20 Unit Apartment Complex

Multi-Family for Sale
Catylist Listing ID: 30730113
Property Subtypes: Low-Rise/Garden
Number of Units: 21 Units
Building Size (RSF): 9,492 SF
Gross Land Area: 0.44 Acres
Sale Price: $1,950,000
Unit Price: $92,857.14 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Building Name: Florida Ave Apartments
Usable Size (USF): 9,492 SF
Sale Terms: Cash to Seller, Purchase Money Mortgage, Other
Cap Rate: 7.12%
Last Updated: 10/5/2021

Overview / Comments

20 unit apartment complex in hot area in the path of progress between Park Circle and Downtown. 21st unit is currently a coin-fed laundry room with full bath as storage/security room. Complex has video security, six-foot perimeter fence, surface parking and central HVACs. Unit mix is 18 - 1 bed 1 ba, and 2 - 2 bed 1 ba. Owner pays water and most power. New roof in 2019 and many newer HVACs. Current rent roll $16,570. Some legacy tenants, opportunity to boost rents. Opportunity Zone. Near CARTA bus super stop and Reynolds Ave. Please find attached 2019-2020 P&Ls plus current rent rolls, T-12 and YTD P&L. John Brady with CBRE has provided conservative debt matrix/rate quote and underwriting in attached documents.

City of North Charleston recently took ownership of Reynolds Ave from State and has purchased parking with plans to streetscape Reynolds similar to the efforts undertaken that transformed Montague/Park Circle.

Owner is a SC real estate agent.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 31 - N.Charleston Area inside I-526
Tax ID/APN: 4690800057
Zoning: DR-2 - Diverse Residential (26.4 units per acre)
Percent Occupied: 100%
Property Located Between: Near Reynolds Ave.
Highway Access: I-26
Airports: Charleston International
Site Description: Level fenced with paved parking. Flood insurance not required.
Area Description: Trendy area between Park Circle and Downtown, a block from Spruill. Near breweries, restaurants, distilleries, and the Old Navy Base and park.
Total Number of Buildings: 1
Property Condition: Average
Number of Stories: 2
Year Built: 1972
Roof Type: Hip
Construction/Siding: Brick/Vinyl Siding
Exterior Description: Brick first floor with vinyl on the second.
Parking Type: Surface
Parking Description: Unassigned parking.
Total Parking Spaces: 20
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Interior Description: Living/Kitchens in front; Bed/bath in rear of each unit. End units are larger.
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Owned.
Legal Description: Buckfield Lts 84, 85, 86, 87

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 8,074 38,927 134,871
Median Age: 33.38 35.52 34.26
Households: 3,146 14,729 54,609


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