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 Show Phone

Source: Kw

Added: Feb 20 Changed: Oct 16 Last Checked: Oct 16 at 6:12AM

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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

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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.

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 / Yr

$57,960

Cap Rate

4.37%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,159,200 $1.2M

Cap Rate 7%

$828,000 $828.0K

Cap Rate 9%

$644,000 $644.0K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,775 SF

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 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 (±1% cap)

NOI $57,960 @ 7.0% cap · market cap 4.37%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.29M

$1.13M – $1.51M (±1% cap)

NOI $90,454 @ 7.0% cap · market cap 6.83%

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

Property Analytics

Current Use

Apartment buildings

Suggested Use

Top Pick HVAC Service Electrical Service Auto Repair Shop Auto Parts Store (Bike/Boat/Book/etc) Store Plumbing Service

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

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

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?

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 $1,325,000.

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