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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.
- MLS® #18025971
- TypeVacant Land
- StyleMulti-Family, Residential
- AmenitiesTrash Pickup
- ElementaryNorth Charleston
- HighN Charleston
- Listing OfficeRE/MAX Alliance
- AddressKerry Street
- AreaN. Charleston Area inside I-526
- CityNorth Charleston
- Zip Code29406
- Lot DescriptionLevel, 1-2 Acres
- Days on Website203
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 RE/MAX Alliance 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.
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.
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