1850 Pebble Rd Charleston, SC 29407
- Commercial real estate
- 22,000 SF
- 0.96 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 1850 Pebble Rd
- Year built
- 1973
- Lot size
- 0.96 lot acres
- Property size
- 22,000 SF
- Property type
- Commercial real estate
- APN
- 350-05-00-091
Description
This Charleston, SC multifamily investment presents a compelling value-add opportunity. The 32-unit apartment building, comprised of four two-story buildings on a 0.96-acre lot, offers significant upside potential. Currently boasting 94% occupancy, the property generates a NOI of $173,813, with a pro-forma NOI projected at $307,995. The asking price is $4,160,000, translating to $130,000 per unit and $189.09 per square foot. Built in 1973, the 22,000 square foot complex features one-bedroom, one-bathroom units. Only two units have been upgraded, presenting a clear path to increase rents to market rates of $1300-$1400, significantly boosting profitability. The property's strategic location in West Ashley provides convenient access to major highways, schools, and numerous retail options including Food Lion, Target, and the Citadel Mall. Its proximity to major employers such as Roper St. Francis Healthcare, Boeing, Joint Base Charleston, and MUSC further enhances its appeal. This property is ideal for investors seeking to capitalize on a strong value-add program in a thriving Charleston market. The current cap rate is 4.18%, with a pro-forma cap rate of 7.40%. The property's APN is 350-05-00-091.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Charleston
- County
- Charleston
- State
- South Carolina
- Longitude
- -80.0234065
- Latitude
- 32.7874664
