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: $3,950,000 List Date: 10/08/2021 Last Modified: 6/08/2022

Overview

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.

Listing Details MLS# 21027277

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
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.

Contract Info

MLS List Date
2021-10-08
Primary Structure List Price/SqFt
199.47

General Property Info

Number of Units
24
# Stories
3
Ground Level
No
Total Apx SqFt
22560
Year Built
1992
Acreage
1.66
Lease Purchase
No
Potential Short Sale
No

Income Expenses Fees

Annual Expenses
69217.05
Net Income
249662.95

Status Change Info

Sold Date
2022-03-21
Sold Price/SqFt
175.09
New Mortgage Type
Conventional

Unit 1

SqFt
935

More Information

Property Features

SqFt Source: List Agent; Tax Records Roof: Architectural Exterior: Vinyl Siding Foundation: Slab Driveway: Asphalt Strips Architectural Style: Condominium; High Rise; More than 4; Quadplex Zoning: Conforming 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 Utility Suppliers: Charleston Water Service; N Chas Sewer Distric
IDX
Listing Office: Carolina One Real Estate
Last Updated: June - 08 - 2022
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. Information is provided exclusively for consumers' personal, non-commerical use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.