based on property information with market context.
This residential income property includes two duplex buildings on a single lot, creating a four-unit configuration. Three units are occupied by long-term tenants under month-to-month arrangements. The property was built in 1972 and requires updating, offering a straightforward asset for an owner prepared to address improvements.
The property is located at 621 Freddie Drive in Spartanburg, South Carolina. It will convey in its current condition, with no seller repairs planned. Existing occupancy and the four-unit layout provide the primary operating characteristics for review.
The property is located at 621 Freddie Drive in Spartanburg, South Carolina. It will convey in its current condition, with no seller repairs planned. Existing occupancy and the four-unit layout provide the primary operating characteristics for review.
Key Highlights
- Two duplex buildings on one lot
- Four total residential units
- Three units occupied by long‑term tenants
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
$17,625
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
3.68%
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%
$352,500
$352.5K
Cap Rate 7%
$251,786
$251.8K
Cap Rate 9%
$195,833
$195.8K
Market Conditions
NOI Build-Up for 1,972 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
$26.5K $13.44/SF
− Vacancy
−$1.3K −$0.67/SF
EGI
$25.2K $12.77/SF
− OpEx
−$7.6K −$3.83/SF
NOI
$17.6K $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%
$352,500
Cap Rate 7%
$251,786
Cap Rate 9%
$195,833
Alternative Uses
Best Use
Multifamily LT 5
$251.8K
$220.3K – $293.8K
NOI $17,625 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$231.9K
$202.9K – $270.6K
NOI $16,235 @ 7.0% cap · market cap 3.39%
Theoretical Best
Warehouse
$1.53M
$1.34M – $1.79M
NOI $107,163 @ 7.0% cap · market cap 22.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Explore this area
Business Placement
Demographics for 29303, SC
26,793
Population
10,891
Households
2.5
Avg Household Size
33
Median Age
12%
College-Educated
76%
High-School Grad
32.4 sq mi
ZIP Area
827
Density / Sq Mi
$45,713
Median Household Income
$24,506
Median Earnings
$968
Median Rent
$143,600
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?
Duplex - Two duplex buildings provide four residential units, with three currently occupied by established tenants.
Where is this duplex located?
The property is located at 621 Freddie Drive Spartanburg, SC.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: Two duplex buildings on one lot; Four total residential units; Three units occupied by long‑term tenants
