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Multifamily

Read Street Apartments

5527 Read St, North Charleston, SC 29406

Listing Price: $3,000,000

Cap Rate
4.45%
Number of Units
28
Occupancy
95.0%
Price/Unit
$107,143
Price/Gross SF
$178.57
Gross SF
16,800

Investment Overview

Marcus & Millichap is pleased to present for sale 32 multifamily units in North Charleston, South Carolina. The property, built in 1973, consists of two-bedroom, one bath units. There are 4 brick buildings on the property with 32 parking spaces. The units have vinyl flooring in the kitchen and carpet in the living room and bedrooms. The tenants are responsible for their electric utilities and ownership is responsible for the water utilities. The Read St. apartments are on one water meter, which presents an opportunity for an investor to submeter the units or implement a utility bill-back program. Additionally, while there are not washer/dryer hookups in the units, there is a laundry facility on site next to the leasing office. The property is less than mile from Interstate 26 and downtown Charleston is only 10 miles away. Charleston International Airport, and The Boeing Company are also within close proximity of the property. Absorption levels are more than double the metros historical average and have outpaced new deliveries over the past year. Steady demand for new units has been supported by the recent influx of high-profile manufacturers such as Boeing, Volvo, and Mercedes-Benz.

Investment Highlights

  • All 32 Units Can Be Upgraded with New Appliances, Countertops, Cabinetry, and Flooring, Costing an Owner Approximately $5,000/Unit and Resulting in up to $125 Rental Premium Per Unit Each Month
  • Exteriors and Major Capital Expenditure Items Have Been Well Maintained and Will Not Need to Be Addressed Immediately, an Investor Can Focus on Deploying Equity into Value Adding Opportunities
  • The North Charleston Submarket Continues to Improve, with Rental Rates Climbing Steadily Even Through The COVID-19 Pandemic and it is Anticipated that this Trend Will Continue in the Future

Exclusively Listed By

Listing Price: $3,000,000

Cap Rate
4.45%
Number of Units
28
Occupancy
95.0%
Price/Unit
$107,143
Price/Gross SF
$178.57
Gross SF
16,800

Investment Highlights

  • All 32 Units Can Be Upgraded with New Appliances, Countertops, Cabinetry, and Flooring, Costing an Owner Approximately $5,000/Unit and Resulting in up to $125 Rental Premium Per Unit Each Month
  • Exteriors and Major Capital Expenditure Items Have Been Well Maintained and Will Not Need to Be Addressed Immediately, an Investor Can Focus on Deploying Equity into Value Adding Opportunities
  • The North Charleston Submarket Continues to Improve, with Rental Rates Climbing Steadily Even Through The COVID-19 Pandemic and it is Anticipated that this Trend Will Continue in the Future

Investment Overview

Marcus & Millichap is pleased to present for sale 32 multifamily units in North Charleston, South Carolina. The property, built in 1973, consists of two-bedroom, one bath units. There are 4 brick buildings on the property with 32 parking spaces. The units have vinyl flooring in the kitchen and carpet in the living room and bedrooms. The tenants are responsible for their electric utilities and ownership is responsible for the water utilities. The Read St. apartments are on one water meter, which presents an opportunity for an investor to submeter the units or implement a utility bill-back program. Additionally, while there are not washer/dryer hookups in the units, there is a laundry facility on site next to the leasing office. The property is less than mile from Interstate 26 and downtown Charleston is only 10 miles away. Charleston International Airport, and The Boeing Company are also within close proximity of the property. Absorption levels are more than double the metros historical average and have outpaced new deliveries over the past year. Steady demand for new units has been supported by the recent influx of high-profile manufacturers such as Boeing, Volvo, and Mercedes-Benz.

Exclusively Listed By

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