1850 Pebble RdCharleston, SC 29407

Property Details for 1850 Pebble Rd

Year built

1973

Lot size

0.96 AC

Property size (Sq ft)

22,000 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This Charleston, SC multifamily investment presents a compelling value-add opportunity. The 32-unit apartment building, comprised of four two-story buildings on a 0.96-acre lot, offers significant upside potential. Currently boasting 94% occupancy, the property generates a NOI of $173,813, with a pro-forma NOI projected at $307,995. The asking price is $4,160,000, translating to $130,000 per unit and $189.09 per square foot. Built in 1973, the 22,000 square foot complex features one-bedroom, one-bathroom units. Only two units have been upgraded, presenting a clear path to increase rents to market rates of $1300-$1400, significantly boosting profitability. The property's strategic location in West Ashley provides convenient access to major highways, schools, and numerous retail options including Food Lion, Target, and the Citadel Mall. Its proximity to major employers such as Roper St. Francis Healthcare, Boeing, Joint Base Charleston, and MUSC further enhances its appeal. This property is ideal for investors seeking to capitalize on a strong value-add program in a thriving Charleston market. The current cap rate is 4.18%, with a pro-forma cap rate of 7.40%. The property's APN is 350-05-00-091.

Location Insight

City

Charleston

County

Charleston

State

South Carolina

Latitude

32.7875

Longitude

-80.0234

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