Four-Unit
For Sale
$445,000
1072-1078 Otis Boulevard, Spartanburg, SC 29302
MULTIFAMILY, Spartanburg, SC
Property Size2,274 SF
Price / SF$195.69
Days on Market44
Property Features for 1072-1078 Otis Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 1
Parking features
On Street
Subdivision
Converse Heights
Elementary school
7-Pine Street
Middle school
7-McCraken J
High school
7-Spartanburg
Elementary school district
7 Sptbg Co
Middle school district
7 Sptbg Co
High school district
7 Sptbg Co
Directions
E. Main St. to Connecticut Ave. Left on Otis. Triplex and single house beside it are last buildings on left before Palmetto St.
Standard status
Active
Size
2,274 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
10468
Utilities
Sewer type
Public Sewer
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Water source
Public
Building Details
Floors in Building
1
Number of units
4
Listing Agency:
Prime Realty, LLC
(864) 334-8690
Listed By:
Alex Darst
(864) 434-3314
Added: Jul 30
Changed: Sep 5
Last Checked: Sep 11 at 9:06AM
MLS# 340035
Copyright © 2026 Spartanburg Association of REALTORS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,274-square-foot quadplex at 1072-1078 Otis Boulevard contains four residential units, each currently leased. The property is served by heat-pump heating and cooling, public water, and public sewer, with on-street parking available. Bedroom areas are identified across the unit layout, supporting the building’s residential configuration.
The property is positioned in Spartanburg’s Converse Heights neighborhood, near Converse College, downtown Spartanburg, local shops, and restaurants. Major highway access is also close by, providing connectivity throughout the area. The combination of four leased units, established residential surroundings, and practical utility service gives the asset a straightforward multifamily profile.
The property is positioned in Spartanburg’s Converse Heights neighborhood, near Converse College, downtown Spartanburg, local shops, and restaurants. Major highway access is also close by, providing connectivity throughout the area. The combination of four leased units, established residential surroundings, and practical utility service gives the asset a straightforward multifamily profile.
Key Highlights
- Four‑unit quadplex with 2,274 square feet of property size
- All four units are individually leased
- Located at 1072‑1078 Otis Boulevard in Spartanburg, SC 29302
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
$20,324
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
4.57%
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%
$406,480
$406.5K
Cap Rate 7%
$290,343
$290.3K
Cap Rate 9%
$225,822
$225.8K
Market Conditions
NOI Build-Up for 2,274 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
$30.6K $13.44/SF
− Vacancy
−$1.5K −$0.67/SF
EGI
$29.0K $12.77/SF
− OpEx
−$8.7K −$3.83/SF
NOI
$20.3K $8.94/SF
Area
Spartanburg County, SC
Vacancy
5.00%
Lease Rate
$13.44 /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%
$406,480
Cap Rate 7%
$290,343
Cap Rate 9%
$225,822
Alternative Uses
Best Use
Multifamily LT 5
$290.3K
$254.1K – $338.7K
NOI $20,324 @ 7.0% cap · market cap 4.57%
Second Best
Apartment 5plus
$267.4K
$234.0K – $312.0K
NOI $18,721 @ 7.0% cap · market cap 4.21%
Theoretical Best
Warehouse
$1.77M
$1.54M – $2.06M
NOI $123,575 @ 7.0% cap · market cap 27.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 29302, SC
17,356
Population
8,169
Households
2.1
Avg Household Size
42
Median Age
41%
College-Educated
92%
High-School Grad
50.7 sq mi
ZIP Area
342
Density / Sq Mi
$77,428
Median Household Income
$44,476
Median Earnings
$1,031
Median Rent
$264,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fully leased residential income property with public utilities, heat-pump systems, and convenient access to nearby retail and major highways.
Where is this quadplex located?
The property is located at 1072-1078 Otis Boulevard Spartanburg, SC.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Four‑unit quadplex with 2,274 square feet of property size; All four units are individually leased; Located at 1072‑1078 Otis Boulevard in Spartanburg, SC 29302
