Duplex with Split
New
For Sale
$439,000
1923 Quitman Street, North Charleston, SC 29405
A tenant occupies one side on a month-to-month lease; the rear three-bedroom, one-bath area is vacant.
Property Size1,265 SF
Price / SF$347.04
Days on Market2
Property Features for 1923 Quitman Street
General Information
Standard status
Active
Size
1,265 SF
Property subtype
Multi-Family
Building Details
Year Built
1932
Listing Agency:
The Real Estate Firm
(843) 426-6215
Listed By:
Matt O'Neill Real Estate
(843) 619-0401
Source:
Mattoneillrealestate
Added: Sep 29
Last Checked: Sep 30 at 2:01PM
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 Real Estate Firm
Investment Insights
Based on property information with market context.
This 1,265-square-foot duplex in North Charleston was built in 1932. One side is occupied by a tenant on a month-to-month lease, while the rear portion has three bedrooms and one full bath and is vacant.
The property is minutes from Park Circle, with downtown Charleston, the Navy Yard redevelopment, and multiple major employers also described as within easy reach.
The property is minutes from Park Circle, with downtown Charleston, the Navy Yard redevelopment, and multiple major employers also described as within easy reach.
Key Highlights
- Rear area has 3 bedrooms and 1 full bath and is vacant
- Tenant occupies the smaller side on a month‑to‑month lease
- 1,265‑square‑foot property
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
$16,698
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
3.80%
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%
$333,960
$334.0K
Cap Rate 7%
$238,543
$238.5K
Cap Rate 9%
$185,533
$185.5K
Market Conditions
NOI Build-Up for 1,265 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
$25.5K $20.16/SF
− Vacancy
−$1.6K −$1.30/SF
EGI
$23.9K $18.86/SF
− OpEx
−$7.2K −$5.66/SF
NOI
$16.7K $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%
$333,960
Cap Rate 7%
$238,543
Cap Rate 9%
$185,533
Alternative Uses
Best Use
Multifamily LT 5
$238.5K
$208.7K – $278.3K
NOI $16,698 @ 7.0% cap · market cap 3.80%
Second Best
Apartment 5plus
$222.3K
$194.5K – $259.4K
NOI $15,563 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$343.5K
$300.6K – $400.8K
NOI $24,045 @ 7.0% cap · market cap 5.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
510
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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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?
Duplex - A tenant occupies one side on a month-to-month lease; the rear three-bedroom, one-bath area is vacant.
Where is this duplex located?
The property is located at 1923 Quitman Street North Charleston, SC.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: Rear area has 3 bedrooms and 1 full bath and is vacant; Tenant occupies the smaller side on a month‑to‑month lease; 1,265‑square‑foot property
