Charleston, SC
South of Broad triplex with good bones.
1920 vintage, 3,843sf, 6 bed/3 bath
List price $1,250,000.
This is an ideal renovation and resale opportunity for the buyer, who can update the bathrooms and kitchens, refinish floors, paint inside, clean up the porches, and landscape the yard. It’s a great building, but it’s due some improvements. The current owner has already started the work by painting the exterior and having the condominium documents drawn up.
The right buyer for this property will have a nice payday!
Consider this:
- The average price for single family detached SOB homes is rapidly approaching $500/SF and heading higher.
- SOB condos are already at $514/SF and climbing!
Let’s assume that the buyer does not add any heated square feet and does a renovation typical for the SOB area. If the $/SF average goes up only 3% this year, the value of these improved condos should be easily over $2,000,000.
…and that’s a lot of room for profit!
The Buyer has options;
1. Rehab all three units and sell all for a nice profit,
2. Rehab, live in one and sell the other two,
3. Rehab, live in one and rent the other two for steady income or,
4. Rehab this property back to its original glory as a single family home.
Comments(0)