3733 ST JOHNS AVE North Charleston SC 29405

3733 St. Johns provides an opportunity to purchase a completely stabilized and renovated apartment complex just outside Park Circle, an eclectic and desirable suburb of downtown Charleston. The property includes a large 12-unit building and four 2-bedroom houses. Three houses have been updated, but the fourth is vacant and needs to be completely renovated. The main apartment building also underwent a unit and common area renovations as well. In addition to the interior renovations, the property has experienced extensive exterior improvements as well. Some of the exterior capital expenditures include parking lot site-work and rejuvenation, exterior repairs and painting, complete landscaping overhaul, and a new roof will 


be installed before closing. The property shows great, and the area is continuing to experience rapid redevelopment.

The property voluntarily participates in the Section 8 program and majority of the rent is coming from one of the various housing authorities. While a purchaser has the ability to convert the units to market rate as the surrounding area continues 


to grow, the current setup as Section 8 provides good stability with no issues in rent collection 
 and near zero vacancy. Each unit is separately metered for electric, but the landlord provides at his expense, water, sewer, cable, and internet. Current rent for the one bedroom units varies from $850 to $950, and the two bedrooms are from $1,100 to $1,200. The differences within the 
 rent-roll show there is still room to raise the rents beyond where they currently are. Additionally, there is another house that is included in the sale that has yet to be renovated. A new owner would have the option of renovating the additional home, or demolishing it to add room for parking.

The property is located less than two miles from downtown Park Circle and less than one mile to the Navy Yard and the Riverfront Park. All of these areas are experiencing tremendous growth 
 and investment and the property is even walking distance to the new Holy City Brewery, Firefly distillery, the COD father restaurant and other new upcoming retail. With great access, abundant nearby amenities, recently renovated interior and exteriors, 3733 St. Johns provides 


a unique opportunity to invest in a completely stabilized multifamily asset that will need very little work, but provides a great consistent near term cashflow while maintaining a true long-term growth strategy.