Two-Unit
For Sale
$315,000
1906 Norwood Street North, Charleston, SC 29405
One residence is vacant, while the second is currently leased.
Property Size1,800 SF
Days on Market135
Property Features for 1906 Norwood Street North
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1.5BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
Electric
Charleston Water Service, Dominion Energy
Building Details
Building Size
1,800 SF
Year Built
2004
Listing Agency:
The Space Co Inc.
(843) 864-3990
Listed By:
Renata Smalls
Source:
Kw
Added: Apr 19
Changed: Aug 31
Last Checked: Aug 31 at 12:22AM
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 The Space Co Inc.
Investment Insights
Based on property information with market context.
This 2004 duplex contains two 3BR/1.5BA residences, providing a straightforward two-unit configuration. One residence is vacant, and the other is leased, allowing the property to serve as an income-producing asset or an owner-occupant arrangement with a second occupied unit.
The property is located at 1906 Norwood Street in North Charleston, within the Chicora Place area. Shopping, schools, and major highways are identified nearby. Charleston Water Service and Dominion Energy serve the property.
The property is located at 1906 Norwood Street in North Charleston, within the Chicora Place area. Shopping, schools, and major highways are identified nearby. Charleston Water Service and Dominion Energy serve the property.
Key Highlights
- Two 3BR/1.5BA units
- One unit vacant; one unit rented
- Built in 2004
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
$23,576
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
7.48%
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%
$471,520
$471.5K
Cap Rate 7%
$336,800
$336.8K
Cap Rate 9%
$261,956
$262.0K
Market Conditions
NOI Build-Up for 1,800 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
$35.6K $19.80/SF
− Vacancy
−$2.0K −$1.09/SF
EGI
$33.7K $18.71/SF
− OpEx
−$10.1K −$5.61/SF
NOI
$23.6K $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%
$471,520
Cap Rate 7%
$336,800
Cap Rate 9%
$261,956
Alternative Uses
Best Use
Multifamily LT 5
$336.8K
$294.7K – $392.9K
NOI $23,576 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$312.1K
$273.1K – $364.2K
NOI $21,849 @ 7.0% cap · market cap 6.94%
Theoretical Best
Office A
$487.1K
$426.2K – $568.3K
NOI $34,098 @ 7.0% cap · market cap 10.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
420
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
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Frequently Asked Questions
What type of property is this?
Duplex - One residence is vacant, while the second is currently leased.
Where is this duplex located?
The property is located at 1906 Norwood Street North Charleston, SC.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two 3BR/1.5BA units; One unit vacant; one unit rented; Built in 2004
