Renovated Multifamily
For Sale
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2220 Van Buren Avenue, North Charleston, SC 29406
Fully renovated 12-unit multifamily property in North Charleston, South Carolina.
Property Size6,432 SF
Price / SF$256.53
Days on Market185
Property Features for 2220 Van Buren Avenue
General Information
Standard status
Active
Size
6,432 SF
Property subtype
Multifamily
Zoning
R-2
Building Details
Year Built
2006
Listing Agency:
eXp Realty
(888) 440-2798
Listed By:
Jason Smith · License #SC
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Jul 19 at 7:30AM
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 eXp Realty
Investment Insights
Based on property information with market context.
The property is a fully renovated 12-unit multifamily community located in North Charleston, South Carolina. It features a balanced unit mix of six one-bedroom and six two-bedroom apartments. The property has undergone a comprehensive interior and exterior renovation program. Interior upgrades include modernized kitchens and bathrooms, new cabinetry finishes, updated countertops, new fixtures, ceiling fans, flooring, paint, and electrical improvements, along with HVAC and water heater replacements as needed. Select units have also been enhanced with washer and dryer hookups. The exterior of the property has been significantly improved with new railings and stair systems, roof enhancements, parking lot concrete replacement, upgraded mailboxes, and refreshed landscaping. The property offers investors a turnkey opportunity with minimal near-term capital requirements. Strategically located near Interstate 26 and Interstate 526, the property provides convenient access to downtown Charleston, Joint Base Charleston, Boeing, the Port of Charleston, and major retail corridors, supporting strong rental demand and long-term investment stability. The property size is 6432 square feet.
Key Highlights
- Fully renovated 12‑unit multifamily community in North Charleston.
- Turnkey opportunity with minimal near‑term capital requirements.
- Convenient access to downtown Charleston, Joint Base Charleston, Boeing, and the Port of Charleston via Interstate 26 and Interstate 526.
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
$79,129
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
4.80%
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%
$1,582,580
$1.6M
Cap Rate 7%
$1,130,414
$1.1M
Cap Rate 9%
$879,211
$879.2K
Market Conditions
NOI Build-Up for 6,432 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
$154.4K $24.00/SF
− Vacancy
−$10.5K −$1.63/SF
EGI
$143.9K $22.37/SF
− OpEx
−$64.7K −$10.07/SF
NOI
$79.1K $12.30/SF
Area
North Charleston, SC
Vacancy
6.80%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,582,580
Cap Rate 7%
$1,130,414
Cap Rate 9%
$879,211
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$989.1K – $1.32M
NOI $79,129 @ 7.0% cap · market cap 4.80%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.75M
$1.53M – $2.04M
NOI $122,259 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
629
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?
Apartment building - Fully renovated 12-unit multifamily property in North Charleston, South Carolina.
Where is this apartment building located?
The property is located at 2220 Van Buren Avenue North Charleston, SC.
What is the asking price?
The asking price for this property is $1,650,000.
What are key features of this property?
This property features: Fully renovated 12‑unit multifamily community in North Charleston.; Turnkey opportunity with minimal near‑term capital requirements.; Convenient access to downtown Charleston, Joint Base Charleston, Boeing, and the Port of Charleston via Interstate 26 and Interstate 526.
