Six-Unit Apartment
For Sale
$1,695,000
13-15 Norman Street, Charleston, SC 29403
Two buildings offer separately metered, leased apartments with off-street parking near central Charleston destinations.
Property Size4,775 SF
Days on Market48
Property Features for 13-15 Norman Street
General Information
Standard status
Active
Size
4,775 SF
Property subtype
Multi-Family
Units
Unit Mix
5 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
6
Amenities
Architectural
Building Details
Building Size
4,775 SF
Year Built
1965
Buildings
2
Listing Agency:
Oak Tree Real Estate LLC
Listed By:
Kyle O'keefe · License #88364
(973) 886-9466
Source:
Kw
Added: Jul 17
Changed: Sep 1
Last Checked: Sep 1 at 12:23AM
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 Oak Tree Real Estate LLC
Investment Insights
Based on property information with market context.
This apartment property contains six units distributed across two buildings, with three apartments in each structure. The unit mix includes five 2BR/1BA apartments and one 3BR/1BA apartment, providing a combination of two- and three-bedroom layouts. Each unit is separately metered, and all six apartments are currently leased. Off-street parking serves the property, while the buildings date to 1965.
The property is located at 13-15 Norman Street in Charleston’s Westside of Downtown Charleston. King Street, MUSC, and The Citadel are each described as being just minutes away, placing the apartments near established Charleston destinations. The two-building configuration and varied unit mix provide a clearly defined multifamily layout for the property.
The property is located at 13-15 Norman Street in Charleston’s Westside of Downtown Charleston. King Street, MUSC, and The Citadel are each described as being just minutes away, placing the apartments near established Charleston destinations. The two-building configuration and varied unit mix provide a clearly defined multifamily layout for the property.
Key Highlights
- Six‑unit apartment property arranged across two buildings
- Five 2BR/1BA units and one 3BR/1BA unit
- All six units are currently leased
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
$57,960
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
3.42%
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%
$1,159,200
$1.2M
Cap Rate 7%
$828,000
$828.0K
Cap Rate 9%
$644,000
$644.0K
Market Conditions
NOI Build-Up for 4,775 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
$111.2K $23.28/SF
− Vacancy
−$5.8K −$1.21/SF
EGI
$105.4K $22.07/SF
− OpEx
−$47.4K −$9.93/SF
NOI
$58.0K $12.14/SF
Area
Charleston, SC
Vacancy
5.20%
Lease Rate
$23.28 /SF/Yr
Expense Ratio
45.00%
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%
$1,159,200
Cap Rate 7%
$828,000
Cap Rate 9%
$644,000
Alternative Uses
Best Use
Apartment 5plus
$828.0K
$724.5K – $966.0K
NOI $57,960 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,454 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
5,639
Businesses Nearby
Explore this area
Business Placement
Demographics for 29403, SC
21,363
Population
13,013
Households
1.6
Avg Household Size
30
Median Age
57%
College-Educated
92%
High-School Grad
5.4 sq mi
ZIP Area
3,956
Density / Sq Mi
$65,689
Median Household Income
$43,421
Median Earnings
$1,658
Median Rent
$624,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Two buildings offer separately metered, leased apartments with off-street parking near central Charleston destinations.
Where is this apartment building located?
The property is located at 13-15 Norman Street Charleston, SC.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: Six‑unit apartment property arranged across two buildings; Five 2BR/1BA units and one 3BR/1BA unit; All six units are currently leased
