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Multifamily

Prospect on the Ave Apartments

3317 Florida Ave, North Charleston, SC 29405

Listing Price: $3,200,000

Cap Rate
6.02%
Number of Units
20
GRM
9.52
Occupancy
95.0%
Price/Unit
$160,000
Price/Gross SF
$273.67
Gross SF
11,693

Investment Overview

Marcus & Millichap is pleased to present Prospect on the Ave Apartments located in North Charleston, South Carolina. The subject is comprised of 20 units, all one bed one bath. Florida Avenue Apartments was built in 1973 and recently renovated in 2023. This property gives an investor an opportunity to acquire 20 multifamily units in the rapidly growing and high barrier to entry North Charleston, submarket to the Charleston, SC MSA. The subject property was renovated in 2023 and rents have increased by more than 30%.

Florida Avenue Apartments are located just under two miles south of the bustling Park Circle area of North Charleston. It offers easy access to main thoroughfares such as Rivers Avenue, Interstate-26, and Interstate-526. To the east of the property is the Riverfront Park entertainment area, the Port of Charleston, and the Naval Base on Cooper River. This area has experienced significant population and rental growth over the last few years and is set to continue that trend.

The Subject property is three miles from the Navy Yard redevelopment, which is projected to encompass approximately 3.5 million square feet of commercial and residential space and over 2,600 residential units across 85 acres, also part of the former naval base.

North Charleston is the third-largest city in South Carolina. It’s known for its proximity to Charleston Harbor and its vibrant cultural scene. The city is home to attractions like the North Charleston Coliseum, Tanger Outlets, and historic sites such as the H.L. Hunley Submarine Museum. Additionally, it hosts the Charleston International Airport and serves as a hub for commerce and industry in the region, particularly with the presence of Boeing’s aircraft manufacturing facility. North Charleston offers a mix of urban amenities, historical charm, and natural beauty, making it a dynamic place to live and visit.

Investment Highlights

  • Centrally located asset with substantial growth and development in the area
  • Opportunity to acquire units in a high barrier to entry market
  • Located 7.2 miles from Charleston International Airport

Exclusively Listed By

Financing By

Multifamily

Prospect on the Ave Apartments

Listing Price: $3,200,000

Cap Rate
6.02%
Number of Units
20
GRM
9.52
Occupancy
95.0%
Price/Unit
$160,000
Price/Gross SF
$273.67
Gross SF
11,693

Investment Highlights

  • Centrally located asset with substantial growth and development in the area
  • Opportunity to acquire units in a high barrier to entry market
  • Located 7.2 miles from Charleston International Airport

Investment Overview

Marcus & Millichap is pleased to present Prospect on the Ave Apartments located in North Charleston, South Carolina. The subject is comprised of 20 units, all one bed one bath. Florida Avenue Apartments was built in 1973 and recently renovated in 2023. This property gives an investor an opportunity to acquire 20 multifamily units in the rapidly growing and high barrier to entry North Charleston, submarket to the Charleston, SC MSA. The subject property was renovated in 2023 and rents have increased by more than 30%. Florida Avenue Apartments are located just under two miles south of the bustling Park Circle area of North Charleston. It offers easy access to main thoroughfares such as Rivers Avenue, Interstate-26, and Interstate-526. To the east of the property is the Riverfront Park entertainment area, the Port of Charleston, and the Naval Base on Cooper River. This area has experienced significant population and rental growth over the last few years and is set to continue that trend. The Subject property is three miles from the Navy Yard redevelopment, which is projected to encompass approximately 3.5 million square feet of commercial and residential space and over 2,600 residential units across 85 acres, also part of the former naval base. North Charleston is the third-largest city in South Carolina. It’s known for its proximity to Charleston Harbor and its vibrant cultural scene. The city is home to attractions like the North Charleston Coliseum, Tanger Outlets, and historic sites such as the H.L. Hunley Submarine Museum. Additionally, it hosts the Charleston International Airport and serves as a hub for commerce and industry in the region, particularly with the presence of Boeing’s aircraft manufacturing facility. North Charleston offers a mix of urban amenities, historical charm, and natural beauty, making it a dynamic place to live and visit.

Exclusively Listed By

Financing By

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