Downtown Charleston Quadplex

Multi-Family for Sale
Catylist Listing ID: 30646757
Property Subtypes: Duplex/Fourplex
Number of Units: 4 Units
Building Size (RSF): 3,531 SF
Gross Building Area: See Agent
Sale Price: $1,147,850
Unit Price: $286,962.50 Per Unit
Property Use Type: Investment
Sale Terms: Undisclosed
Cap Rate: 5.5%
Average Occupancy Rate: 100
Last Updated: 11/17/2020

Overview / Comments

Don't miss this investment opportunity! This 4 unit property is conveniently located just 2 blocks away from the College of Charleston Campus and is in the most desirable area for College Students. MUSC is a short walk away (4 blocks) and the students at Charleston Law will enjoy the convenience this property has to offer as well. Each unit has gorgeous heart pine wide-plank flooring, tons of natural light from large windows, full appliances, ornate original fireplaces and loads of charm! You'll love the double front porches, landscaped courtyard and the metal roof, which adds to the Southern Charm of this excellent opportunity. Unit A - 937 sq ft and is 2 bed/1 bath Unit B - 815 sq ft and is 2 beds/1 bath plus an office area Unit C - 1,055 sq ft and is 2 beds/1 bath Unit D - 724 sq ft 1 bed/1 bath with a 3rd floor flex space of 149 sq ft that cannot be counted in heated square footage because of wall angles. All units are currently rented on a one year lease until Summer 2021. There is off-street parking for 2-3 vehicles, depending on size. Buyer to verify all things deemed important.

Financials

Finance Data Year 2019
Real Estate Taxes - Annual($) $10,679 (Annual)
Tax Value Land $15,900
Tax Value Improvements $22,390
Assessed Value - Total($) $38,290 (Annual)
Potential Rental Income $96,000 (Annual)
Gross Operating Income $78,600 (Annual)
Net Operating Income $60,100 (Annual)
Actual or Proforma Year Actual
Lender Name Bank of South Carolina
Loan Amount $500,000

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 4601504038
Percent Occupied: 100%
Property Located Between: Corner of Vanderhorst and Smith St
Highway Access: From Calhoun turn onto Smith St. or from Coming St. turn onto Vanderhorst.
Site Description: The property sits on a large corner lot, is level, and has a gravel driveway that can hold up to three vehicles. There is a common area with a picnic table for tenant use.
Area Description: 2 blocks away from the College of Charleston Campus, MUSC is 4 blocks away, and the students at Charleston Law will enjoy the convenience as well.
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 3
Year Built: 1852
Year Renovated: 2012
Roof Type: Gable
Construction/Siding: Wood Siding
Parking Type: Surface
Parking Description: Gravel driveway
Total Parking Spaces: 3
Laundry: In Each Unit
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Heat Pump
Fuel: Gas
Air Conditioning: Package Unit
Internet Access: Cable, Satellite
In Flood Plain?: Yes
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines, Utilities
Legal Description: 123 Smith & Vanderhorst

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,068 58,330 138,423
Median Age: 28.17 34.29 36.5
Households: 9,022 24,740 57,975

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