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Multifamily

132 Smith

132 Smith St, Charleston, SC 29403

Listing Price: Request For Offer

Number of Units
14
Gross SF
18,236

Investment Overview

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 6.26% year-zero cap rate, 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%.

Investment Highlights

  • Ability to Achieve Double-Digit Going-In Cash-On-Cash returns
  • Ability to Add Value Through Unit Interior Renovations
  • Successfully Caters to College of Charleston, Medical University of South Carolina, and The Citadel (17,624 Students)

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2300

    License(s) SC: 86628

    South Carolina

Listing Price: Request For Offer

Number of Units
14
Gross SF
18,236

Investment Highlights

  • Ability to Achieve Double-Digit Going-In Cash-On-Cash returns
  • Ability to Add Value Through Unit Interior Renovations
  • Successfully Caters to College of Charleston, Medical University of South Carolina, and The Citadel (17,624 Students)

Investment Overview

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 6.26% year-zero cap rate, 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%.

Exclusively Listed By

Broker of Record

  • Benjamin Yelm

    Regional Manager

    (843) 952-2300

    License(s): SC: 86628

    South Carolina

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