4993,75,93 Lake Palmetto Lane, North Charleston, SC 29418
$1,725,000
Property Type:
MultiFamily
Square Footage:
6,657
Lot Size (sq. ft.):
5,227
Status:
Active
Current Price:
$1,725,000
List Date:
7/31/2024
Last Modified:
9/17/2024
Description
Three active short term rentals sold fully furnished generating over 300,000 per year in income. All future bookings will transfer upon sale complete pass through investment at a high rate of return. Agents and buyers search through loopnet, crexi, mls, or any other real estate platform and try to find a pass through cap rate at 8.5%. The rentals have many five star reviews with streamlined management already in place. All three rentals are unique booking experiences since they are lake front (these units consistently rent higher than well known park circle rentals) and can accommodate a large family due to each townhome being over 2200 sq ft. Since the properties are fee simple and built after 2004 maintenance is minimal without worry of an overbearing HOA or large assessments.
Supplements: The neighborhood is a short drive to bustling Park Circle's restaurants and shops, near the North Area brewery district and up and coming Navy Yard, and is just a few minutes from the Paradiso at Mixson, a family friendly club with a large, heated saltwater pool, cabana rentals, co-working spaces, a restaurant, and regular social events. Lake Palmetto is also moments to Charleston International Airport for quick weekend getaways or incoming guests.
More Information MLS# 24019444
Contract Info
MLS List Date: 2024-07-31
Status: Active
List Price: $1,725,000
Current Price: $1,725,000
Location Tax Legal
Tax Map #: 4091100101,4091100122,4091100092
Street #: 4993,75,93
Street Name: Lake Palmetto
Street Suffix: Lane
County: Charleston
State: SC
Zip Code: 29418
Area: 31 - North Charleston Inside I-526
Tax District: 43 - City of North Charleston
Subdivision: Lake Palmetto
Elementary School: Meeting Street Elementary at Brentwood
Middle School: Northwoods
High School: North Charleston
General Property Info
Number of Units: 3
Primary Structure Apx SqFt: 6657
Year Built: 2005
Acreage: 0.12
Potential Short Sale: No
Other Structures Y/N: No
Income Expenses Fees
Annual Expenses: 161400
Net Income: 154200
Unit 1
SqFt: 2245
Bedrooms: 3
Baths: 3.5
Unit 2
SqFt: 2206
Bedrooms: 3
Baths: 3.5
Unit 3
SqFt: 2224
Bedrooms: 3
Baths: 3.5
Property Features
SqFt Source: Builder/Owner
Roof: Asphalt Shingle
Exterior: Vinyl Siding
Foundation: Crawl Space
Driveway: Concrete
Architectural Style: Townhouse
Zoning: Conforming
Cooling: Central Air
Heat: Heat Pump
Sale Includes: All Furniture; Building and Land
Proposed Financing: Any
Possession: At Closing; Negotiable
Utility Suppliers: Berkeley Elect Co-Op
Listing Office: Tift Properties
Last Updated: September - 17 - 2024
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