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Multifamily

Chatham Place Apartments

5735 Chatham Ave, North Charleston, SC 29406

Listing Price: $3,300,000

Cap Rate
5.49%
Number of Units
30
Price/Unit
$110,000
Price/Gross SF
$91.27
Gross SF
36,155

Investment Overview

Marcus and Millichap is pleased to present the Chatham Place Apartments, in North Charleston, SC. The subject property consists of 30 total units, 18 one-bedroom and 12 two-bedroom, and 6 storage units. This property is a brick built complex and was constructed in 1975. The one-bedroom units are 500 SF and the two-bedroom units are 700 SF. Currently tenants are paying for electricity and ownership is responsible for water. Some units have already been renovated with new flooring and most units have HVAC’s. This gives an investor the opportunity to complete a value-add renovation and increase revenue by 30% or more. The subject property is in an area with major rent growth. This zip code was rate 16th for highest rent growth in South Carolina with 4.8% rent growth in 2021 and 24.6% rent growth in the last 5 years. The typical rent in this zip code is $1,285 which is still 18.1% less than typical rent in the Charleston Metro.

Investment Highlights

  • Value Add with Renovations to Apartment Units
  • Value Add with Renting Out Self-Storage Units
  • Increase rents 30%
  • 13 Miles to Downtown Charleston

Exclusively Listed By

Multifamily

Chatham Place Apartments

Listing Price: $3,300,000

Cap Rate
5.49%
Number of Units
30
Price/Unit
$110,000
Price/Gross SF
$91.27
Gross SF
36,155

Investment Highlights

  • Value Add with Renovations to Apartment Units
  • Value Add with Renting Out Self-Storage Units
  • Increase rents 30%
  • 13 Miles to Downtown Charleston

Investment Overview

Marcus and Millichap is pleased to present the Chatham Place Apartments, in North Charleston, SC. The subject property consists of 30 total units, 18 one-bedroom and 12 two-bedroom, and 6 storage units. This property is a brick built complex and was constructed in 1975. The one-bedroom units are 500 SF and the two-bedroom units are 700 SF. Currently tenants are paying for electricity and ownership is responsible for water. Some units have already been renovated with new flooring and most units have HVAC’s. This gives an investor the opportunity to complete a value-add renovation and increase revenue by 30% or more. The subject property is in an area with major rent growth. This zip code was rate 16th for highest rent growth in South Carolina with 4.8% rent growth in 2021 and 24.6% rent growth in the last 5 years. The typical rent in this zip code is $1,285 which is still 18.1% less than typical rent in the Charleston Metro.

Exclusively Listed By

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