Two-Building Triplex
New
For Sale
$1,725,000
183 Smith Street, Charleston, SC 29403
Residential Income, Charleston, SC
Property Size3,932 SF
Lot Size0.12 Acres
Price / SF$438.71
Days on Market2
Property Features for 183 Smith Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Conforming
Bedrooms
10
Rooms
Bedroom 5, Bedroom 7, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4, Bedroom 10, Bedroom 9, Bedroom 8, Bedroom 6
Subdivision
Cannonborough-Elliotborough
Elementary school
Memminger
Middle school
Simmons Pinckney
High school
Burke
Directions
From Rutledge Avenue, Take A Left On Canon And Right On Smith Street.
Standard status
Active
Size
3,932 SF
Lot size
0.12 Acres
Utilities
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1998
Floors in Building
2
Number of units
3
Listing Agency:
King and Society Real Estate
Listed By:
Chris Anderson
(843) 442-2339
Added: Sep 9
Last Checked: Sep 10 at 4:06AM
MLS# 26025369
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.
Built in 1998, this triplex comprises two detached buildings on a 0.12-acre parcel. The front structure is a two-story residence with four bedrooms, two bathrooms, and 1,486 square feet. A second building contains two additional units, each offering three bedrooms, one bathroom, and 1,166 square feet. Off-street parking is included, and public water and sewer serve the property.
The asset is located two blocks from MUSC and within walking distance of the College of Charleston, King Street dining, and Upper King. DR-2F zoning applies, and the separate-building layout may support establishment of a condominium regime in the future. All three units are occupied, with leases in place through July 2027.
The asset is located two blocks from MUSC and within walking distance of the College of Charleston, King Street dining, and Upper King. DR-2F zoning applies, and the separate-building layout may support establishment of a condominium regime in the future. All three units are occupied, with leases in place through July 2027.
Key Highlights
- 1998‑built triplex on a 0.12‑acre parcel
- Two detached buildings with one 4BR/2BA residence and two 3BR/1BA units
- Front residence contains 1,486 SF; each rear unit contains 1,166 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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Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7,054
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
Check the figures for this property
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 - DR-2F-zoned triplex with separate detached structures, off-street parking, and full occupancy under 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 on a 0.12‑acre parcel; Two detached buildings with one 4BR/2BA residence and two 3BR/1BA units; Front residence contains 1,486 SF; each rear unit contains 1,166 SF
