Renovated 12-Unit Multifamily
For Sale
$1,250,000
664-666 S Liberty St - 425 Arch St - 22 Maple St Spartanburg, Greenville, SC 29306
12-unit multifamily portfolio renovated in 2022 and offered with 100% occupancy under General Residential R-6 zoning.
Property Size6,300 SF
Days on Market57
Property Features for 664-666 S Liberty St - 425 Arch St - 22 Maple St Spartanburg
General Information
Standard status
Active
Size
6,300 SF
Property subtype
Multi-Family
Zoning
R-6
Occupancy
100%
Additional Details
Multifamily Units
12
Building Details
Building Size
6,300 SF
Year Built
1965
Year Renovated
2022
Units
12
Listing Agency:
SVN | Palmetto
Listed By:
Juan Ramos · License #136539
Source:
Commercialcafe
Added: Jul 26
Changed: Sep 4
Last Checked: Sep 19 at 6:18AM
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 SVN | Palmetto
Investment Insights
Based on property information with market context.
This offering is a 12-unit multifamily portfolio comprising properties at 22 Maple Street and 664–666 S Liberty St and 425 Arch St. The buildings include a mix of residential income units and were renovated in 2022. Construction dates are noted as 1965, with recent updates described as bringing modern amenities alongside the property’s historical appeal.
The portfolio is positioned across two Upstate markets, with the Greenville component located near Downtown Greenville and nearby destinations including North Main, Unity Park, and the Swamp Rabbit Trail. The Spartanburg component is described as being near the Project Core development and Fifth Third Park.
The property is identified with General Residential R-6 zoning, which is presented as providing flexibility. Public remarks also state a 100% occupancy rate at the time of listing.
The portfolio is positioned across two Upstate markets, with the Greenville component located near Downtown Greenville and nearby destinations including North Main, Unity Park, and the Swamp Rabbit Trail. The Spartanburg component is described as being near the Project Core development and Fifth Third Park.
The property is identified with General Residential R-6 zoning, which is presented as providing flexibility. Public remarks also state a 100% occupancy rate at the time of listing.
Key Highlights
- 12‑unit multifamily portfolio renovated in 2022, offered with 100% occupancy
- General Residential R‑6 zoning provides flexibility for a 12‑unit multifamily portfolio
- Portfolio includes assets in Greenville and Spartanburg, with one property listed as 22 Maple Street in Greenville
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
$57,276
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
4.58%
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%
$1,145,520
$1.1M
Cap Rate 7%
$818,229
$818.2K
Cap Rate 9%
$636,400
$636.4K
Market Conditions
NOI Build-Up for 6,300 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
$109.6K $17.40/SF
− Vacancy
−$5.5K −$0.87/SF
EGI
$104.1K $16.53/SF
− OpEx
−$46.9K −$7.44/SF
NOI
$57.3K $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%
$1,145,520
Cap Rate 7%
$818,229
Cap Rate 9%
$636,400
Alternative Uses
Best Use
Apartment 5plus
$818.2K
$716.0K – $954.6K
NOI $57,276 @ 7.0% cap · market cap 4.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.69M
$2.36M – $3.14M
NOI $188,422 @ 7.0% cap · market cap 15.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
12
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
751
Businesses Nearby
Explore this area
Business Placement
Demographics for 29306, SC
16,822
Population
7,618
Households
2.2
Avg Household Size
36
Median Age
21%
College-Educated
83%
High-School Grad
19.5 sq mi
ZIP Area
863
Density / Sq Mi
$38,858
Median Household Income
$30,629
Median Earnings
$913
Median Rent
$159,100
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 - 12-unit multifamily portfolio renovated in 2022 and offered with 100% occupancy under General Residential R-6 zoning.
Where is this apartment building located?
The property is located at 664-666 S Liberty St - 425 Arch St - 22 Maple St Spartanburg Greenville, SC.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 12‑unit multifamily portfolio renovated in 2022, offered with 100% occupancy; General Residential R‑6 zoning provides flexibility for a 12‑unit multifamily portfolio; Portfolio includes assets in Greenville and Spartanburg, with one property listed as 22 Maple Street in Greenville
