Fully Occupied Four-Unit
For Sale
$445,000
1072-1078 Otis Boulevard, Spartanburg, SC 29302
Four individually leased units provide a fully occupied configuration, with one unit identified for light updating.
Property Size2,274 SF
Price / SF$195.69
Days on Market32
Property Features for 1072-1078 Otis Boulevard
General Information
Standard status
Active
Size
2,274 SF
Property subtype
Multi-Family
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Gross Income
$46,620
Multifamily Units
4
Building Details
Tenancy
Multi
Listing Agency:
Prime Realty, LLC
(864) 434-3314
Listed By:
Alex Darst
Source:
Greenvilleheartproperties
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 30 at 7:16PM
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 Prime Realty, LLC
Investment Insights
Based on property information with market context.
This 2,274 SF quadplex contains four individually leased units and is fully occupied. The property offers an established residential income configuration, with one unit identified for light updating. Separate unit leases support a straightforward multifamily operating structure.
Located at 1072-1078 Otis Boulevard in Spartanburg’s Converse Heights neighborhood, the property sits on a tree-lined boulevard near local shops and restaurants. Converse College, downtown Spartanburg, and major highway access are all described as being minutes away, combining neighborhood convenience with regional connectivity.
Located at 1072-1078 Otis Boulevard in Spartanburg’s Converse Heights neighborhood, the property sits on a tree-lined boulevard near local shops and restaurants. Converse College, downtown Spartanburg, and major highway access are all described as being minutes away, combining neighborhood convenience with regional connectivity.
Key Highlights
- Four‑unit quadplex with all units individually leased
- Fully occupied residential income property
- 2,274 SF building
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
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road 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
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 - Four individually leased units provide a fully occupied configuration, with one unit identified for light updating.
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 all units individually leased; Fully occupied residential income property; 2,274 SF building
