4-Unit Rental
For Sale
$525,000
1902 Iris St Unit A D, North Charleston, SC 29405
Three three-bedroom residences and one two-bedroom unit provide a varied multifamily configuration.
Property Size1,731 SF
Price / SF$303.29
Days on Market152
Property Features for 1902 Iris St Unit A D
General Information
Standard status
Active
Size
1,731 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
3 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
4
Building Details
Year Built
1956
Listing Agency:
Jeff Cook Real Estate LPT Realty
Listed By:
Kirk Miller
(843) 412-1717
Source:
Seecharlestonproperties
Added: May 15
Changed: Oct 13
Last Checked: Oct 12 at 8:23PM
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 Jeff Cook Real Estate LPT Realty
Investment Insights
Based on property information with market context.
Located at 1902 Iris St in North Charleston, this 1956-built quadplex contains four residential units. The unit mix includes three three-bedroom, two-bath residences and one two-bedroom, one-bath residence, creating a combination of larger and smaller layouts within the property.
All four units are currently rented. The property is positioned near Park Circle, downtown Charleston, major roadways, shopping, and dining, with access to established residential and commercial areas in the North Charleston market.
All four units are currently rented. The property is positioned near Park Circle, downtown Charleston, major roadways, shopping, and dining, with access to established residential and commercial areas in the North Charleston market.
Key Highlights
- Four total residential units
- Unit mix includes three 3‑bedroom, 2‑bath units and one 2‑bedroom, 1‑bath unit
- All units are currently rented
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,850
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$457,000
$457.0K
Cap Rate 7%
$326,429
$326.4K
Cap Rate 9%
$253,889
$253.9K
Market Conditions
NOI Build-Up for 1,731 SF
Gross rent
$34.9K $20.16/SF
− Vacancy
−$2.3K −$1.30/SF
EGI
$32.6K $18.86/SF
− OpEx
−$9.8K −$5.66/SF
NOI
$22.8K $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 Rate 5%
$457,000
Cap Rate 7%
$326,429
Cap Rate 9%
$253,889
Alternative Uses
Best Use
Multifamily LT 5
$326.4K
$285.6K – $380.8K
NOI $22,850 @ 7.0% cap · market cap 4.35%
Second Best
Apartment 5plus
$304.2K
$266.2K – $354.9K
NOI $21,295 @ 7.0% cap · market cap 4.06%
Theoretical Best
Office A
$470.0K
$411.3K – $548.4K
NOI $32,903 @ 7.0% cap · market cap 6.27%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
100%
Occupancy
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
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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?
Quadplex - Three three-bedroom residences and one two-bedroom unit provide a varied multifamily configuration.
Where is this quadplex located?
The property is located at 1902 Iris St Unit A D North Charleston, SC.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Four total residential units; Unit mix includes three 3‑bedroom, 2‑bath units and one 2‑bedroom, 1‑bath unit; All units are currently rented
