Duplex Property with Separate
For Sale
$445,000
1514 Balsam Street, Charleston, SC 29407
Residential Income, Charleston, SC
Property Size1,664 SF
Lot Size0.21 Acres
Price / SF$267.43
Days on Market47
Property Features for 1514 Balsam Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Rooms
Bedroom 1, Bedroom 4, Bedroom 2, Bedroom 3
Subdivision
Ardmore
Elementary school
Stono Park
Middle school
West Ashley
High school
West Ashley
Directions
Take Savannah Hwy. Turn On Oak Dr. Right On Balsam
Standard status
Active
Size
1,664 SF
Lot size
0.21 Acres
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating)
Cooling system
Central Air
Water source
Public
Amenities
fireplace
Building Details
Year built
1965
Floors in Building
1
Number of units
2
Building materials
Brick Veneer
Roof type
Asphalt
Listing Agency:
The Boulevard Company
(843) 806-9830
Listed By:
Greg Polak
(843) 806-9830
Added: Jul 16
Changed: Aug 22
Last Checked: Aug 31 at 6:06PM
MLS# 26020354
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 1,664-square-foot duplex property was built in 1965 and features brick veneer construction, central air, electric heat, an asphalt roof, public water, and public sewer. A separate entrance serves an additional portion of the home that is operating as an Airbnb, creating flexibility for supplemental income, guest use, multigenerational living, or a private workspace.
The 0.21-acre property is located at 1514 Balsam Street in Charleston’s 29407 ZIP code, directly beside the West Ashley Bikeway. Historic Downtown Charleston, area beaches, restaurants, shopping, and daily conveniences are within the surrounding area. A second structure behind the main building is underway, with water and electricity already connected. The improvement may support future guest, studio, workshop, rental, or multifamily use, subject to necessary approvals.
The 0.21-acre property is located at 1514 Balsam Street in Charleston’s 29407 ZIP code, directly beside the West Ashley Bikeway. Historic Downtown Charleston, area beaches, restaurants, shopping, and daily conveniences are within the surrounding area. A second structure behind the main building is underway, with water and electricity already connected. The improvement may support future guest, studio, workshop, rental, or multifamily use, subject to necessary approvals.
Key Highlights
- 1,664‑square‑foot duplex property built in 1965
- 0.21‑acre lot with a second structure underway
- Separate entrance to an area operating as an Airbnb
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
$21,795
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
4.90%
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%
$435,900
$435.9K
Cap Rate 7%
$311,357
$311.4K
Cap Rate 9%
$242,167
$242.2K
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
$32.9K $19.80/SF
− Vacancy
−$1.8K −$1.09/SF
EGI
$31.1K $18.71/SF
− OpEx
−$9.3K −$5.61/SF
NOI
$21.8K $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%
$435,900
Cap Rate 7%
$311,357
Cap Rate 9%
$242,167
Alternative Uses
Best Use
Multifamily LT 5
$311.4K
$272.4K – $363.3K
NOI $21,795 @ 7.0% cap · market cap 4.90%
Second Best
Apartment 5plus
$288.5K
$252.5K – $336.6K
NOI $20,198 @ 7.0% cap · market cap 4.54%
Theoretical Best
Office A
$450.3K
$394.0K – $525.4K
NOI $31,521 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Duplex - Flexible layout includes a separately accessed area operating as an Airbnb.
Where is this duplex located?
The property is located at 1514 Balsam Street Charleston, SC.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: 1,664‑square‑foot duplex property built in 1965; 0.21‑acre lot with a second structure underway; Separate entrance to an area operating as an Airbnb
