Charleston, SC 29403
- 12Beds
- N/AFull Baths
- N/AHalf Baths
- 4,670SqFt
- 1981Year Built
- 0.09Acres
- MLS# 24004773
- Multi Family
- Active
- Approx Time on Market2 months, 6 days
- AreaHistoric Charleston - Upper Peninsula
- CountyCharleston
- SubdivisionWagener Terrace
Overview
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 requiredWagener 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.
Agriculture / Farm
Grazing Permits Forest Service: Yes
Grazing Permits Private: Yes
Grazing Permits Blm: Yes
Horse: No
Farm Credit Service Incl: Yes
Association Fees / Info
Community Features: Dog Park
Bathroom Info
Building Info
Year Built: 1981
Business Info
Rent Control: No
Buyer Compensation
Exterior Features
Pool Private: No
Garage / Parking
Gar Pkg: Other (Use Remarks)
Garage: No
Attached Garage: No
Interior Features
Interior Features: Ceiling Fan(s)
Fireplace: No
Lot Info
Lot Size: 0.09
Lot Size Units: Acres
Acres: 0.09
Lot Sqft: 3920.399999
Irrigation Water Rights: Yes
Offer Compensation
Other
Security Features: Security System
Mobile Home Remains: Yes
Property Info
Property Type: B
Stories: 2
Foundation: Slab
Exterior: Brick, Brick Veneer
New Construction: No
Roof: Architectural
Property Subtype: None
Building Area Units: Square Feet
View: No
Home Warranty: Yes
Habitable Residence: Yes
Structure Type: Quadruplex
Room Info
Beds: 12
Sale / Lease Info
Lease Renewal Option: Yes
Lease Considered: Yes
Lease Assignable: Yes
Sqft Info
Unit Sqft: 1,167
Unit Sqft: 1,167
Unit Sqft: 1,167
Unit Sqft: 1,167
Sqft: 4670
Unit Info
Number of Units Total: 4
Unit: 1-4
Unit Bedrooms: 3
Unit Bedrooms: 3
Unit Bedrooms: 3
Unit Bedrooms: 3
Utilities / Hvac
Water Source: Public
Utilities: Charleston Water Service, Dominion Energy
Heating: Yes
Heat: Heat Pump
Water Sewer: Public Sewer
Cooling: Central Air
Cooling: Yes
Waterfront / Water
Waterfront: No
Directions
Ake Rutledge Ave To Grove Street. 264 Grove Is Located In Between 9th And 8th Ave On The Right Hand Side.Courtesy of listing office The Boulevard Company, LLC