Multi-Family for Sale in North Charleston!!!

Multi-Family for Sale
Sale Pending/Contingent
Catylist Listing ID: 30819840
Status: Pending/Contingent
Number of Units: 8 Units
Building Size (RSF): 5,376 SF
Gross Building Area: See Agent
Gross Land Area: 0.22 Acres
Sale Price: $838,000
Unit Price: $104,750 Per Unit
In Opportunity Zone? Yes
Property Use Type: Investment
Sale Terms: Other
Cap Rate: 6.5%
Last Updated: 11/21/2022

Overview / Comments

Matt O’Neill Real Estate Commercial is pleased to offer this eight unit apartment building in an Opportunity Zone between Downtown Charleston and Park Circle. The property consists of eight 2br/1ba units and expresses plenty of opportunity for the next owner. The complex is 1 block away from Charleston’s first Mass Rapid Transit System, the Lowcountry Rapid Transit and will have a designated stop at Reynolds Ave. The project is going online in 2026. The City of North Charleston recently took ownership of Reynolds Ave from The State of SC and has plans to add parking as well as redo the streetscape. The City’s redevelopment concept is similar to the work done on E Montague/Park Circle. The City of North Charleston also plans to further develop the land previously used as the Naval Base with residential and commercial opportunities.

All units are separately metered for electricity (except for one meter shared by two units), and water, sewer, and electric are the responsibility of the tenants. Five of the eight units have been renovated. Market rent is $1100/unit.

Showings will be done after an offer/LOI is presented to the seller.

*Seller is a licensed Real Estate Agent

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Additional Details

Nearest MSA: Charleston-North Charleston
County: Charleston
Submarket/Township: 31 - N.Charleston Area inside I-526
Tax ID/APN: 4690800042
Zoning: OTHER
Highway Access: I-26
Airports: CHS
Site Description: Opportunity Zone hot area between Downtown Charleston and Park Circle.
Area Description: Residential area with homes and apartment buildings
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 2004
Construction/Siding: Vinyl Siding
Parking Type: Surface
Zoning Description: R-2 Multi-family residential district
Lot Frontage: 85 ft
Water Service: Municipal
Sewer Type: Municipal
Legal Description: LOT 20 & 21

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,340 38,927 133,362
Median Age: 32.79 35.52 34.17
Households: 2,477 14,729 53,952

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