Charleston & Mt. Pleasant Homes For Sale - Please contact Alan Donald for more information on this listing: (843) 900-0155

$226,500 | 13 beds | N/A full baths | N/A half baths | 1,084 sqft

$219,000
5521 Garrett Avenue
North Charleston, SC 29406
  • 13Beds
  • N/AFull Baths
  • N/AHalf Baths
  • 1,084SqFt
  • 1955Year Built
  • 0.51Acres
  • MLS# 16026223
  • Multi Family
  • Sold

  • Approx Time on Market1 year, 4 months, 24 days
  • AreaNorth Charleston/summerville/ladson Dorchester
  • CountyCharleston
  • SubdivisionCharleston Farms

Overview

Investors take a look at these numbers and run them yourselves. This property is a true cash flow property without you needing to make improvements. The work has already been done. You aren't the one making the property worth the asking price, it's already worth it. Gross monthly rent currently $3,825 monthly. We are 100% occupied at this point. Net operating income around $3,125. Those are strong numbers. Empty units are filled usually within a day with little turnover work required. Total of 6 detached units. There is a main house and 5 mobile homes. The home has a new roof (cost $6,275), new HVAC, and has been well maintained and painted throughout. Brick exterior required little upkeep. Two of the MH have new roofs costing around $1,500 each. Cap rate 13% with management fee. No under market rents here that you must correct. Home rented for one year, other homes are month to month. Seller has made about $15,000 in capital improvements over the last year and says it is time to sell. Units 3 and 5 have newer roofs as well. Home insurance around $1,079 annually. The condition is good and the market is strong. While current rents are fair the owner is increasing them as units come available and has received $600 for a 2 bedroom the first day it was offered. Because of the mobile homes financing will be more challenging to some investors. There will be no rent to own deals and owner is greatly limited to any owner financing because of a current note that must be satisfied. Showings are restricted on this property to qualified investors who are familiar with the area. Tenants do not know it is for sale so please use discretion. Trailers are a bit older but bring in strong rent


Sale Info

Listing Date: 10-03-2016

Sold Date: 02-28-2018

Aprox Days on Market: 
   1 Year(s), 4 month(s), 24 day(s)

Listing Sold: 
   6 Year(s), 1 month(s), 1 day(s) ago

Original Asking Price: $226,500

Asking Price: $226,500

Selling Price: $219,000

Price Difference From Original: 
Reduced By $7,500

Price Difference From Asking: 
Reduced By $7,500

Agriculture / Farm

Grazing Permits Forest Service:  Yes

Grazing Permits Private:  Yes

Grazing Permits Blm:  Yes

Horse:  No

Farm Credit Service Incl:  Yes

Association Fees / Info

Bathroom Info

Building Info

Year Built:  1955

Business Info

Rent Control:  No

Buyer Compensation

Exterior Features

Pool Private:  No

Garage / Parking

Garage:  No

Attached Garage:  No

Interior Features

Fireplace:  No

Lot Info

Lot Size:  0.51

Lot Size Units:  Acres

Acres:  0.51

Lot Sqft:  22215.6

Irrigation Water Rights:  Yes

Offer Compensation

Other

Mobile Home Remains:  Yes

Property Info

Property Type:  B

New Construction:  No

Building Area Units:  Square Feet

View:  No

Home Warranty:  Yes

Habitable Residence:  Yes

Structure Type:  House, More than 4

Room Info

Beds:  13

Sale / Lease Info

Sold Date:  2018-02-28T00:00:00

Lease Renewal Option:  Yes

Lease Considered:  Yes

Lease Assignable:  Yes

Sqft Info

Unit Sqft:  1,084

Sqft:  1084

Unit Info

Unit Bedrooms:  3

Unit Bedrooms:  2

Number of Units Total:  6

Unit Bedrooms:  1

Unit Bedrooms:  2

Unit Bedrooms:  3

Unit Bedrooms:  2

Utilities / Hvac

Heating:  No

Cooling:  No

Waterfront / Water

Waterfront:  No

Schools

Elem:  Matilda Dunston

Middle:  Morningside

High:  North Charleston

Directions

From 26 Take Remount Towards N Rhett. Garrett Ave Will Be On The Right. Property On The Right.

Courtesy of listing office Brand Name Real Estate 

Mortgage Calculator

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Price & Status History (on buyhomesincharleston.com since Mon, Oct 3rd 2016)
  • Original Price: $226,500
  • Current Price: $226,500
  • Price Reduced: $0
Date ChangedFromTo
03/01/2018Active ContingentSold
01/12/2018ActiveActive Contingent
01/10/2018$226,900 $226,500 Reduced by $400
03/01/2017$229,900 $226,900 Reduced by $3,000
01/17/2017$ $ Reduced by $0
01/17/2017Active ContingentActive
01/13/2017ActiveActive Contingent

Residential, Land, Other Disclaimer:

Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than Keller Williams Realty Charleston are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 03-29-2024 8:29 AM EST . The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2024 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 03-29-2024 8:29 AM EST est.

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Contact Alan Donald for more information on this listing - (843) 900-0155
Keller Williams Realty Charleston - Mt Pleasant, SC