Two-Unit Duplex with Open
For Sale
$356,000
Pending
1507 Evergreen St, Charleston, SC 29407
Two-bedroom residences offer functional layouts, newer appliances, and no HOA.
Property Size1,269 SF
Days on Market65
Property Features for 1507 Evergreen St
General Information
Standard status
Pending
Size
1,269 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Building Details
Year Built
1953
Buildings
1
Listing Agency:
The Boulevard Company
(843) 806-9830
Listed By:
Greg Polak
Source:
Charlestonareahousehunt
Added: Jun 29
Changed: Aug 28
Last Checked: Aug 25 at 6:01AM
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 The Boulevard Company
Investment Insights
Based on property information with market context.
This 1,269-square-foot duplex contains two residences, each arranged with two bedrooms, one full bathroom, a practical kitchen, and comfortable living areas. Select newer appliances and multiple recent improvements complement the existing layouts, while the property has been maintained with care. Built in 1953, the building occupies an oversized lot with a substantial open area that may support future expansion or an additional structure, subject to applicable approvals.
The property is located at 1507 Evergreen St in Charleston’s 29407 ZIP code, with access to Downtown Charleston, I-526, and I-26. The West Ashley Bikeway, Mulberry Food Forest and Greenway, Avondale shops and restaurants, grocery stores, and retail centers are nearby. The property also has no HOA, providing flexibility for storage of a boat, work trailer, or recreational equipment.
The property is located at 1507 Evergreen St in Charleston’s 29407 ZIP code, with access to Downtown Charleston, I-526, and I-26. The West Ashley Bikeway, Mulberry Food Forest and Greenway, Avondale shops and restaurants, grocery stores, and retail centers are nearby. The property also has no HOA, providing flexibility for storage of a boat, work trailer, or recreational equipment.
Key Highlights
- 1,269‑square‑foot duplex with two residential units
- Each unit includes 2 bedrooms and 1 full bathroom
- Oversized lot includes a substantial open area
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
$16,621
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
4.67%
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%
$332,420
$332.4K
Cap Rate 7%
$237,443
$237.4K
Cap Rate 9%
$184,678
$184.7K
Market Conditions
NOI Build-Up for 1,269 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
$25.1K $19.80/SF
− Vacancy
−$1.4K −$1.09/SF
EGI
$23.7K $18.71/SF
− OpEx
−$7.1K −$5.61/SF
NOI
$16.6K $13.10/SF
Area
Charleston, SC
Vacancy
5.50%
Lease Rate
$19.80 /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%
$332,420
Cap Rate 7%
$237,443
Cap Rate 9%
$184,678
Alternative Uses
Best Use
Multifamily LT 5
$237.4K
$207.8K – $277.0K
NOI $16,621 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$220.0K
$192.5K – $256.7K
NOI $15,403 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$343.4K
$300.5K – $400.7K
NOI $24,039 @ 7.0% cap · market cap 6.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
Explore this area
Business Placement
Demographics for 29407, SC
35,373
Population
18,723
Households
1.9
Avg Household Size
39
Median Age
51%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
2,297
Density / Sq Mi
$80,568
Median Household Income
$51,827
Median Earnings
$1,388
Median Rent
$407,300
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?
Duplex - Two-bedroom residences offer functional layouts, newer appliances, and no HOA.
Where is this duplex located?
The property is located at 1507 Evergreen St Charleston, SC.
What is the asking price?
The asking price for this property is $356,000.
What are key features of this property?
This property features: 1,269‑square‑foot duplex with two residential units; Each unit includes 2 bedrooms and 1 full bathroom; Oversized lot includes a substantial open area
