Two-Unit Residential
For Sale
$424,900
1820 Iris Street, North Charleston, SC 29405
Residential duplex with dishwasher, electric cooktop, and refrigerator included.
Property Size2,016 SF
Price / SF$210.76
Days on Market168
Property Features for 1820 Iris Street
General Information
Standard status
Active
Size
2,016 SF
Property subtype
Residential Income
Amenities
Dishwasher, Electric Cooktop, Refrigerator
Building Details
Building Size
2,016 SF
Year Built
1992
Stories
1
Listing Agency:
(843) 789-0734
Listed By:
Brad Williams
(843) 789-0734
Source:
Evrealestate
Added: Mar 18
Changed: Aug 30
Last Checked: Aug 31 at 1:34PM
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 Brad Williams
Investment Insights
Based on property information with market context.
This two-unit residential duplex contains 2,016 square feet and was built in 1992. The property includes a dishwasher, electric cooktop, and refrigerator, with no additional interior features identified.
The duplex is located at 1820 Iris Street in North Charleston, South Carolina, within Charleston County. Access directions reference I-26, SC-7, Spruill Avenue, Calvert Street, and North Carolina Avenue.
The duplex is located at 1820 Iris Street in North Charleston, South Carolina, within Charleston County. Access directions reference I-26, SC-7, Spruill Avenue, Calvert Street, and North Carolina Avenue.
Key Highlights
- 2,016‑square‑foot duplex
- Built in 1992
- Two‑unit residential configuration
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
$26,612
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
6.26%
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%
$532,240
$532.2K
Cap Rate 7%
$380,171
$380.2K
Cap Rate 9%
$295,689
$295.7K
Market Conditions
NOI Build-Up for 2,016 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
$40.6K $20.16/SF
− Vacancy
−$2.6K −$1.30/SF
EGI
$38.0K $18.86/SF
− OpEx
−$11.4K −$5.66/SF
NOI
$26.6K $13.20/SF
Area
North Charleston, SC
Vacancy
6.46%
Lease Rate
$20.16 /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%
$532,240
Cap Rate 7%
$380,171
Cap Rate 9%
$295,689
Alternative Uses
Best Use
Multifamily LT 5
$380.2K
$332.7K – $443.5K
NOI $26,612 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$354.3K
$310.0K – $413.4K
NOI $24,802 @ 7.0% cap · market cap 5.84%
Theoretical Best
Office A
$547.4K
$479.0K – $638.7K
NOI $38,320 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
735
Businesses Nearby
Explore this area
Business Placement
Demographics for 29405, SC
25,620
Population
13,058
Households
2
Avg Household Size
37
Median Age
27%
College-Educated
84%
High-School Grad
14.7 sq mi
ZIP Area
1,743
Density / Sq Mi
$54,566
Median Household Income
$35,887
Median Earnings
$1,196
Median Rent
$266,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Residential duplex with dishwasher, electric cooktop, and refrigerator included.
Where is this duplex located?
The property is located at 1820 Iris Street North Charleston, SC.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 2,016‑square‑foot duplex; Built in 1992; Two‑unit residential configuration
