Turnkey Duplex Income
For Sale
$119,900
802 Kings Court, Greenwood, SC 29646
Two-unit duplex with one leased side and an updated vacant unit ready for immediate occupancy in city limits.
Property Size1,820 SF
Price / SF$65.88
Days on Market205
Property Features for 802 Kings Court
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Commercial/Industrial / Multi-Family
Zoning
RM7
Occupancy
50%
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,117
Amenities
Electricity
Composition Shingle
Building Details
Tenancy
Multi
Listing Agency:
Greenwood Realty
(864) 388-0202
Listed By:
Renee Simchon
Source:
Compass
Added: Feb 9
Changed: Aug 31
Last Checked: Sep 1 at 11:54PM
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 Greenwood Realty
Investment Insights
Based on property information with market context.
This turnkey duplex offers two separate residential units within one property. Each side provides an open, spacious-feeling layout with two bedrooms and one full bathroom. The property totals 1,820 square feet, giving each unit a comfortable arrangement for everyday living. One unit is currently tenant-occupied, while the second unit is vacant and ready to rent.
The vacant side has been refreshed with new carpet in the bedrooms and durable luxury vinyl flooring throughout the main living areas, supporting an easy, low-maintenance tenant experience. Located within the city limits in Greenwood, the property is positioned for convenient access to everyday needs.
For investors, the current lease in one unit provides immediate rental income, while the second unit can be brought online for additional revenue. Owner-occupants may also find the layout practical for offsetting housing costs by living in one side and renting the other. With the vacant unit already updated and available, this duplex is designed to reduce downtime between turns and support straightforward occupancy planning.
The vacant side has been refreshed with new carpet in the bedrooms and durable luxury vinyl flooring throughout the main living areas, supporting an easy, low-maintenance tenant experience. Located within the city limits in Greenwood, the property is positioned for convenient access to everyday needs.
For investors, the current lease in one unit provides immediate rental income, while the second unit can be brought online for additional revenue. Owner-occupants may also find the layout practical for offsetting housing costs by living in one side and renting the other. With the vacant unit already updated and available, this duplex is designed to reduce downtime between turns and support straightforward occupancy planning.
Key Highlights
- Duplex built in 1982 with 2 units and a total of 1,820 SF
- Each unit offers 2 bedrooms and 1 full bath
- One side is tenant‑occupied generating $800/month rent
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
$8,979
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
7.49%
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%
$179,580
$179.6K
Cap Rate 7%
$128,271
$128.3K
Cap Rate 9%
$99,767
$99.8K
Market Conditions
NOI Build-Up for 1,820 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
$18.6K $10.20/SF
− Vacancy
−$5.7K −$3.15/SF
EGI
$12.8K $7.05/SF
− OpEx
−$3.8K −$2.11/SF
NOI
$9.0K $4.93/SF
Area
Greenwood County, SC
Vacancy
30.90%
Lease Rate
$10.20 /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%
$179,580
Cap Rate 7%
$128,271
Cap Rate 9%
$99,767
Alternative Uses
Best Use
Multifamily LT 5
$128.3K
$112.2K – $149.7K
NOI $8,979 @ 7.0% cap · market cap 7.49%
Second Best
Apartment 5plus
$89.2K
$78.1K – $104.1K
NOI $6,245 @ 7.0% cap · market cap 5.21%
Theoretical Best
Office A
$571.7K
$500.3K – $667.0K
NOI $40,021 @ 7.0% cap · market cap 33.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
764
Businesses Nearby
Explore this area
Business Placement
Demographics for 29646, SC
26,783
Population
12,316
Households
2.2
Avg Household Size
40
Median Age
20%
College-Educated
84%
High-School Grad
101.4 sq mi
ZIP Area
264
Density / Sq Mi
$41,669
Median Household Income
$37,556
Median Earnings
$818
Median Rent
$130,900
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-unit duplex with one leased side and an updated vacant unit ready for immediate occupancy in city limits.
Where is this duplex located?
The property is located at 802 Kings Court Greenwood, SC.
What is the asking price?
The asking price for this property is $119,900.
What are key features of this property?
This property features: Duplex built in 1982 with 2 units and a total of 1,820 SF; Each unit offers 2 bedrooms and 1 full bath; One side is tenant‑occupied generating $800/month rent
