1251 Sumner Avenue, North Charleston, SC 29406 (MLS# 21027277)

$3,950,000

1251 Sumner Avenue
North Charleston, SC 29406
MLS# 21027277
Status: Closed
22560 sqft

1 / 26

Property Description
24 Units, all 3BR 1.5BA. Complex has undergone extensive renovation (see attachments). 100% occupied, all tenants are on a month to month lease, with NO subsidized / SEC 8. All units are currently rented below market value, so there is room for capital improvement. This is a PERFECT 1031 property, or portfolio add for someone looking for a clean and operational complex.

Details

Contract Info

MLS List Date: 2021-10-08

Status: Closed

List Price: $4,500,000

Current Price: $3,950,000

Primary Structure List Price/SqFt: 199.47

Location Tax Legal

Tax Map #: 4710200093

Street #: 1251

Street Name: Sumner

Street Suffix: Avenue

County: Charleston

State: SC

Zip Code: 29406

Area: 32 - N.Charleston, Summerville, Ladson, Outside I-526

Tax District: 43 - City of North Charleston

Subdivision: Charleston Farms

Elementary School: North Charleston

Middle School: Morningside

High School: North Charleston

Directions: I-526 to North Rhett, Left onto North Rhett, First left is Sumner, Complex is 1/4 mile on left between Filbin Creek Apartments and The Oaks at Sumner Apartments.

General Property Info

Number of Units: 24

# Stories: 3

Ground Level: No

Primary Structure Apx SqFt: 22560

Year Built: 1992

Acreage: 1.66

Lease Purchase: No

Potential Short Sale: No

Income Expenses Fees

Annual Expenses: 69217.05

Net Income: 249662.95

Status Change Info

Sold Date: 2022-03-21

Sold Price/SqFt: 175.09

New Mortgage Type: Conventional

Unit 1

SqFt: 935

Bedrooms: 3

Baths: 1.5

Property Features

SqFt Source: List Agent; Tax Records

Roof: Architectural

Exterior: Vinyl Siding

Foundation: Slab

Driveway: Asphalt Strips

Architectural Style: Condominium; High Rise; More than 4; Quadplex

Zoning: Conforming

Cooling: Central Air

Heat: Electric; Forced Air

Amenities: Bus Line; Cable TV; Park

Sale Includes: Building and Land

Tenant Pays: All Utilities

Proposed Financing: Cash; Conventional Loan; Exchange; State Housing Author

Possession: At Closing

Utility Suppliers: Charleston Water Service; N Chas Sewer Distric

Listing Office: Carolina One Real Estate

Last Updated: June - 08 - 2022

1251 Sumner Avenue, North Charleston, SC 29406 - MLS# 21027277

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