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  • Price$399,900
  • Acres1.38

Kerry Street, North Charleston

The Kerry/Lakewood developments lots provide an opportunity to construct 41 apartment units at the Lakewood site and potentially 8 units at the Kerry Street site. These locations were previously mobile home sites. The Lakewood apartments complex is directly adjacent to both of these sites. An apartment project in the B-C rental range would be ideal for this location and its growth trajectory. The Lakewood apartments consists of 41 units and was previously sold for $1,500,000. The product mix within that project consisted of 32 1BR units renting from $500-585/month and 9 2BR units renting from $650-750/month. This project had a good deal of deferred maintenance at the time of sale but still had significant upside potential.It is my opinion that a new apartment complex on Lakewood St should consist of a majority of 2BR 2BA units with targeted rents in the $950-1,100 range for 2 BR units and $750-900 for 1BR units. With a sticks and bricks targeted construction price of $75/ft, the cost of construction would be approximately $2.6 million with 850 sqft 2BR units and 675 sqft 1BR units. With a 40% expense rate applied to a projected proforma along with a 7% cap rate, estimated value of this leased up completed project would be $3,985,714.

Essential Information

  • MLS® #18025971
  • Price$399,900
  • Acres1.38
  • TypeVacant Land
  • StyleMulti-Family, Residential
  • StatusActive

Amenities

  • AmenitiesTrash Pickup

School Information

  • ElementaryNorth Charleston
  • MiddleMorningside
  • HighN Charleston

Listing Details

  • Listing OfficeRE/MAX Alliance

Community Information

  • AddressKerry Street
  • AreaN. Charleston Area inside I-526
  • SubdivisionFerndale
  • CityNorth Charleston
  • CountyCharleston
  • StateSC
  • Zip Code29406

Exterior

  • Lot DescriptionLevel, 1-2 Acres

Additional Information

  • Days on Website146
  • ZoningMulti-Family
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