Duplex with Open Lot
For Sale
Under Contract
$356,000
1507 Evergreen Street, Charleston, SC 29407
Residential Income, Charleston, SC
Property Size1,269 SF
Lot Size0.21 Acres
Price / SF$280.54
Days on Market56
Property Features for 1507 Evergreen Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Rooms
Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 2
Subdivision
Ardmore
Elementary school
Stono Park
Middle school
West Ashley
High school
West Ashley
Directions
Hwy 17 - Turn Onto White Oak Dr - Then Turn Right Onto Evergreen Street. #1507
Standard status
Active Under Contract
Size
1,269 SF
Lot size
0.21 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Building Details
Year built
1953
Floors in Building
1
Number of units
2
Building materials
Block/Masonry
Listing Agency:
The Boulevard Company
(843) 806-9830
Listed By:
Greg Polak
(843) 806-9830
Added: Jul 8
Changed: Aug 19
Last Checked: Sep 1 at 3:06PM
MLS# 26019494
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 Charleston duplex contains 1,269 square feet and was built in 1953 with block/masonry construction. Each residence includes two bedrooms, one full bathroom, a functional kitchen with select newer appliances, and maintained living areas. Central air, electric heat, public water, and public sewer serve the property.
The 0.21-acre parcel includes a substantial unused area, creating flexibility for storage or future planning. The property has no HOA. Located in West Ashley, it provides access to I-526 and I-26, while the West Ashley Bikeway and Mulberry Food Forest and Greenway are nearby. Avondale shops and restaurants, grocery stores, retail centers, and Charleston-area coastal destinations are also within the surrounding area.
The 0.21-acre parcel includes a substantial unused area, creating flexibility for storage or future planning. The property has no HOA. Located in West Ashley, it provides access to I-526 and I-26, while the West Ashley Bikeway and Mulberry Food Forest and Greenway are nearby. Avondale shops and restaurants, grocery stores, retail centers, and Charleston-area coastal destinations are also within the surrounding area.
Key Highlights
- Duplex with 2 residences, each offering 2 bedrooms and 1 full bathroom
- 1,269 square feet on a 0.21‑acre lot
- Built in 1953 with block/masonry construction
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 residences offer practical layouts, central air, public utilities, and additional open land without HOA restrictions.
Where is this duplex located?
The property is located at 1507 Evergreen Street 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: Duplex with 2 residences, each offering 2 bedrooms and 1 full bathroom; 1,269 square feet on a 0.21‑acre lot; Built in 1953 with block/masonry construction
