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Multifamily

Florida Avenue Apartments

3317 Florida Ave, North Charleston, SC 29405

Listing Price: Request For Offer

Number of Units
20
Gross SF
12,100

Investment Overview

The Florida Avenue apartments are an attractive investment opportunity for a purchaser to acquire 20 multifamily rental units in the rapidly growing and high barrier to entry North Charleston submarket to the Charleston, SC MSA. The property is comprised of one- and two-bedroom units ranging from 600 to 650 square feet and generates $1.37/SF in rental income. This property is properly positioned for an investor to implement a value-add program, which would result in an immediate 20% rental rate increase, and over time a 44% increase to net operating income. Research forecasts for this submarket of Charleston project that rental rates are primed to increase by up to 13% by the end of the 2022 calendar year as the area continues to grow and move past the COVID-19 pandemic. The Florida Avenue apartments are located just under two miles south of the bustling Park Circle area of North Charleston and 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 the Cooper River. This is an area that has experienced significant population and rental growth over the last 5 years, and is set to continue that trend into the 2020’s.

Investment Highlights

  • Opportunity to Acquire Units in a High Barrier to Entry Market
  • Attractive Financing Options Available
  • Opportunity to Add Value Through Property Upgrades and Renovations
  • Centrally Located Asset with Substantial Growth and Development in the Area

Exclusively Listed By

Multifamily

Florida Avenue Apartments

Listing Price: Request For Offer

Number of Units
20
Gross SF
12,100

Investment Highlights

  • Opportunity to Acquire Units in a High Barrier to Entry Market
  • Attractive Financing Options Available
  • Opportunity to Add Value Through Property Upgrades and Renovations
  • Centrally Located Asset with Substantial Growth and Development in the Area

Investment Overview

The Florida Avenue apartments are an attractive investment opportunity for a purchaser to acquire 20 multifamily rental units in the rapidly growing and high barrier to entry North Charleston submarket to the Charleston, SC MSA. The property is comprised of one- and two-bedroom units ranging from 600 to 650 square feet and generates $1.37/SF in rental income. This property is properly positioned for an investor to implement a value-add program, which would result in an immediate 20% rental rate increase, and over time a 44% increase to net operating income. Research forecasts for this submarket of Charleston project that rental rates are primed to increase by up to 13% by the end of the 2022 calendar year as the area continues to grow and move past the COVID-19 pandemic. The Florida Avenue apartments are located just under two miles south of the bustling Park Circle area of North Charleston and 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 the Cooper River. This is an area that has experienced significant population and rental growth over the last 5 years, and is set to continue that trend into the 2020’s.

Exclusively Listed By

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