Multifamily property in North Charleston

Multi-Family for Sale
Catylist Listing ID: 30782292
Number of Units: 16 Units
Building Size (RSF): 11,906 SF
Gross Building Area: See Agent
Sale Price: $1,975,000
Unit Price: $123,437.50 Per Unit
Property Use Type: Investment
Sale Terms: Purchase Money Mortgage
Auction Type: Absolute
Cap Rate: Undisclosed
Last Updated: 5/11/2022

Overview / Comments

Excellent income opportunity located in a prime location in the burgeoning area of North Charleston, close to Park Circle. A 12 unit, one bedroom/one bath apartment building and three renovated (in 2020 with new roofs, HVAC's and plumbing) single family dwellings on the same tax map number. 2 bed, one bath each. Well managed and well maintained for easy take over. The current property manager is willing to continue managing. There is ample parking on the property. Currently fully rented but rents are not keeping up with the current market value. A fourth house is on the property that was not renovated. It is currently boarded up but offers potential additional income if renovated. Call or email for financials.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 31 - N.Charleston Area inside I-526
Taxing Authority: Charleston
Tax ID/APN: 4690400037
Zoning: M-12 - Mixed Style Residential 12 District
Percent Occupied: 100%
Property Located Between: Spruill and St. Johns
Highway Access: 526 or HWY 17
Airports: Charleston National Airport
Site Description: One 12 unit apartment complex. All one bed, one bath. There are four single family dwellings on the property. All are two bed, one bath. Three have been completely renovated with new roofs, plumbing and HVAC's in 2020.). The fourth house is boarded up, waiting to be refinished if desired. There is ample parking for the tenants on the property.
Area Description: This is a stable neighborhood just outside Park Circle and new homes are being built in the immediate area. This property is surrounded by new building and growth.
Total Number of Buildings: 6
Property Condition: Good
Year Built: 1966
Year Renovated: 2020
Roof Type: Arched
Construction/Siding: Block, Brick, Concrete
Parking Type: Surface
Parking Description: Ample off street parking on the property
Laundry: Shared
Heat Type: Electricity
Heat Source: Heat Pump
Air Conditioning: Package Unit
Internet Access: Cable
Zoning Description: residential
Water Service: Municipal
Sewer Type: Municipal
Easements: Electric Lines
Easements Description: Power lines run along Spruill in the front of the property
Land Ownership: owned
Legal Description: LT 4 5 & PT LT 3

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 11,411 43,490 132,441
Median Age: 34.38 34.82 34.31
Households: 4,462 16,472 53,622

Contact

Photograph of Listing Agent

Alvin J Simmons, Jr

EXP Realty LLC SCCMLS Member
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