Detached Two-Building
For Sale
$1,725,000
183 Smith Street, Charleston, SC 29403
Fully occupied multifamily property with three residences and leases extending through July 2027.
Property Size3,932 SF
Price / SF$438.71
Days on Market17
Property Features for 183 Smith Street
General Information
Standard status
Active
Size
3,932 SF
Property subtype
Multi-Family
Zoning
DR-2F
Occupancy
100%
Units
Unit Mix
1 x 4BR/2BA, 2 x 3BR/1BA
Multifamily Units
3
Additional Details
Gross Income
$157,200
Road Access
Yes
Amenities
off-street parking
Building Details
Year Built
1998
Buildings
2
Listing Agency:
Boykin Real Estate
Listed By:
Southern Bell Living
(843) 287-9888
Source:
Southernbellliving
Added: Sep 11
Changed: Sep 24
Last Checked: Sep 26 at 6:36AM
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 Boykin Real Estate
Investment Insights
Based on property information with market context.
Built in 1998, this triplex comprises two detached buildings on a single parcel. The street-facing residence is a two-story, four-bedroom, two-bath house measuring 1,486 SF. A separate rear structure contains two additional residences, each offering three bedrooms, one bathroom, and 1,166 SF. The property includes off-street parking and a total of 10 bedrooms across the three units.
All three residences are occupied, with leases in place through July 2027. The property is zoned DR-2F and sits two blocks from MUSC, with the College of Charleston, King Street dining, and Upper King within walking distance. Supporting materials include a normalized T12 operating statement, rent roll, tax bill, and bound insurance policies for qualified buyers.
All three residences are occupied, with leases in place through July 2027. The property is zoned DR-2F and sits two blocks from MUSC, with the College of Charleston, King Street dining, and Upper King within walking distance. Supporting materials include a normalized T12 operating statement, rent roll, tax bill, and bound insurance policies for qualified buyers.
Key Highlights
- 1998‑built triplex with two detached buildings on one parcel
- Three residences totaling 10 bedrooms
- Street‑facing 4BR/2BA house measures 1,486 SF
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
$51,500
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
2.99%
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%
$1,030,000
$1.0M
Cap Rate 7%
$735,714
$735.7K
Cap Rate 9%
$572,222
$572.2K
Market Conditions
NOI Build-Up for 3,932 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
$77.9K $19.80/SF
− Vacancy
−$4.3K −$1.09/SF
EGI
$73.6K $18.71/SF
− OpEx
−$22.1K −$5.61/SF
NOI
$51.5K $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%
$1,030,000
Cap Rate 7%
$735,714
Cap Rate 9%
$572,222
Alternative Uses
Best Use
Multifamily LT 5
$735.7K
$643.8K – $858.3K
NOI $51,500 @ 7.0% cap · market cap 2.99%
Second Best
Apartment 5plus
$681.8K
$596.6K – $795.5K
NOI $47,727 @ 7.0% cap · market cap 2.77%
Theoretical Best
Office A
$1.06M
$931.1K – $1.24M
NOI $74,485 @ 7.0% cap · market cap 4.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
100%
Occupancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,859
Businesses Nearby
Explore this area
Business Placement
Demographics for 29403, SC
21,363
Population
13,013
Households
1.6
Avg Household Size
30
Median Age
57%
College-Educated
92%
High-School Grad
5.4 sq mi
ZIP Area
3,956
Density / Sq Mi
$65,689
Median Household Income
$43,421
Median Earnings
$1,658
Median Rent
$624,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Fully occupied multifamily property with three residences and leases extending through July 2027.
Where is this triplex located?
The property is located at 183 Smith Street Charleston, SC.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: 1998‑built triplex with two detached buildings on one parcel; Three residences totaling 10 bedrooms; Street‑facing 4BR/2BA house measures 1,486 SF
