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2107 Rondo 2107 Rondo St 16 Unit Apartment Building $1,900,000 ($118,750/Unit) 6.35% Cap Rate Charleston, SC 29414
Investment Highlights
- Renovated & Turned Interiors: Two units fully renovated with granite countertops, & majority of remaining units recently turned.
- Tenant-Paid Utilities: Electricity paid directly by residents & water & sewer billed back to tenants, minimizing utility expense exposure.
- Laundry Conversion Upside: Existing storage units offer conversion upside to a leased communal laundry operation for incremental income.
- Recent Capital Investment: New roof installed in 2023, all hot water heaters updated, & the majority of PAC units recently replaced.
- In-Unit Washer/Dryer: Each unit equipped with a stackable washer/dryer, providing a premium amenity in a small-unit product.
- West Ashley + Charleston Growth: West Ashley in Charleston, one of the Southeast’s fastest-growing metros, anchored by MUSC & Boeing.
Executive Summary
Marcus & Millichap is pleased to present 2107 Rondo, a 16-unit multifamily community located in the West Ashley submarket of Charleston, South Carolina. Originally built in 1970, the property offers an all one-bedroom, one-bathroom unit mix with a stackable washer and dryer in each unit. Electricity is paid directly by residents and water and sewer are billed back to tenants, delivering a streamlined operating profile with limited utility expense exposure.
2107 Rondo has benefited from meaningful recent capital investment, including a new roof in 2023, updated hot water heaters, and updated PAC units across the majority of the property. Two units have been fully renovated with granite countertops, and the majority of remaining units have been recently turned, offering a new owner a stabilized income stream and a defined runway for continued value-add through unit-by-unit renovation at turnover. Existing storage units offer an additional value-add opportunity through conversion to a leased communal laundry operation.
The asset sits just off US Highway 17, Charleston’s primary north-south commercial corridor, providing direct connectivity to downtown Charleston, Mount Pleasant, and the surrounding West Ashley amenity base. West Ashley is home to nearly half of the City of Charleston’s population and offers renters proximity to MUSC, Roper St. Francis, and Charleston’s downtown employment corridors. The broader Charleston MSA continues to benefit from sustained population and job growth anchored by MUSC, Boeing, the Port of Charleston, and a rapidly expanding technology sector, supporting durable long-term rental demand.
2107 Rondo has benefited from meaningful recent capital investment, including a new roof in 2023, updated hot water heaters, and updated PAC units across the majority of the property. Two units have been fully renovated with granite countertops, and the majority of remaining units have been recently turned, offering a new owner a stabilized income stream and a defined runway for continued value-add through unit-by-unit renovation at turnover. Existing storage units offer an additional value-add opportunity through conversion to a leased communal laundry operation.
The asset sits just off US Highway 17, Charleston’s primary north-south commercial corridor, providing direct connectivity to downtown Charleston, Mount Pleasant, and the surrounding West Ashley amenity base. West Ashley is home to nearly half of the City of Charleston’s population and offers renters proximity to MUSC, Roper St. Francis, and Charleston’s downtown employment corridors. The broader Charleston MSA continues to benefit from sustained population and job growth anchored by MUSC, Boeing, the Port of Charleston, and a rapidly expanding technology sector, supporting durable long-term rental demand.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $1,900,000 | Building Class | C |
| Price Per Unit | $118,750 | Lot Size | 0.23 AC |
| Sale Type | Investment | Building Size | 8,741 SF |
| Cap Rate | 6.35% | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1970/2003 |
| Property Subtype | Apartment | Parking Ratio | 1.37/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | GB | ||
| Price | $1,900,000 |
| Price Per Unit | $118,750 |
| Sale Type | Investment |
| Cap Rate | 6.35% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.23 AC |
| Building Size | 8,741 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2003 |
| Parking Ratio | 1.37/1,000 SF |
| Zoning | GB |
Amenities
Unit Amenities
- Balcony
- Cable Ready
- Washer/Dryer
- Refrigerator
- Oven
- Carpet
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 500 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 310-07-00-173 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $78,300 |
Property Taxes
Parcel Number
310-07-00-173
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$78,300
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2107 Rondo | 2107 Rondo St
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