$1,299,000
902 Royal Tern with a rare opportunity to acquire four town-home style units in South Mount Pleasant, one of Charleston's most desirable submarkets. All comprised of 2 bed 1.5 bath. Unit B is intentionally vacant for renovations. Can be leased within a week on average according to seller. All units are month-to-month for income growth potential, and current income is A ($2,100), B (Vacant), C ($2,000), D ($2000). At 1.299M, the asset reflects a 5% cap rate on in-place income, assuming $2250 a month rent for Unit B. Current rents are below market, with comparable two-bedroom units averaging $2,620, creating strong upside potential. Pro forma rents at market levels suggest annual income could exceed $125,760, yielding an 6.3% CAP.(Some Photos contain Ai Staging)
8
Beds
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7.5
Baths
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26024359
MLS
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Shemwood Ii
SubDv.
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Active
Status
902 Royal Tern Lane, Mount Pleasant