24 Unit Multi Fam - All 3BR/1.5BA

Multi-Family for Sale
Catylist Listing ID: 30755165
Property Subtypes: Low-Rise/Garden
Number of Units: 24 Units
Building Size (RSF): 26,964 SF
Gross Building Area: See Agent
Gross Land Area: 1.66 Acres
Sale Price: $4,500,000
Unit Price: $187,500 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller, Purchase Money Mortgage
Cap Rate: 6.24%
Average Occupancy Rate: 100
Last Updated: 10/13/2021

Overview / Comments

24 Units, all 3BR 1.5BA. Complex has undergone extensive renovation (see attachments). 100% occupied, all tenants are on a month to month lease, with NO subsidized / SEC 8. All units are currently rented below market value, and increases are scheduled to take place over the next 3-6mo, but will still not garnish full market value. This is a PERFECT 1031 property, or portfolio add for someone looking for a clean and operational complex. Section 8 has verbally offered $1,700 per unit.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 32 - N.Chas./Summerville outside I-526
Tax ID/APN: 471-02-00-093
Zoning: OTHER
Percent Occupied: 100%
Highway Access: I-26 & I-526
Airports: CHS
Total Number of Buildings: 4
Property Condition: Excellent
Number of Stories: 3
Year Built: 1992
Year Renovated: 2018
Roof Type: Gable
Construction/Siding: Vinyl Siding
Parking Ratio: 1.5 (per 1000 SF)
Parking Type: Surface
Total Parking Spaces: 75
Laundry: In Each Unit
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Fuel: Electric
Air Conditioning: Evaporative Cooler
Internet Access: Cable, DSL, Fiber Optic
Interior Description: Fully renovated, all new appliances, LVP Flooring, paint, windows, fixtures, etc.
Zoning Description: Spclty-Small Apartments
Water Service: Municipal
Sewer Type: Municipal
Easements: Ingress/Egress, Utilities
Legal Description: Charleston Farms, Tract 2, TMS# 471-02-00-093

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Proximity: 1 mile 3 miles 5 miles
Total Population: 8,058 41,357 116,953
Median Age: 35.35 33.26 33.59
Households: 3,271 16,180 45,543

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