Flexible B-2 Zoned
For Sale
Contact for pricing
5638 N Rhett Ave, North Charleston, SC 29406
Standalone property with flexible uses in an exceptional location.
Property Size3,060 SF
Price / SF$449.35
Days on Market882
Property Features for 5638 N Rhett Ave
General Information
Standard status
Active
Size
3,060 SF
Total Parking Spaces
36
Property subtype
Retail, Office
Zoning
B-2
Occupancy
100%
Lease Type
NNN
Building Details
Year Built
1980
Year Renovated
2019
Buildings
1
Stories
1
Tenancy
Single
Listing Agency:
The Brokerage, LLC
Listed By:
David Seay · License #SC58614
Source:
Crexi
Added: Apr 5, 2024
Changed: Aug 27
Last Checked: Sep 2 at 6:13PM
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 Brokerage, LLC
Investment Insights
Based on property information with market context.
This property, zoned B-2, offers a standalone building with easy parking and over 3,000 square feet of space in an exceptional location. It provides quick access to Remount Road, popular Park Circle, and I-526. Currently operating as the office for Palmetto Cremation Society, the updated property offers many flexible uses and a floorplan to support office, retail, or other uses permitted under the B-2 zoning code. It features flat, surface parking and an exterior access point, providing flexibility and quick access. The adjacent properties are also for sale, offering the potential for more parking or acreage.
Key Highlights
- Exceptional location with quick access to Remount Road, Park Circle, and I‑526.
- Flexible B‑2 zoning allows for office, retail, or other uses.
- Standalone property with easy surface parking.
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
$40,966
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
2.98%
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%
$819,320
$819.3K
Cap Rate 7%
$585,229
$585.2K
Cap Rate 9%
$455,178
$455.2K
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
$64.3K $21.00/SF
− Vacancy
−$9.6K −$3.15/SF
EGI
$54.6K $17.85/SF
− OpEx
−$13.7K −$4.46/SF
NOI
$41.0K $13.39/SF
Area
North Charleston, SC
Vacancy
15.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$819,320
Cap Rate 7%
$585,229
Cap Rate 9%
$455,178
Alternative Uses
Best Use
Office B
$585.2K
$512.1K – $682.8K
NOI $40,966 @ 7.0% cap · market cap 2.98%
Second Best
Retail
$506.7K
$443.4K – $591.2K
NOI $35,472 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$830.9K
$727.1K – $969.4K
NOI $58,164 @ 7.0% cap · market cap 4.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Standalone property with flexible uses in an exceptional location.
Where is this retail space located?
The property is located at 5638 N Rhett Ave North Charleston, SC.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: Exceptional location with quick access to Remount Road, Park Circle, and I‑526.; Flexible B‑2 zoning allows for office, retail, or other uses.; Standalone property with easy surface parking.
