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1251 Sumner Avenue, North Charleston, SC 29406
$3,950,000
Property Type:
MultiFamily
Square Footage:
22,560
Lot Size (sq. ft.):
72,310
Status:
Closed
Current Price:
$4,500,000
List Date:
10/08/2021
Last Modified:
6/08/2022
Description
24 Units, all 3BR 1.5BA. Complex has undergone extensive renovation (see attachments). 100% occupied, all tenants are on a month to month lease, with NO subsidized / SEC 8. All units are currently rented below market value, so there is room for capital improvement. This is a PERFECT 1031 property, or portfolio add for someone looking for a clean and operational complex.
More Information MLS# 21027277
Contract Info
MLS List Date: 2021-10-08
Status: Closed
List Price: $4,500,000
Current Price: $3,950,000
Location, Tax & Legal
Tax Map #: 4710200093
Street #: 1251
Street Name: Sumner
Street Suffix: Avenue
County: Charleston
State: SC
Zip Code: 29406
Area: 32 - N.Charleston, Summerville, Ladson, Outside I-526
Tax District: 43 - City of North Charleston
Subdivision: Charleston Farms
Elementary School: North Charleston
Middle School: Morningside
High School: North Charleston
Legal Description: Multi-Fam Tract 2 Charleston Farms TMS#471-02-00-093
Directions: I-526 to North Rhett, Left onto North Rhett, First left is Sumner, Complex is 1/4 mile on left between Filbin Creek Apartments and The Oaks at Sumner Apartments.
General Property Info
Number of Units: 24
# Stories: 3
Ground Level: No
Primary Structure Apx SqFt: 22560
Year Built: 1992
Acreage: 1.66
Lease Purchase: No
Potential Short Sale: No
Income, Expenses & Fees
Gross Income: 318880
Annual Expenses: 69217.05
Net Income: 249662.95
Auction: No
Office/Member Info
Buyers Agency Compensation: 2
Buyers Agency Compensation Type: %
Status Change Info
Sold Date: 2022-03-21
Sold Price/SqFt: 175.09
New Mortgage Type: Conventional
Unit 1
SqFt: 935
Bedrooms: 3
Baths: 1.5
Property Features
SqFt Source: List Agent; Tax Records
Roof: Architectural
Exterior: Vinyl Siding
Foundation: Slab
Garage/Parking: 2 Car
Driveway: Asphalt Strips
Architectural Style: Condominium; High Rise; More than 4; Quadplex
New Owned/Pre-owned: Pre-Owned
Zoning: Conforming
Equipment/Appliances: Dishwasher; Disposal; Dryer Connection; Electric Range; Refrigerator; Washer Hookup
Cooling: Central Air
Heat: Electric; Forced Air
Amenities: Bus Line; Cable TV; Park
Sale Includes: Building and Land
Tenant Pays: All Utilities
Proposed Financing: Cash; Conventional Loan; Exchange; State Housing Author
Possession: At Closing
Water/Sewer: Public Sewer; Public Water
Utility Suppliers: Charleston Water Service; N Chas Sewer Distric
Listing Office: Carolina One Real Estate
Last Updated: June - 08 - 2022
The listing broker’s offer of compensation is made to participants of the MLS where the listing is filed, as well as participants of MLSs via the Southeast MLS Alliance data share.
Broker Attribution:
843-779-8660
Properties marked with IDX logo are provided courtesy of Charleston Trident Multiple Listing Service, Inc.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than the website owner are marked with the Broker Reciprocity logo or the Broker Reciprocity thumbnail logo and detailed information about them includes the name of the listing brokers. The broker providing this data believes it to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
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