132 Smith St, Charleston, SC 29403
SP Multifamily Group and The McDaniel Team of Marcus & Millichap are pleased to present qualified investors with the opportunity to acquire 132 Smith, a 14-unit/46-bed multifamily asset in the heart of historic Downtown Charleston, South Carolina. 132 Smith was constructed in 1850 and 1920, and consists of two two-bedroom units, six three-bedroom units, and six four-bedroom units. The asset is ideally located just an eight-minute walk from King Street, voted as one of the nation’s best shopping districts, and home to over 190 businesses, restaurants, and bars. 132 Smith is also positioned adjacent to Charleston’s Medical District, and has three universities located within a six-minute drive-time radius. 132 Smith offers investors an opportunity to acquire scale rarely found in Historic Downtown Charleston, unless acquiring large-scale new construction assets. Upon acquisition, an investor will take over the property at a year-zero cap rate in the mid 5% range, with the ability to substantially improve operations, increase effective gross income, and renovate the remaining unit interiors, bringing the all-in pro forma year-one cap rate above 7%.
SP Multifamily Group and The McDaniel Team of Marcus & Millichap are pleased to present qualified investors with the opportunity to acquire 132 Smith, a 14-unit/46-bed multifamily asset in the heart of historic Downtown Charleston, South Carolina. 132 Smith was constructed in 1850 and 1920, and consists of two two-bedroom units, six three-bedroom units, and six four-bedroom units. The asset is ideally located just an eight-minute walk from King Street, voted as one of the nation’s best shopping districts, and home to over 190 businesses, restaurants, and bars. 132 Smith is also positioned adjacent to Charleston’s Medical District, and has three universities located within a six-minute drive-time radius. 132 Smith offers investors an opportunity to acquire scale rarely found in Historic Downtown Charleston, unless acquiring large-scale new construction assets. Upon acquisition, an investor will take over the property at a year-zero cap rate in the mid 5% range, with the ability to substantially improve operations, increase effective gross income, and renovate the remaining unit interiors, bringing the all-in pro forma year-one cap rate above 7%.
