84-Unit Apartment Complex in
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8025 White Horse Rd, Greenville, SC 29617
Apartment complex with 84 units, construction to be completed by Winter 2026.
Property Size77,665 SF
Price / SF$302.78
Days on Market496
Property Features for 8025 White Horse Rd
General Information
Standard status
Active
Size
77,665 SF
Class
A
Total Parking Spaces
121
Property subtype
Multifamily
Net Operating Income
$964,145
Building Details
Year Built
2024
Buildings
2
Stories
3
Units
84
Listing Agency:
Equity Real Estate (American Fork)
Listed By:
Porter Christensen · License #UT 11976924-SA00
Source:
Crexi
Added: Apr 24, 2025
Changed: Aug 23
Last Checked: Aug 29 at 11:43PM
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 Equity Real Estate (American Fork)
Investment Insights
Based on property information with market context.
Freeman Ranch Apartments is an 84-unit apartment complex located in Greenville County. The property size is 77665 square feet. Construction has begun and is on schedule to be completed by Winter of 2026. The price reflects a fully constructed and developed project with a certificate of occupancy from Greenville County.
Key Highlights
- 84‑unit apartment complex in Greenville County.
- Construction scheduled for completion by Winter 2026.
- Price reflects a fully constructed and developed project with certificate of occupancy.
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
$706,091
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
3.00%
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%
$14,121,820
$14.1M
Cap Rate 7%
$10,087,014
$10.1M
Cap Rate 9%
$7,845,456
$7.8M
Market Conditions
NOI Build-Up for 77,665 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
$1.35M $17.40/SF
− Vacancy
−$67.6K −$0.87/SF
EGI
$1.28M $16.53/SF
− OpEx
−$577.7K −$7.44/SF
NOI
$706.1K $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%
$14,121,820
Cap Rate 7%
$10,087,014
Cap Rate 9%
$7,845,456
Alternative Uses
Best Use
Apartment 5plus
$10.09M
$8.83M – $11.77M
NOI $706,091 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$33.18M
$29.04M – $38.71M
NOI $2,322,827 @ 7.0% cap · market cap 9.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
137
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Apartment complex with 84 units, construction to be completed by Winter 2026.
Where is this apartment building located?
The property is located at 8025 White Horse Rd Greenville, SC.
What is the asking price?
The asking price for this property is $23,515,724.
What are key features of this property?
This property features: 84‑unit apartment complex in Greenville County.; Construction scheduled for completion by Winter 2026.; Price reflects a fully constructed and developed project with certificate of occupancy.
