Also listed as Multi-Family
|Catylist Listing ID:
|Gross Land Area:
||$153,061 Per Acre
||Cash to Seller
Overview / Comments
This site is just under 1/2 acre located directly across from a larger multifamily development site that can be sold separately or in conjuction. The following remarks represent a strategy for purchasing both sites together:
The Kerry/Lakewood developments lots provide an opportunity to construct 41 apartment units at the Lakewood site and potentially 8 units at the Kerry Street site. These locations were previously mobile home sites. The Lakewood apartments complex is directly adjacent to both of these sites. An apartment project in the B-C rental range would be ideal for this location and its growth trajectory. The Lakewood apartments consists of 41 units and was previously sold for $1,500,000. The product mix within that project consisted of 32 1BR units renting from $500-585/month and 9 2BR units renting from $650-750/month. This project had a good deal of deferred maintenance at the time of sale but still had significant upside potential. It is my opinion that a new apartment complex on Lakewood St should consist of a majority of 2BR 2BA units with targeted rents in the $950-1,100 range for 2 BR units and $750-900 for 1BR units. With a sticks & bricks targeted construction price of $75/ft, the cost of construction would be approximately $2.6 million with 850 sqft 2BR units and 675 sqft 1BR units. With a 40% expense rate applied to a projected proforma along with a 7% cap rate, estimated value of this leased up completed project would be $3,985,714.
Attachments & Media
||31 - N.Charleston Area inside I-526
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