Beautiful New Construction - 22 Bedroom Multi-Family For Sale

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30286758
Property Subtypes: Duplex/Fourplex, Low-Rise/Garden, Student Housing
Status: Pending/Contingent
Number of Units: 7 Units
Building Size (RSF): 5,984 SF
Gross Building Area: See Agent
Sale Price: $2,450,000
Unit Price: $350,000 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 6.32%
Last Updated: 8/20/2018

Overview / Comments

Smith’s Alley is the best new redevelopment project in Charleston. Conveniently located near the corner of Meeting & Line Streets across from the new 12 acre Courier Square development. Smith's Alley is a beautifully renovated 7 unit; 22 bedroom apartment building in the epicenter of Charleston’s most creative food, music, design, & art scene. Complete restoration from top to bottom: all new roof, electrical, plumbing, & HVAC. Beautiful new kitchens, new high-end appliances, new bathrooms, quality fixtures. Parking available for Tenants & tranquil private courtyards for Tenant use: recreation, meditation, alfresco dining, bike storage. Well positioned in the ‘new’ center of the Peninsula. Easy access to I-26, Mt. Pleasant, and steps from the restaurants & nightlife of Upper Meeting Street and King Street.
Easy to lease - Tenants will be drawn to this trend-setting neighborhood with so many available amenities: bike the bridge, take a Yoga class, see a show at Woolfe Street Playhouse, meet friends at The Alley, Rappahannock Oyster Bar, The Commodore, Indaco, & so much more.

Year 1 Rent Income = $185,400. NOI = $154,793 (see the attached Sale Information Packet).

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 459-05-03-048 & 047
Year Built: 1980

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 21,327 56,595 140,019
Median Age: 29.75 33.82 36.39
Households: 8,639 23,886 58,447
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