Brick Veneer
For Sale
Under Contract
$604,900
7424 Rock Street, North Charleston, SC 29420
MULTI_FAMILY - North Charleston, SC
Property Size3,060 SF
Lot Size0.35 Acres
Price / SF$197.68
Days on Market162
Property Features for 7424 Rock Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Conforming
Bedrooms
8
Rooms
Bedroom 2, Bedroom 6, Bedroom 1, Bedroom 4, Bedroom 7, Bedroom 5, Bedroom 8, Bedroom 3
Subdivision
Ashley Heights
Elementary school
Pepper Hill
Middle school
Northwoods
High school
Stall
Directions
Ashley Phosphate Rd To Rock St. On The Right.
Standard status
Active Under Contract
Size
3,060 SF
Lot size
0.35 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
sleek kitchen cabinetry
breakfast bars
ceiling fans
dedicated washer and dryer connections
Building Details
Year built
1968
Floors in Building
1
Number of units
4
Building materials
Brick Veneer
Roof type
Asphalt
Listing Agency:
AgentOwned Realty Preferred Group
(843) 725-5059
Listed By:
Mike Hillman
(843) 725-5059
Added: Mar 2
Changed: Aug 4
Last Checked: Aug 11 at 8:06PM
MLS# 26005802
Copyright © 2026 CHS Regional MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
7424 Rock Street is a brick veneer quadplex built in 1968, offering four residential units within one building. The property features central heating and central air, along with a roof surfaced with asphalt. Public water and public sewer services support the building.
Each unit is described as a 2-bedroom, 1-bath layout with dedicated washer and dryer connections, plus ceiling fans and updated kitchen elements including cabinetry and breakfast bars. Tenants are responsible for all utility costs.
The asset is positioned off Ashley Phosphate Rd in North Charleston’s growth corridor. The offering references access to I-26 and proximity to Charleston International Airport, Boeing, and Joint Base Charleston, along with shopping options including North Rivers Towne Center and Tanger Outlets and Northwoods Mall.
Each unit is described as a 2-bedroom, 1-bath layout with dedicated washer and dryer connections, plus ceiling fans and updated kitchen elements including cabinetry and breakfast bars. Tenants are responsible for all utility costs.
The asset is positioned off Ashley Phosphate Rd in North Charleston’s growth corridor. The offering references access to I-26 and proximity to Charleston International Airport, Boeing, and Joint Base Charleston, along with shopping options including North Rivers Towne Center and Tanger Outlets and Northwoods Mall.
Key Highlights
- 0.35‑acre quadplex lot off Ashley Phosphate Rd
- Four‑unit building; each unit described as 2‑bedroom and 1‑bath
- Each unit includes dedicated washer and dryer connections
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
$40,393
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
6.68%
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%
$807,860
$807.9K
Cap Rate 7%
$577,043
$577.0K
Cap Rate 9%
$448,811
$448.8K
Market Conditions
NOI Build-Up for 3,060 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
$61.7K $20.16/SF
− Vacancy
−$4.0K −$1.30/SF
EGI
$57.7K $18.86/SF
− OpEx
−$17.3K −$5.66/SF
NOI
$40.4K $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%
$807,860
Cap Rate 7%
$577,043
Cap Rate 9%
$448,811
Alternative Uses
Best Use
Multifamily LT 5
$577.0K
$504.9K – $673.2K
NOI $40,393 @ 7.0% cap · market cap 6.68%
Second Best
Apartment 5plus
$537.8K
$470.6K – $627.4K
NOI $37,645 @ 7.0% cap · market cap 6.22%
Theoretical Best
Office A
$830.9K
$727.1K – $969.4K
NOI $58,164 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
730
Businesses Nearby
Explore this area
Business Placement
Demographics for 29420, SC
23,619
Population
9,537
Households
2.5
Avg Household Size
36
Median Age
31%
College-Educated
87%
High-School Grad
10.0 sq mi
ZIP Area
2,362
Density / Sq Mi
$69,043
Median Household Income
$40,949
Median Earnings
$1,506
Median Rent
$283,900
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?
Quadplex - Well-maintained quadplex with four 2-bedroom, 1-bath units and central heating and central air.
Where is this quadplex located?
The property is located at 7424 Rock Street North Charleston, SC.
What is the asking price?
The asking price for this property is $604,900.
What are key features of this property?
This property features: 0.35‑acre quadplex lot off Ashley Phosphate Rd; Four‑unit building; each unit described as 2‑bedroom and 1‑bath; Each unit includes dedicated washer and dryer connections
