Three-Unit Multifamily
For Sale
$390,000
2205 Russelldale Ave, North Charleston, SC 29406
Multifamily asset with two two-bedroom units and one one-bedroom unit, each offering one bathroom.
Property Size1,820 SF
Price / SF$214.29
Days on Market54
Property Features for 2205 Russelldale Ave
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Furnished
No
Highway Access
Yes
Building Details
Year Built
1964
Listing Agency:
Matt O'Neill Real Estate
(843) 654-7777
Listed By:
Elliot Sperling · License #37016
Source:
Greatercharlestonhomesource
Added: Jul 7
Changed: Aug 27
Last Checked: Aug 29 at 10:33AM
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 Matt O'Neill Real Estate
Investment Insights
Based on property information with market context.
Built in 1964, this 1,820-square-foot triplex at 2205 Russelldale Avenue includes two two-bedroom, one-bathroom residences and one one-bedroom, one-bathroom residence. The three-unit configuration provides a clearly defined mix within a single multifamily property.
The property is located in North Charleston with convenient regional access. I-526 is approximately one-half mile away, while I-26 is just over one mile from the property. Park Circle is two miles away, Tanger Outlets is three miles away, Charleston International Airport is 3.5 miles away, and downtown Charleston is under six miles away.
The property is located in North Charleston with convenient regional access. I-526 is approximately one-half mile away, while I-26 is just over one mile from the property. Park Circle is two miles away, Tanger Outlets is three miles away, Charleston International Airport is 3.5 miles away, and downtown Charleston is under six miles away.
Key Highlights
- Three‑unit triplex configuration
- Unit mix includes two 2‑bedroom, 1‑bathroom units and one 1‑bedroom, 1‑bathroom unit
- 1,820 SF property built in 1964
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
$24,025
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
6.16%
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%
$480,500
$480.5K
Cap Rate 7%
$343,214
$343.2K
Cap Rate 9%
$266,944
$266.9K
Market Conditions
NOI Build-Up for 1,820 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
$36.7K $20.16/SF
− Vacancy
−$2.4K −$1.30/SF
EGI
$34.3K $18.86/SF
− OpEx
−$10.3K −$5.66/SF
NOI
$24.0K $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%
$480,500
Cap Rate 7%
$343,214
Cap Rate 9%
$266,944
Alternative Uses
Best Use
Multifamily LT 5
$343.2K
$300.3K – $400.4K
NOI $24,025 @ 7.0% cap · market cap 6.16%
Second Best
Apartment 5plus
$319.9K
$279.9K – $373.2K
NOI $22,390 @ 7.0% cap · market cap 5.74%
Theoretical Best
Office A
$494.2K
$432.4K – $576.6K
NOI $34,595 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
45
Businesses Nearby
Explore this area
Business Placement
Demographics for 29406, SC
32,730
Population
14,542
Households
2.3
Avg Household Size
32
Median Age
23%
College-Educated
82%
High-School Grad
15.3 sq mi
ZIP Area
2,139
Density / Sq Mi
$50,640
Median Household Income
$36,741
Median Earnings
$1,305
Median Rent
$209,700
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?
Triplex - Multifamily asset with two two-bedroom units and one one-bedroom unit, each offering one bathroom.
Where is this triplex located?
The property is located at 2205 Russelldale Ave North Charleston, SC.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Three‑unit triplex configuration; Unit mix includes two 2‑bedroom, 1‑bathroom units and one 1‑bedroom, 1‑bathroom unit; 1,820 SF property built in 1964
