0 Kerry Street is a $350,000 property on a 1.38 acre lot located in North Charleston, SC.
The Kerry/Lakewood developments lots provide an opportunity to construct 41 apartment units at the Lakewood site and potentially 8 units at the Kerry Street site. These locations were previously mobile home sites. The Lakewood apartments complex is directly adjacent to both of these sites. An apartment project in the B-C rental range would be ideal for this location and its growth trajectory. The Lakewood apartments consists of 41 units and was previously sold for $1,500,000. The product mix within that project consisted of 32 1BR units renting from $500-585/month and 9 2BR units renting from $650-750/month. This project had a good deal of deferred maintenance at the time of sale but still had significant upside potential. It is my opinion that a new apartment complex on Lakewood St should consist of a majority of 2BR 2BA units with targeted rents in the $950-1,100 range for 2 BR units and $750-900 for 1BR units. With a sticks and bricks targeted construction price of $75/ft, the cost of construction would be approximately $2.6 million with 850 sqft 2BR units and 675 sqft 1BR units. With a 40% expense rate applied to a projected proforma along with a 7% cap rate, estimated value of this leased up completed project would be $3,985,714.
1 - 2 Acres
Zoning - Multi-Family
Based on information from the Charleston Trident® Multiple Listing Service, last updated 05/23/2019 at 03:02pm MDT. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Listing information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed by the MLS or this website.