Renovated Historic 4 Unit Property Close to Marion Square & C of C

Expired Multi-Family for Sale
Catylist Listing ID: 30783450
Property Subtypes: Duplex/Fourplex
Status: Pending/Contingent
Number of Units: 4 Units
Building Size (RSF): 5,144 SF
Gross Building Area: See Agent
Sale Price: $2,549,000
Unit Price: $637,250 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: Undisclosed
Last Updated: 6/23/2022

Overview / Comments

The William Waller House, circa 1840, is situated on a large .23 acre lot located in the heart of Radcliffeborough and just steps from Upper/Central King St., Marion Square, the College of Charleston, and MUSC. The property features 4 units, and 12 bedrooms 10 full and 2 half baths, . Current gross annual income is $14,400/month ($172,800 annually) with renewals in place through 7/31/23 at $14,750/month (w/90 day kick-out clause) making it ideal for use as a primary residence or as an investment property. The large lot can easily accommodate 6+ off-street parking spaces. All of the units were renovated extensively in 2019-20 with updated electrical, plumbing, HVAC, lighting, and all new kitchens and baths.

The stunning main house (Unit A) features 5 bedrooms/5.5 baths and approximately 3,000 sq.ft. making it ideal for use as a primary residence while allowing the flexibility of continuing to lease Units B, C, and D at $7,900/month (increasing to $8,150/month). Believed to have been constructed by Richard Holloway, this grand structure has been preserved with original plaster moldings, wide plank heart pine floors, 11 foot + ceilings, grand double piazzas, wrought iron gates, and original marble mantles/surrounds on two of the four fireplaces. The property has a current lease in place at $6,500/month, which is increasing to $6,600/month in August.

Unit B has approximately 900 sq.ft. with 3 bedrooms/3.5 baths and a lease currently in place at $3,500/month (increasing to $3,600/month). This stunning unit features updated plumbing, electrical, and HVAC along with reclaimed hardwood floors, beautifully finished bathrooms, and a well appointed kitchen featuring new countertops, cabinets, appliances, and lighting/plumbing fixtures.

Units C & D are approximately 640 sq.ft. each with 2 bedrooms/1 bath. Both units are leased at $2,200/month (increasing to $2,250 & $2,300/month) and features updated kitchens/baths, new HVAC units, refinished original hardwood floors, and updated lighting throughout.

There are 6+ off street spaces on-site and each individual unit is eligible to apply for 2 on-street parking decals through the City of Charleston. Additional income/expense information available by request.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 460-16-03-066
Percent Occupied: 100%
Property Condition: Good
Year Built: 1840
Construction/Siding: Wood Siding
Parking Type: Surface
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 20,974 59,201 139,771
Median Age: 27.55 34.5 36.5
Households: 8,522 25,034 58,574

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