Tenant-Occupied Duplex with Vinyl
For Sale
$320,000
89 Montague Road # Units A & B, Greenville, SC 29617
Each unit is currently leased, and the duplex offers off-street parking and a low-maintenance vinyl exterior.
Property Size1,600 SF
Price / SF$200
Days on Market137
Property Features for 89 Montague Road # Units A & B
General Information
Standard status
Active
Size
1,600 SF
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$5,950
Amenities
Yes
2
No
4
Square Feet
Public
24393.6
0.56
Two Spaces,Off Street
Crawl Space
1600
Building Details
Year Built
1980
Stories
1
Listing Agency:
Howard Hanna Beverly-Hanks The Ramble at Biltmore Forest
(864) 242-6650
Listed By:
Eric Mitchell
(864) 325-7054
Source:
Cdanjoyner
Added: Apr 21
Changed: Sep 3
Last Checked: Sep 4 at 3:51AM
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 Howard Hanna Beverly-Hanks The Ramble at Biltmore Forest
Investment Insights
Based on property information with market context.
This tenant-occupied duplex consists of two units (A and B), with leases already in place for each unit. The exterior is vinyl and the property is described as well-kept, supporting a low-maintenance approach to ownership. Off-street parking and a functional layout are included, designed to be practical for current and future residents.
The property is located at 89 Montague Road in Greenville, SC 29617, with quick access noted to shopping, dining, and major roadways.
At purchase, the owner benefits from the existing in-place leases for both units, supporting an ownership transition without vacancy or immediate leasing work.
The property is located at 89 Montague Road in Greenville, SC 29617, with quick access noted to shopping, dining, and major roadways.
At purchase, the owner benefits from the existing in-place leases for both units, supporting an ownership transition without vacancy or immediate leasing work.
Key Highlights
- Tenant‑occupied duplex with both units leased under existing leases
- 4 bedrooms and 2 total baths across 1,600 total building area
- Heating and air conditioning available
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
$16,257
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
5.08%
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%
$325,140
$325.1K
Cap Rate 7%
$232,243
$232.2K
Cap Rate 9%
$180,633
$180.6K
Market Conditions
NOI Build-Up for 1,600 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
$24.6K $15.36/SF
− Vacancy
−$1.4K −$0.84/SF
EGI
$23.2K $14.52/SF
− OpEx
−$7.0K −$4.35/SF
NOI
$16.3K $10.16/SF
Area
Greenville County, SC
Vacancy
5.50%
Lease Rate
$15.36 /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%
$325,140
Cap Rate 7%
$232,243
Cap Rate 9%
$180,633
Alternative Uses
Best Use
Multifamily LT 5
$232.2K
$203.2K – $271.0K
NOI $16,257 @ 7.0% cap · market cap 5.08%
Second Best
Apartment 5plus
$207.8K
$181.8K – $242.4K
NOI $14,546 @ 7.0% cap · market cap 4.55%
Theoretical Best
Office A
$683.6K
$598.2K – $797.6K
NOI $47,853 @ 7.0% cap · market cap 14.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
72
Businesses Nearby
Explore this area
Business Placement
Demographics for 29617, SC
28,394
Population
11,599
Households
2.4
Avg Household Size
38
Median Age
27%
College-Educated
80%
High-School Grad
22.4 sq mi
ZIP Area
1,268
Density / Sq Mi
$54,146
Median Household Income
$35,291
Median Earnings
$1,046
Median Rent
$217,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Each unit is currently leased, and the duplex offers off-street parking and a low-maintenance vinyl exterior.
Where is this duplex located?
The property is located at 89 Montague Road # Units A & B Greenville, SC.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Tenant‑occupied duplex with both units leased under existing leases; 4 bedrooms and 2 total baths across 1,600 total building area; Heating and air conditioning available
