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    507 Belmont St Spartanburg, SC 29303
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    Property profile & analytics

    507 Belmont St, Spartanburg, SC 29303

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    • Commercial real estate
    • 1,678 SF
    Off-Market
    Property ID
    US77-2693919
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 507 Belmont St

    Property type
    Commercial real estate
    APN
    7-08-9-115.00

    Description

    This well-maintained, two-unit apartment building presents a fantastic investment opportunity in the desirable Spartanburg, South Carolina area. Located at 507 Belmont Street, this property boasts a total of approximately 1,678 square feet, with each unit featuring two bedrooms and one bathroom. The property's convenient location offers easy access to key amenities and infrastructure. It's situated approximately one mile from Spartanburg Regional Hospital, providing proximity to a major medical center. Furthermore, its close proximity to downtown Spartanburg allows residents easy access to the city's vibrant cultural scene, restaurants, and shopping. The property benefits from its location just off Highway 176, while simultaneously enjoying the quietude of a residential street with minimal through traffic. The Spartanburg County Tax Map Number (TMS) is 7-08-9-115.00. Financial details are available upon request. This property is a solid investment in a growing area, offering a strong potential for rental income and appreciation. The asking price for this attractive duplex is $189,000. Serious inquiries are encouraged to explore this promising investment opportunity further. Additional duplexes in the area may also be available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Spartanburg
    County
    Spartanburg
    State
    South Carolina
    Longitude
    -81.9392625
    Latitude
    34.9743858

    Comparable in this City

    • New
      $265,000
      1,782 SF

      Well-Maintained Duplex Investment

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      200 Rosecrest Rd, Spartanburg, SC 29303
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    • $199,000
      1,500 SF

      Spartanburg Multifamily Investment Opportunity

      Multifamily property near downtown Spartanburg with income potential.
      211 California Ave, Spartanburg, SC 29303
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    • $199,000
      2,230 SF

      Spartanburg Multifamily Investment Opportunity

      Multifamily property near downtown Spartanburg with income potential.
      211 California Ave, Spartanburg, SC 29303
      View Details
    • $334,900
      2,058 SF

      Updated Duplex on Large Lot

      Well-maintained duplex with new roof, HVAC, and spacious yard.
      129 Pisgah Dr, Spartanburg, SC 29303
      View Details
    • $199,000
      0.17 Acres

      Spartanburg Multifamily Investment Opportunity

      Multifamily property near downtown Spartanburg with income potential.
      211 California Ave, Spartanburg, SC 29303
      View Details
    • $250,000
      0.29 Acres

      Spartanburg Duplex Investment Opportunity

      Well-maintained duplex near USC Upstate and Wofford College.
      124 Bonner Rd, Spartanburg, SC 29303
      View Details

    Similar Nearby for Sale

    • New
      $265,000
      1,782 SF

      Well-Maintained Duplex Investment

      Two-unit duplex with flexible heating options and a waterproofed crawlspace on a large adjacent lot.
      200 Rosecrest Rd, Spartanburg, SC 29303
      View Details
    • $199,000
      1,500 SF

      Spartanburg Multifamily Investment Opportunity

      Multifamily property near downtown Spartanburg with income potential.
      211 California Ave, Spartanburg, SC 29303
      View Details
    • $199,000
      2,230 SF

      Spartanburg Multifamily Investment Opportunity

      Multifamily property near downtown Spartanburg with income potential.
      211 California Ave, Spartanburg, SC 29303
      View Details
    • $334,900
      2,058 SF

      Updated Duplex on Large Lot

      Well-maintained duplex with new roof, HVAC, and spacious yard.
      129 Pisgah Dr, Spartanburg, SC 29303
      View Details
    • $199,000
      0.17 Acres

      Spartanburg Multifamily Investment Opportunity

      Multifamily property near downtown Spartanburg with income potential.
      211 California Ave, Spartanburg, SC 29303
      View Details
    • $250,000
      0.29 Acres

      Spartanburg Duplex Investment Opportunity

      Well-maintained duplex near USC Upstate and Wofford College.
      124 Bonner Rd, Spartanburg, SC 29303
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      15,000 SF

      Spartanburg Flex Space Available

      Move-in ready flex unit with warehouse space for lease.
      111 Corporate Dr, Spartanburg, SC 29303
      View Details
    • Contact for pricing

      Renovated Warehouse with Flexible Lease

      Renovated warehouse space available for short-term lease.
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      View Details
    • $6 SF/Yr
      17,500 SF

      Spartanburg Warehouse Space Available

      17,500 sqft warehouse space for lease in Spartanburg, SC.
      110 Commercial Rd, Spartanburg, SC 29303
      View Details
    • Contact for pricing
      3,864 SF

      Retail Space on I-85 Business

      Retail property with frontage and proximity to multifamily developments.
      100 Simuel Rd, Spartanburg, SC 29303
      View Details
    • Contact for pricing
      2,122 SF

      Spartanburg Office Space Available

      Office space available for lease in Spartanburg, South Carolina.
      5020 N Blackstock Rd, Spartanburg, SC 29303
      View Details
    • Contact for pricing
      15,000 SF

      Industrial Space with Fenced Yard

      15,000 SF industrial space with renovated office and laydown yard.
      9091 Asheville Hwy, Boiling Springs, SC 29303
      View Details
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    Spartanburg, SC 29303
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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