Multifamily in Short-term Overlay

Multi-Family for Sale
Catylist Listing ID: 30320033
Number of Units: 6 Units
Building Size (RSF): 7,038 SF
Gross Building Area: See Agent
Sale Price: $2,750,000
Unit Price: $458,333.33 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 12/3/2018

Overview / Comments

89 Spring Street is one of two multifamily properties situated side-by-side at 87 and 89 Spring Street. The property consists of two buildings totaling ±7,038 SF and includes 6 units, which are all rented for the 2018-2019 school year. With an average of 5 million visitors annually, there is no better time than now to capitalize on the demand for accommodations by converting these properties to short-term rentals.

Located a few blocks from King Street, within the vibrant Spring Street corridor. Encompassing a comfortable and safe urban setting built for the boutique-shopper, food connoisseur or fitness enthusiast, the Spring and King Street corridors showcase an eclectic mix of activities. As downtown Charleston continues to evolve, the upper peninsula is testing the traditional boundaries and inviting people to expand their thinking, territory and experiences.

In addition to the bustling Spring and King Streets, 89 Spring Street is in close proximity to the Medical District, Westedge/Discovery District and the College of Charleston. Aside from catering to the traveler visiting Charleston for a leisurely stay, 89 Spring Street would make the perfect residences for families visiting college students, medical professionals on business trips, or families of hospital patients.

Easy access on/off the peninsula from Highway 17-Septima Clark Parkway via Spring Street.

Attachments & Media

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 460-08-03-066
Year Built: 1973

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,813 59,289 138,836
Median Age: 27.47 34.56 36.34
Households: 9,289 25,119 58,204


Photograph of Listing Agent

R Elliot Calhoun

NAI Charleston, LLC SCCMLS Member
Photograph of Listing Agent

Andrew F Batkins

NAI Charleston, LLC SCCMLS Member
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