Investment Overview

1819 Clement Avenue Apartments consist of 16 Units, sitting on .55 Acres in North Charleston, just off Spruill Avenue which is one of the major throughfares from the downtown area of the Charleston peninsula to North Charleston. The subject property is an investment opportunity for a value-add play to acquire, 12 Studios and 4 One Bedroom/One Bathroom Units. These units are laid out across 4 concrete block buildings all with roofs replaced within 3 years. Currently ownership self manages the property and pays for Water, Sewer, Trash, and Tenants pay for Electric. The property currently has two down units due to fire damage and the owner is selling it as is. New ownership has an opportunity to complete a value-add renovation, implement a bill back to the tenants for utilities ownership is currently paying and bring on third party management increase revenue by 30% or more. Last year in 2022, North Charleston 1 Bedroom Units Market Rents increased over 27% on average to $1,400, this is 45% higher than the the subject property’s current average rent of $757.