72 Apartment Portfolio - North Charleston & Hanahan

Multi-Family for Sale
Catylist Listing ID: 30400797
Property Subtypes: Low-Rise/Garden
Number of Units: 72 Units
Building Size (RSF): 53,250 SF
Gross Land Area: 2.59 Acres
Sale Price: $4,800,000
Unit Price: $66,666.67 Per Unit
Property Use Type: Investment
Building Name: Chatham Ave, Corner Ave, Attaway St & Florida Ave Apartments
Usable Size (USF): 53,250 SF
Sale Terms: Cash to Seller, Owner Financing
Cap Rate: 8.0%
Average Occupancy Rate: 9,656
Last Updated: 1/16/2020

Overview / Comments

Apartment Portfolio in 4 Separate Locations; (1, 2 & 3 BRs)

1) 5735 Chatham Ave./N. Murray Avenue, N Charleston, SC: 30 Units - Class C
2) 5756 Corner Ave., Hanahan, SC: 24 Units - Class C
3) 5544 Attaway St., N Charleston, SC: 12 Units - Class B
4) 3313 Florida Ave., N Charleston, SC: 6 Units - Class C

Seller asking an 8.58% CAP Rate


Finance Data Year 2018
Real Estate Taxes - Annual($) $33,453 (Annual)
Potential Rental Income $665,220 (Annual)
Net Operating Income $402,257 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 32 - N.Chas./Summerville outside I-526
Taxing Authority: North Charleston & Hanahan
Tax ID/APN: 473-15-00-191
Percent Occupied: 100%
Property Located Between: Rivers Avenue & N Rhett Avenue
Highway Access: Off of I-526, Rivers Avenue or Remount Road
Airports: 5 Miles
Site Description: 4 Locations on multiple sites ranging from 0.11 acres to 0.99 acres. 72 Apartments in 10 buildings.
Area Description: Apartments are in Working Class areas off of well-traveled streets.
Total Number of Buildings: 10
Property Condition: Fair
Number of Stories: 2
Year Built: 1990
Roof Type: Gable
Construction/Siding: Brick/Vinyl Siding, HardiePlank Siding
Exterior Description: Primarily brick veneer exteriors
Parking Type: Surface
Parking Description: Adequate surface parking at all complexes
Total Parking Spaces: 100
Sprinklers: None
Heat Type: Electricity
Heat Source: Central, Wall Units
Fuel: Electric
Air Conditioning: Engineered System, Window Unit
Internet Access: Cable
Interior Description: Properties vary from 1-BR studios to 3-BR flats
Zoning Description: Mixed multi-family
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: 6,898 43,475 115,203
Median Age: 33.75 32.6 33.07
Households: 2,724 16,851 44,393


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