Spartanburg, SC 29306
- $350,000
- List Price
- $350,000
- Status
- ACTIVE
- Price Change
- ▲ $80,100 1784604838
- MLS#
- 334564
- Subtype
- Residential Income
- Acres
- 0.53
- MLS Area Major
- Spartanburg
Property Description
High-Upside Value-Add Investment Opportunity – 7 Unit Conversion. . . Investors and developers—this is the type of project that creates serious equity. . This partially renovated building shell with 11 foot ceilings has already completed major structural improvements including updated roof rafters and flooring systems, significantly reducing early-stage construction risk and cost. The property is positioned to be completed as up to 7 income-producing rental units, a laundry center, and rentable storage space, giving investors the opportunity to create a strong cash-flowing asset. . .Assuming rents of $1,250/mo. x 7 units with a 35% expense ratio calculates a 9.4% CAP rate, well above average returns. BRRRR Strategy, Long Term Hold, Short Term Rental. All possible options being located close to employment and recreation. Bring your contractor and calculator to this ready to be finished opportunity.
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Additional Information
- Taxes
- $1,094
- Heating
- None
- Air Conditioning
- None
- Levels
- One and One Half
- Roof
- Composition
- School District
- 7
- Elementary School
- 7-Mary Wright
- Middle School
- 7-Carver Jr
- High School
- 7-Spartanburg
Listing courtesy of of Brand Name Real Estate Upstate.
Listings courtesy of Spartanburg Association of Realtors as distributed by MLS GRID. Based on information submitted to the MLS GRID as of . All data is obtained from various sources and may not have been verified by broker or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.