Property Description Excellent opportunity to own an income producing multifamily property in one of Charleston's premier neighborhoods, Harleston Village. This large building totals 10 bedrooms and 6 bathrooms across 5 units, and is located just a stone's throw from Colonial Lake, restaurants, coffee shops, shopping, theaters, and all the best of what downtown Charleston has to offer. 179 Queen St is currently a blend of permitted short term, executive, and long term rentals, and will provide its next owner with options to suit whatever their investment needs may be. Property includes a large parking lot with 7+ spaces.
Details
Maps
Documents
Contract Info
Primary Structure List Price/SqFt: 500
MLS List Date: 2022-03-07
Status: Closed
List Price: $2,250,000
Current Price: $2,185,000
Location, Tax & Legal
Unit #: 1, 2, 3, 4, 5
Legal Description: 179 Queen Street
Tax Map #: 4571201003
Street #: 179
Street Name: Queen
Street Suffix: Street
County: Charleston
State: SC
Zip Code: 29401
Area: 51 - Peninsula Charleston Inside of Crosstown
Tax District: 71 - City of Charleston
Subdivision: Harleston Village
Elementary School: Memminger
Middle School: Courtenay
High School: Burke
Directions: Head south on Rutledge. Take left on Queen St. Property is 3rd on the right.
General Property Info
# Stories: 3
Ground Level: Yes
Potential Short Sale: No
Number of Units: 5
Primary Structure Apx SqFt: 4500
Year Built: 1855
Acreage: 0.5
Income, Expenses & Fees
Gross Income: 156852
Status Change Info
Sold Price/SqFt: 485.56
New Mortgage Type: Cash
Sold Date: 2022-08-01
SqFt Source
Previous Listing: 1
Tax Records: 1
Unit 1
SqFt: 650
Bedrooms: 1
Baths: 1
Unit 2
SqFt: 1100
Bedrooms: 3
Baths: 2
Unit 3
SqFt: 840
Bedrooms: 1
Baths: 1
Unit 4
SqFt: 1010
Bedrooms: 3
Baths: 1
Unit 5
SqFt: 900
Bedrooms: 2
Baths: 1
Roof
Slate: 1
Exterior
Wood Siding: 1
Foundation
Crawl Space: 1
Zoning
Conforming: 1
Garage/Parking
Other (Use Remarks): 1
Driveway
Gravel: 1
Architectural Style
More than 4: 1
Quadplex: 1
New Owned/Pre-owned
Pre-Owned: 1
Equipment/Appliances
Ceiling Fan: 1
Dishwasher: 1
Disposal: 1
Dryer: 1
Electric Cooktop: 1
Electric Range: 1
Microwave: 1
Refrigerator: 1
Washer: 1
Cooling
Central Air: 1
Heat
Heat Pump: 1
Sale Includes
All Furniture: 1
Building and Land: 1
Proposed Financing
Any: 1
Tenant Pays
Other (Use Remarks): 1
Possession
At Closing: 1
Special
Flood Insurance: 1
Water/Sewer
Public Sewer: 1
Public Water: 1
Utility Suppliers
Charleston Water Service: 1
Dominion Energy: 1
Income Expenses Fees
Annual Expenses: 59784
Net Income: 97068
Property Features
SqFt Source: Previous Listing; Tax Records
Roof: Slate
Exterior: Wood Siding
Foundation: Crawl Space
Driveway: Gravel
Architectural Style: More than 4; Quadplex
Zoning: Conforming
Cooling: Central Air
Heat: Heat Pump
Sale Includes: All Furniture; Building and Land
Tenant Pays: Other (Use Remarks)
Proposed Financing: Any
Possession: At Closing
Special: Flood Insurance
Utility Suppliers: Charleston Water Service; Dominion Energy
Supplements
Unit 1: 1 BR/ 1 BA
Leased: STR ~$5,500*
Unit 2: 3 BR/ 2 BA
Leased Executive ~$4,600*
Unit 3: 1 BR/ 1 BA
Leased Long Term $2,500
Ends 3/31/23
Unit 4: 3 BR/ 1 BA
Leased Long Term $2,600
Ends 7/29/22
Unit 5: 2 BR/ 1 BA
Leased Long Term $4,500
Ends 12/18/22
*Please note that these figures are approximate and represent the average monthly earnings. STR and Executive rentals are done through Airbnb/ VRBO and are variable from month to month.
2021:
Gross income = $172,306
Expenses = $57,345
NOI = $114,961
Projected 2022 Gross Income: $230,000
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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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