Catylist Listing ID: 30811249
Property Subtypes: Duplex/Fourplex, Student Housing
Number of Units: 15 Units
Building Size (RSF): 9,344 SF
Gross Building Area: See Agent
Gross Land Area: 0.44 Acres
Sale Price: $4,375,000
Unit Price: $291,666.67 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 4.5%
Average Occupancy Rate: 98
Vacation Rental Income: Yes
Last Updated: 8/17/2022

Overview / Comments

This unique Portfolio offers 5 multifamily properties containing a total of 15 rental units just steps away from MUSC. Given this close proximity these units remain highly sought after. Currently one of the units is licensed and operated as a STR. These properties are all located in Category 2 section of the Peninsula. Thus allowing the potential to transition more units into STR's if the new owner is looking for that style of investment. These lots are all adjacent to each other, and positioned in high growth area of Westside on the Peninsula with flexible and differentiating zoning surrounding this location, making this location ideal for site development.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Taxing Authority: City of Charleston
Tax ID/APN: 4601104110, 4601104111, 4601104112, 4601104113, 4601104166
Zoning: GB - General Business
Percent Occupied: 98%
Property Located Between: Spring St & Cannon St
Highway Access: Interstate 26, 526 and Hwy 17
Airports: Charleston International Airport - 10.3 miles
Site Description: Ingress & Egress possibilities with access from Spring Street and Wescott Court that leads to a direct connect to I26 and 526 via Septima Clark Parkway
Area Description: Heavy development in the direct proximity of this property make for an ideal investment for rental income or site development.
Total Number of Buildings: 5
Property Condition: Fair
Year Built: 1890
Construction/Siding: Brick, Wood Siding
Parking Type: Surface
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity, Natural Gas
Heat Source: Central, Wall Units, Heat Pump
Fuel: Gas, Electric
Air Conditioning: Engineered System
Zoning Description: The General Business, GB District allows a broad range of commercial uses and activities. It is the most intensive commercial zoning district.
Lot Frontage: 192'
Lot Depth: 114'
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 23,137 60,900 140,913
Median Age: 28.55 34.92 36.13
Households: 8,955 25,795 59,290
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