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Saralouise 'sl' Saad
The Boulevard Company, LLC
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Fantastic opportunity to own a turn-key fully furnished income producing quadplex in one of the most desirable neighborhoods on the peninsula - Wagener Terrace. Originally built in 1960, 264 Grove Street underwent a full interior and exterior renovation in 2022. Each unit within the quadplex is currently operating as a 30-day furnished rental on AirBNB & VRBO, and the entire building will be sold fully stocked and furnished. Each unit consists of 2 king bedrooms, an office with closet and window which counts as a 3rd queen bedroom w/ window & closet, 1 full bathroom, large living room, dining, kitchen and laundry. There is also a private dog park and outdoor living space in the backyard, and off street + on street parking for guests to enjoy during their stay.IMPORTANT INFORMATION:IMPORTANT INFORMATION: Seller does not currently own property as their primary residence, therefore each unit is CURRENTLY operating as a 30-day furnished executive rental bringing in $3,500-$4,500 per unit per month. The property is currently taxed at 6%. If the BUYER were to purchase the building as their PRIMARY RESIDENCE (taxed at 4%) and owner- occupy 1 unit, they may apply for the B&B permit through the City of Charleston. What this means: The City should allow 1 of the 4 units to be a NIGHTLY AirBNB (maximum income potential) - but the other 2 units would have to remain 30-day or long-term rentals, however, 30-day rentals can also be marketed on Airbnb and Vrbo platforms for maximum exposure. The city requires enough maneuverable off-street parking on site which we have confirmed the property DOES HAVE. Please ask your representation for a copy of the proforma for 1 short-term nightly rental unit in the marketing package. The projected revenue (conservative) for the 1 short-term nightly rental unit for 2024 is $125,000, and your other 2 units should bring in $3,500-$4,500/mo based on the property's rental history thus far. In short, if BUYER chooses to purchase building as their PRIMARY RESIDENCE and owner occupy 1 of the 4 units, they will have the ability to short term rent ONE UNIT on a nightly basis, and 30-day rent TWO UNITS. The PROJECTED annual revenue for this scenario would be $287,000. PROPERTY FACTS: - $400,000+ renovation in 2022. All units are turn-key. - Roof replaced in 2014 - 4 Tankless water heaters installed within the last 3-5 years - All windows replaced within the last 5-8 years per previous owner - HVACs: Unit C is 6 years old, parts updated on other units - Plumbing and electrical has been updated - Property is located in X flood zone- no flood insurance required Wagener Terrace stands as a testament to Charleston's rich history and Southern hospitality. The combination of historic homes, community spirit, and convenient location makes it a desirable place to call home in the Holy City. Hampton Park is one of the City's largest and most popular parks just a stone's throw away from 264 Grove Street, as well as multiple restaurants, coffee shops, bars, and local businesses.
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Ceiling Fan(s)
Roof : Architectural
Architectural
Heating: Heat Pump
Cooling: Central Air
WaterSource: Public
Year Built: 1981
Construction: Brick, Brick Veneer
Security System: Security System
Foundation Details: Slab
Lot Size Area: 0.09
Lot Size Units: Acres
Lot Square Feet: 3,920
Lot Acres: 0.09
Stories: 2
Main Square Feet: 0.09
Property Type: Residential Income
Structure Type: Quadruplex
Subdivision: Wagener Terrace
Other (Use Remarks)
Elementary School: James Simons
Junior High School: Simmons Pinckney
Senior High School: Burke
Charleston Water Service, Dominion Energy
Direction: Ake Rutledge Ave To Grove Street. 264 Grove Is Located In Between 9th And 8th Ave On The Right Hand Side.
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
188 Coming Street, Charleston, SC,29403 | $1,700,000 | 2 | -- | 2,318 | 0.11 Acre |
95 Line Street, Charleston, SC,29403 | $7,000,000 | 13 | -- | 4,929 | 0.23 Acre |
1100 King Street, Charleston, SC,29403 | $1,800,000 | -- | -- | 6,400 | 0.32 Acre |
188 Coming Street, Charleston, SC,29403 | $1,700,000 | 4 | 2 | 2,318 | 0.11 Acre |
69 Morris Street #302, Charleston, SC,29403 | $1,095,000 | 2 | 2.5 | 1,428 | -- |
11 Reid Street, Charleston, SC,29403 | $775,000 | 5 | 3.0 | 2,104 | 0.04 Acre |
5 Addison Street #AB, Charleston, SC,29403 | $1,340,000 | 3 | 3.0 | 1,923 | 0.1 Acre |
5 Addison Street #AB, Charleston, SC,29403 | $1,340,000 | 3 | -- | 1,923 | 0.1 Acre |
680 King Street, Charleston, SC,29403 | $1,395,000 | 4 | -- | 2,074 | 0.07 Acre |
152 Spring Street #F, Charleston, SC,29403 | $998,000 | 3 | 2.5 | 1,484 | 0.06 Acre |
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ByOwner last updated this listing 05/11/2024 @ 09:48
MLS: 24004773
LISTED BY: Saralouise 'sl' Saad, The Boulevard Company, LLC
SOURCE: Charleston MLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.