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Cedar Key Apartments 246 Pidgeon Bay Rd 48 Unit Apartment Building $6,150,000 ($128,125/Unit) Summerville, SC 29483
INVESTMENT HIGHLIGHTS
- Large, modern 2 & 3 Bedroom Units
- Strong Rent Growth
- Top School District
EXECUTIVE SUMMARY
ALL OFFERING MATERIALS CAN BE DOWNLOADED FROM THE FOLLOWING PAGE:
https://www.eastgatemultifamily.com/cedar-key-offering
This above web page will require you to complete a Confidentiality Agreement and Offering Materials will be sent to the email provided.
Current offering materials include:
Offering Memorandum
Current & Past Financials
Rent Rolls
Real Estate Taxes
Video Tours
Brokers & Buyers are both welcome to register.
Chris Yeagle
EastGate Multifamily
Mobile: 843-860-6908
183 Brady Street, Charleston, SC 29492
chris@eastgatemultifamily.com
www.eastgatemultifamily.com
Licenses: FL: 3010970, GA: 220941, SC: 68049, NC: 299692
—-
Cedar Key Apartments is a value-add investment opportunity located in the Summerville submarket of Charleston, South Carolina.
OFFERING HIGHLIGHTS:
48 Units / 2003 Year Built
2 & 3-Bedroom Units
Separate water meters (city meters)
Modern floor plans will continue to be functional.
The property has large 2- & 3-bedroom floor plans that are modern and will avoid functional obsolescence for decades. 100% of the units have large washer / dryer closets. Average size is 1,008 square feet.
At the center of Charleston’s employment corridor and growth.
According to the BLS Charleston scored #1 in the nation for employment growth in two of the last three years. Year 3 the metro came in third overall. During these periods, employment growth in the Charleston metro averaged 5% - 6%.
https://www.eastgatemultifamily.com/cedar-key-offering
This above web page will require you to complete a Confidentiality Agreement and Offering Materials will be sent to the email provided.
Current offering materials include:
Offering Memorandum
Current & Past Financials
Rent Rolls
Real Estate Taxes
Video Tours
Brokers & Buyers are both welcome to register.
Chris Yeagle
EastGate Multifamily
Mobile: 843-860-6908
183 Brady Street, Charleston, SC 29492
chris@eastgatemultifamily.com
www.eastgatemultifamily.com
Licenses: FL: 3010970, GA: 220941, SC: 68049, NC: 299692
—-
Cedar Key Apartments is a value-add investment opportunity located in the Summerville submarket of Charleston, South Carolina.
OFFERING HIGHLIGHTS:
48 Units / 2003 Year Built
2 & 3-Bedroom Units
Separate water meters (city meters)
Modern floor plans will continue to be functional.
The property has large 2- & 3-bedroom floor plans that are modern and will avoid functional obsolescence for decades. 100% of the units have large washer / dryer closets. Average size is 1,008 square feet.
At the center of Charleston’s employment corridor and growth.
According to the BLS Charleston scored #1 in the nation for employment growth in two of the last three years. Year 3 the metro came in third overall. During these periods, employment growth in the Charleston metro averaged 5% - 6%.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$406,093
|
$8.40
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income | |
|---|---|
| Annual | $406,093 |
| Annual Per SF | $8.40 |
PROPERTY FACTS Under Contract
| Price | $6,150,000 | Building Class | B |
| Price Per Unit | $128,125 | Lot Size | 6.00 AC |
| Sale Type | Investment | Building Size | 48,360 SF |
| No. Units | 48 | Average Occupancy | 98% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 2003 |
| Apartment Style | Garden | Parking Ratio | 1.65/1,000 SF |
| Zoning | R4_DC | ||
| Price | $6,150,000 |
| Price Per Unit | $128,125 |
| Sale Type | Investment |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 6.00 AC |
| Building Size | 48,360 SF |
| Average Occupancy | 98% |
| No. Stories | 3 |
| Year Built | 2003 |
| Parking Ratio | 1.65/1,000 SF |
| Zoning | R4_DC |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Washer/Dryer Hookup
- Ceiling Fans
- Views
- Walk-In Closets
SITE AMENITIES
- Clubhouse
- Laundry Facilities
- Playground
- Storage Space
- Lounge
- Maintenance on site
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 24 | $1,366 | 915 |
| 3+2 | 24 | $1,558 | 1,100 |
PROPERTY TAXES
| Parcel Number | 129-00-00-142 | Improvements Assessment | $169,803 |
| Land Assessment | $194,400 | Total Assessment | $364,203 |
PROPERTY TAXES
Parcel Number
129-00-00-142
Land Assessment
$194,400
Improvements Assessment
$169,803
Total Assessment
$364,203
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Cedar Key Apartments | 246 Pidgeon Bay Rd
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