Four-Unit Quadplex with Updated
For Sale
Under Contract
$604,900
7424 Rock Street, North Charleston, SC 29420
Residential Income, North Charleston, SC
Property Size3,060 SF
Lot Size0.35 Acres
Price / SF$197.68
Days on Market190
Property Features for 7424 Rock Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning description
Conforming
Bedrooms
8
Rooms
Bedroom 8, Bedroom 7, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
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
washer/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) 297-1901
Added: Mar 2
Changed: Sep 6
Last Checked: Sep 8 at 4:06PM
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.
This 1968 quadplex contains four residential units, each configured with two bedrooms and one bathroom. Interior features include updated kitchen cabinetry, breakfast bars, ceiling fans, and dedicated washer-dryer connections. The building has brick veneer construction, central heating, central air, an asphalt roof, public water, and public sewer. Tenants are responsible for utility costs.
The property is located on Rock Street in North Charleston, with access to Ashley Phosphate Road and I-26. Nearby retail and shopping destinations identified in the property information include North Rivers Towne Center, Tanger Outlets, and Northwoods Mall. Charleston International Airport, Boeing, and Joint Base Charleston are described as being within 15 minutes via I-26, while Lowcountry beaches are approximately 30 minutes away.
The property is located on Rock Street in North Charleston, with access to Ashley Phosphate Road and I-26. Nearby retail and shopping destinations identified in the property information include North Rivers Towne Center, Tanger Outlets, and Northwoods Mall. Charleston International Airport, Boeing, and Joint Base Charleston are described as being within 15 minutes via I-26, while Lowcountry beaches are approximately 30 minutes away.
Key Highlights
- Four‑unit residential building with two‑bedroom, one‑bathroom layouts
- Each residence includes updated kitchen cabinetry and a breakfast bar
- Dedicated washer‑dryer connections provided in every unit
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
4
Residential units
Yes
Highway access
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 - Four two-bedroom residences include updated kitchens, breakfast bars, ceiling fans, and washer-dryer connections.
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: Four‑unit residential building with two‑bedroom, one‑bathroom layouts; Each residence includes updated kitchen cabinetry and a breakfast bar; Dedicated washer‑dryer connections provided in every unit
