Downtown renovated duplex

Multi-Family for Sale
Catylist Listing ID: 30523724
Property Subtypes: Duplex/Fourplex
Number of Units: 2 Units
Building Size (RSF): 2,974 SF
Gross Building Area: See Agent
Sale Price: $925,000
Unit Price: $462,500 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.86%
Last Updated: 10/31/2019

Overview / Comments

Like new, low maintenance up/down duplex fully leased thru 7/31/2020. ***8 bedrooms, 4 baths, off-street parking ***flood zone X (no insurance required, little to no landscaping to maintain ***gutted to the studs in 2016 with new roof, new windows, 2 new HVAC systems, all new stainless steel kitchen appliances, including 2 refrigerators, plus 2 sets of new washer/dryers, plywood window covers pre-cut for hurricanes, 2 tankless water heaters, gravel drive & back yard for parking ***tenants like granite counters, white shaker-style cabinetry, tile bath floors, bamboo flooring, mini-blinds, ample closets ***close to MUSC/COC with desirable 8/1/20 move in date (both units rented quickly this year @$3025/mo/ea, so rents can likely be increased next year), insurance $3274, 2018 taxes $5711.

You will not find a multi-family property in better condition with this many bedrooms and baths and off-street parking in a more desirable location for rentals for this price, especially with the potential to increase rents next year. Plus, flood insurance is not required in Zone X and there is little to no landscaping to maintain, so maintenance expenses are much less. Although not new construction, much of the siding was replaced in 2016 and the roof and HVAC were also new in 2016. The electrical and plumbing were new in 2016, including wiring and pipes, all light fixtures, plumbing fixtures, etc. There are 2 electric meters and 2 water meters. Tenants pay all utilities.

Tenants not only pay higher rent ($6050/month) for updated finishes and ample closets, but they appreciate the utility savings that come with tankless water heaters, high efficiency HVAC and wall insulation, all rare downtown!

2018 property taxes were $5711.33 (subject to change). Current insurance (Allstate) is $3274. Flood insurance in Zone X is not required, although carried by current owner ($707). Current management company charges 10% of gross rent, but new owner is not bound to assume management contract. Current owner employs landscaping company, but there is not much to be done as there is little to no landscaping.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 460-08-01-098
Percent Occupied: 100%
Property Condition: Excellent
Number of Stories: 2
Year Built: 1935
Year Renovated: 2016
Construction/Siding: Wood Siding
Parking Type: Surface
Parking Description: 4 decals for street parking (2 per unit) plus off-street parking for 4 cars
Total Parking Spaces: 8
Laundry: In Each Unit
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Other
Internet Access: Cable
Lot Frontage: 40
Lot Depth: 80
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,412 56,772 140,482
Median Age: 27.14 34.18 36.19
Households: 8,678 24,050 58,632

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