Multifamily For Sale

Multi-Family for Sale
Catylist Listing ID: 30475464
Property Subtypes: Duplex/Fourplex
Number of Units: 2 Units
Building Size (RSF): 3,352 SF
Gross Building Area: See Agent
Gross Land Area: 0.21 Acres
Sale Price: $1,399,000
Unit Price: $699,500 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 5.0%
Last Updated: 9/26/2019

Overview / Comments

This is a great investment opportunity just 1 block from King St. This listing includes 28 Morris (18 parking spots) which provides the parking for 26 Morris. The .21 acre lot also has room for an additional building (to be constructed) in the rear which creates a great value add opportunity for the right buyer. In the opportunity zone!!

26 & 28 Morris

-28 Morris is .07 acres and 26 Morris is .13 acres, if combined= .2 acres= 8712sf

-DR-2 zoning allows for 1,650sf/unit of multi family = 5.2 units or 5 total units

-DR-2 also requires 35% or less of lot coverage this would come out to a total foot print of all buildings to not exceed 3,354sf

-it is in the 2.5-3.5 height district. Because the ROW is 50’ we can have a 3 story building with max height of 45’ – caveat- The existing building is 2.5 and the BAR won’t approve of a rear/accessory building to be taller than the main front building, so in this case you default max height is 2.5

-Don’t forget about parking, we would need 1.5 per unit with 5 units that would be 8 spaces, now if you have a couple of affordable units that number is reduced to 1 per each affordable unit. In projects like this we actually find that the biggest challenge is getting the parking to fit with the buildings.

Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 51 - Peninsula Chas. inside of crosstown
Tax ID/APN: 460-12-01-072
Total Number of Buildings: 1
Property Condition: Good
Number of Stories: 2
Year Built: 1865
Construction/Siding: Wood Siding
Parking Type: Surface
Parking Description: Plenty of parking with the .13 acre lot
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 22,813 57,192 138,768
Median Age: 27.47 34.17 36.41
Households: 9,289 24,188 58,092

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