Piedmont/Kerry Multifamily

Vacant Land for Sale
Also listed as Multi-Family
Catylist Listing ID: 30392784
Property Subtypes: Multi-Family
Gross Land Area: 0.49 Acres
Sale Price: $75,000
Unit Price: $153,061 Per Acre
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/21/2019

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.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 31 - N.Charleston Area inside I-526
Tax ID/APN: 472-12-00-033
Zoning: R-1
Property Visibility: Good

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,755 59,127 116,888
Median Age: 31.68 33.4 33.98
Households: 2,530 22,096 45,848


Photograph of Listing Agent

Jason W Smith

RE/MAX Alliance SCCMLS Member
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