Multifamily Property with Guest
For Sale
$479,000
1514 Balsam St, Charleston, SC 29407
Separate-entry accommodation supports short-term rental use, multigenerational living, guest stays, or private workspace needs.
Property Size1,664 SF
Price / SF$287.86
Days on Market64
Property Features for 1514 Balsam St
General Information
Standard status
Active
Size
1,664 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Amenities
fireplace
Building Details
Year Built
1965
Listing Agency:
The Boulevard Company
(843) 806-9830
Listed By:
Greg Polak
Source:
Charlestonareahomeseeker
Added: Jun 29
Changed: Aug 29
Last Checked: Aug 30 at 6:13PM
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 1965 multifamily property includes a 3-bedroom, 1-bathroom main residence with a living area, fireplace, kitchen, and restorative improvements. A separately accessed portion of the home is operating as an Airbnb, providing flexibility for short-term rental use, guest accommodations, multigenerational living, or a private workspace.
The property sits adjacent to the West Ashley Bikeway in Charleston’s 29407 ZIP code, with restaurants, shopping, everyday conveniences, beaches, and Historic Downtown Charleston within the surrounding area. An additional structure behind the residence is underway with water and electricity connected. Subject to required approvals, the existing improvement could support a guest house, studio, workshop, rental unit, or multifamily expansion.
The property sits adjacent to the West Ashley Bikeway in Charleston’s 29407 ZIP code, with restaurants, shopping, everyday conveniences, beaches, and Historic Downtown Charleston within the surrounding area. An additional structure behind the residence is underway with water and electricity connected. Subject to required approvals, the existing improvement could support a guest house, studio, workshop, rental unit, or multifamily expansion.
Key Highlights
- 3‑bedroom, 1‑bathroom main residence with 1,664 property size
- Separate entrance to an Airbnb‑operated portion of the home
- Additional structure underway behind the residence
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
$20,198
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
4.22%
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%
$403,960
$404.0K
Cap Rate 7%
$288,543
$288.5K
Cap Rate 9%
$224,422
$224.4K
Market Conditions
NOI Build-Up for 1,664 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
$38.7K $23.28/SF
− Vacancy
−$2.0K −$1.21/SF
EGI
$36.7K $22.07/SF
− OpEx
−$16.5K −$9.93/SF
NOI
$20.2K $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%
$403,960
Cap Rate 7%
$288,543
Cap Rate 9%
$224,422
Alternative Uses
Best Use
Apartment 5plus
$288.5K
$252.5K – $336.6K
NOI $20,198 @ 7.0% cap · market cap 4.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$450.3K
$394.0K – $525.4K
NOI $31,521 @ 7.0% cap · market cap 6.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,236
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?
Multifamily property - Separate-entry accommodation supports short-term rental use, multigenerational living, guest stays, or private workspace needs.
Where is this multifamily property located?
The property is located at 1514 Balsam St Charleston, SC.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: 3‑bedroom, 1‑bathroom main residence with 1,664 property size; Separate entrance to an Airbnb‑operated portion of the home; Additional structure underway behind the residence
