5521 Garrett Avenue, North Charleston, 29406

CONTINGENTMulti-Family For Sale

$226,500

Beds
Baths
1,084Sqft
.51Acres
1955Built
MLS® #: 16026223
Active Contingent

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

Essential Information

MLS® #: 16026223
Price: $226,500
$/SqFt: $209
Square Footage: 1,084
Acres: 0.51
Year Built: 1955
Type: Multi-Family
Style: Mobile Home, More than 4
Status: Active Contingent

Community Information

Address: 5521 Garrett Avenue
Area: N. Chas. / Summerville outside I-526
City: North Charleston
County: Charleston
State: SC
Zip Code: 29406

School Information

Elementary: Matilda Dunston
Middle: Morningside
High: N Charleston

Additional Information

Listing Office: Brand Name Real Estate

Scott Campbell

Your contact at Prestige Real Estate

I am delighted to answer any questions you may have.

Please provide a valid email address.
Prestige Real Estate Group
Prestige Real Estate Group LLC
1156 Bowman Road, Suite 200
Mt. Pleasant, SC 29464
1 (843) 259-9913

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 Prestige Real Estate Group 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.

Copyright 2018 Charleston Trident Multiple Listing Service, Inc. All rights reserved.