Building Details

Tenancy Multi

Listing Agency: Prime Realty, LLC

Listed By: Alex Darst Show Phone

Source: Greenvilleheartproperties

Added: Jul 31 Changed: Oct 13 Last Checked: Oct 16 at 10:58AM

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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.

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 / Yr

$20,324

Cap Rate

4.57%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$406,480 $406.5K

Cap Rate 7%

$290,343 $290.3K

Cap Rate 9%

$225,822 $225.8K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,274 SF

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 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 (±1% cap)

NOI $20,324 @ 7.0% cap · market cap 4.57%

Second Best

Apartment 5plus

$267.4K

$234.0K – $312.0K (±1% cap)

NOI $18,721 @ 7.0% cap · market cap 4.21%

Theoretical Best

Warehouse

$1.77M

$1.54M – $2.06M (±1% cap)

NOI $123,575 @ 7.0% cap · market cap 27.77%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Kitchen & Bath Showroom Auto Parts Store Furniture & Home Goods Storage Facility Plumbing Service Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

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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