Quadplex with Rented
For Sale
$525,000
1902 Iris Street, North Charleston, SC 29405
Residential Income, North Charleston, SC
Property Size1,731 SF
Lot Size0.19 Acres
Price / SF$303.29
Days on Market139
Property Features for 1902 Iris Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
11
Rooms
Bedroom 10, Bedroom 5, Bedroom 4, Bedroom 3, Bedroom 11, Bedroom 1, Bedroom 9, Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 2
Interior features
Ceiling Fan(s)
Subdivision
Chicora Place
Elementary school
Chicora
Middle school
Morningside
High school
North Charleston
Standard status
Active
Size
1,731 SF
Lot size
0.19 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1956
Floors in Building
2
Number of units
4
Building materials
Vinyl Siding, Wood Siding
Roof type
Asphalt
Listing Agency:
Jeff Cook Real Estate LPT Realty
(843) 225-2005
Listed By:
Kirk Miller
(843) 412-1717
Added: May 15
Changed: Sep 13
Last Checked: Sep 30 at 7:06PM
MLS# 26014068
Copyright © 2026 CHS Regional MLS. 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 1,731-square-foot quadplex was built in 1956 and contains four residential units: three units with three bedrooms and two bathrooms each, plus one two-bedroom, one-bath unit. Vinyl and wood siding, asphalt roofing, ceiling fans, public water, and public sewer are among the property features. The lot encompasses 0.19 acres.
All four units are currently rented. The property is located at 1902 Iris Street in North Charleston, near Park Circle and within reach of downtown Charleston, major roadways, shopping, and dining. Its existing unit mix and occupied status provide a defined multifamily configuration for a buyer evaluating a residential income property.
All four units are currently rented. The property is located at 1902 Iris Street in North Charleston, near Park Circle and within reach of downtown Charleston, major roadways, shopping, and dining. Its existing unit mix and occupied status provide a defined multifamily configuration for a buyer evaluating a residential income property.
Key Highlights
- Four total units: three 3‑bedroom, 2‑bath units and one 2‑bedroom, 1‑bath unit
- 1,731 square feet on a 0.19‑acre lot
- All units are currently rented
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
$22,850
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
4.35%
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%
$457,000
$457.0K
Cap Rate 7%
$326,429
$326.4K
Cap Rate 9%
$253,889
$253.9K
Market Conditions
NOI Build-Up for 1,731 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
$34.9K $20.16/SF
− Vacancy
−$2.3K −$1.30/SF
EGI
$32.6K $18.86/SF
− OpEx
−$9.8K −$5.66/SF
NOI
$22.8K $13.20/SF
Area
North Charleston, SC
Vacancy
6.46%
Lease Rate
$20.16 /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%
$457,000
Cap Rate 7%
$326,429
Cap Rate 9%
$253,889
Alternative Uses
Best Use
Multifamily LT 5
$326.4K
$285.6K – $380.8K
NOI $22,850 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$304.2K
$266.2K – $354.9K
NOI $21,295 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$470.0K
$411.3K – $548.4K
NOI $32,903 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
510
Businesses Nearby
Explore this area
Business Placement
Demographics for 29405, SC
25,620
Population
13,058
Households
2
Avg Household Size
37
Median Age
27%
College-Educated
84%
High-School Grad
14.7 sq mi
ZIP Area
1,743
Density / Sq Mi
$54,566
Median Household Income
$35,887
Median Earnings
$1,196
Median Rent
$266,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit residential property with public utilities, established construction, and an occupied rental configuration.
Where is this quadplex located?
The property is located at 1902 Iris Street North Charleston, SC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Four total units: three 3‑bedroom, 2‑bath units and one 2‑bedroom, 1‑bath unit; 1,731 square feet on a 0.19‑acre lot; All units are currently rented
