$3,950,000
1251 Sumner Avenue
North Charleston, SC 29406
MLS# 21027277
Status: Closed
22560 sqft
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Property 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.

Details
Maps
Contract Info
Primary Structure List Price/SqFt: 199.47
MLS List Date: 2021-10-08
Status: Closed
List Price: $4,500,000
Current Price: $3,950,000
Location, Tax & Legal
Legal Description: Multi-Fam Tract 2 Charleston Farms TMS#471-02-00-093
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.
General Property Info
# Stories: 3
Ground Level: No
Lease Purchase: No
Potential Short Sale: No
Number of Units: 24
Primary Structure Apx SqFt: 22560
Year Built: 1992
Acreage: 1.66
Income, Expenses & Fees
Gross Income: 318880
Auction: No
Status Change Info
Sold Price/SqFt: 175.09
New Mortgage Type: Conventional
Sold Date: 2022-03-21
SqFt Source
List Agent: 1
Tax Records: 1
Unit 1
SqFt: 935
Bedrooms: 3
Baths: 1.5
Roof
Architectural: 1
Exterior
Vinyl Siding: 1
Foundation
Slab: 1
Zoning
Conforming: 1
Garage/Parking
2 Car: 1
Driveway
Asphalt Strips: 1
Architectural Style
Condominium: 1
High Rise: 1
More than 4: 1
Quadplex: 1
New Owned/Pre-owned
Pre-Owned: 1
Equipment/Appliances
Dishwasher: 1
Disposal: 1
Dryer Connection: 1
Electric Range: 1
Refrigerator: 1
Washer Hookup: 1
Cooling
Central Air: 1
Heat
Electric: 1
Forced Air: 1
Amenities
Bus Line: 1
Cable TV: 1
Park: 1
Sale Includes
Building and Land: 1
Proposed Financing
Cash: 1
Conventional Loan: 1
Exchange: 1
State Housing Author: 1
Tenant Pays
All Utilities: 1
Possession
At Closing: 1
Water/Sewer
Public Sewer: 1
Public Water: 1
Utility Suppliers
Charleston Water Service: 1
N Chas Sewer Distric: 1
Income Expenses Fees
Annual Expenses: 69217.05
Net Income: 249662.95
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

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.

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