Fully Occupied
For Sale
$445,000
1072-1078 Otis Boulevard, Spartanburg, SC 29302
MULTI_FAMILY - Spartanburg, SC
Property Size2,274 SF
Price / SF$195.69
Days on Market16
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 4, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 2
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: Aug 9
Last Checked: Aug 14 at 9:06PM
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 fully occupied quadplex at 1072-1078 Otis Boulevard in Spartanburg, SC offers four individually leased units. Each unit is leased, supporting immediate rental operations, with one unit noted as offering light updating.
The property sits on tree-lined Otis Blvd in the Converse Heights area. It is positioned for convenient access to Converse College, downtown Spartanburg, and major highway routes, while also benefiting from walkable proximity to local shops and restaurants.
The building totals 2,274 square feet and is served by public water and public sewer. Heating and cooling are provided via heat pumps. Parking is listed as on-street, supporting neighborhood access and guest convenience.
The property sits on tree-lined Otis Blvd in the Converse Heights area. It is positioned for convenient access to Converse College, downtown Spartanburg, and major highway routes, while also benefiting from walkable proximity to local shops and restaurants.
The building totals 2,274 square feet and is served by public water and public sewer. Heating and cooling are provided via heat pumps. Parking is listed as on-street, supporting neighborhood access and guest convenience.
Key Highlights
- Four individually leased units with one unit noted for light updating
- 2,274 SF quadplex at 1072‑1078 Otis Boulevard, Spartanburg, SC 29302
- Heat pump heating and heat pump cooling
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 with heat pump HVAC and public water and sewer, with on-street parking on Otis Boulevard.
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 individually leased units with one unit noted for light updating; 2,274 SF quadplex at 1072‑1078 Otis Boulevard, Spartanburg, SC 29302; Heat pump heating and heat pump cooling
