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2647 Bonds Ave 8 Unit Apartment Building $1,999,999 ($250,000/Unit) 12.77% Cap Rate North Charleston, SC 29405
Executive Summary
2647 Bonds Ave, North Charleston, SC 29405 | 8-Unit Renovated Multifamily Investment Opportunity
Exceptional multifamily investment property located in the rapidly growing North Charleston submarket. This 8-unit apartment building has undergone major renovations in 2021, offering investors a turnkey asset with flexible income strategies.
Property Highlights:
Fully private & fenced-in property
Electric Gate Access
Enclosed storage on site
Unit Sizes ranging from approx. 300 to 900 SF
Advanced access control system for short or long term rentals
Major Renovations in 2021
Estimated 6,500sf total including common areas
Short-Term Rentals (Airbnb): Proven track record of approx. $288,000/year gross w/ $255k/yr NOI
Long-Term Leases: Approx. $212,000/year gross revenue w/ $180k/yr NOI
Operating Expenses: $32,500/year (Insurance, Utilities, Property Tax, Landscaping & Pest Control)
Ideal for either passive long-term hold or active short-term rental operator
Strong demand in this location for both tourist and workforce housing
Exceptional multifamily investment property located in the rapidly growing North Charleston submarket. This 8-unit apartment building has undergone major renovations in 2021, offering investors a turnkey asset with flexible income strategies.
Property Highlights:
Fully private & fenced-in property
Electric Gate Access
Enclosed storage on site
Unit Sizes ranging from approx. 300 to 900 SF
Advanced access control system for short or long term rentals
Major Renovations in 2021
Estimated 6,500sf total including common areas
Short-Term Rentals (Airbnb): Proven track record of approx. $288,000/year gross w/ $255k/yr NOI
Long-Term Leases: Approx. $212,000/year gross revenue w/ $180k/yr NOI
Operating Expenses: $32,500/year (Insurance, Utilities, Property Tax, Landscaping & Pest Control)
Ideal for either passive long-term hold or active short-term rental operator
Strong demand in this location for both tourist and workforce housing
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,999,999 | Building Class | C |
| Price Per Unit | $250,000 | Lot Size | 0.21 AC |
| Sale Type | Investment | Building Size | 3,638 SF |
| Cap Rate | 12.77% | Average Occupancy | 90% |
| Gross Rent Multiplier | 9.38 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1969 |
| Property Type | Multifamily | Parking Ratio | 2.75/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | R-1 - Zoned R-1 for single family residential, variance / specialty use 210 - SPCLTY-SMA allows for apartments on the property. | ||
| Price | $1,999,999 |
| Price Per Unit | $250,000 |
| Sale Type | Investment |
| Cap Rate | 12.77% |
| Gross Rent Multiplier | 9.38 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.21 AC |
| Building Size | 3,638 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1969 |
| Parking Ratio | 2.75/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-1 - Zoned R-1 for single family residential, variance / specialty use 210 - SPCLTY-SMA allows for apartments on the property. |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
Site Amenities
- Controlled Access
- Courtyard
- Fenced Lot
- Gated
- Bicycle Storage
- Car Charging Station
- Community-Wide WiFi
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | - |
| 2+1 | 1 | - | - |
| Studios | 3 | - | - |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 411-15-00-128 | Total Assessment | $25,470 |
| Land Assessment | $0 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 | Tax Year | 2024 |
Property Taxes
Parcel Number
411-15-00-128
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$25,470
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Presented by
Mantica LLC
2647 Bonds Ave
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