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Listed by Three Real Estate LLC
$1,199,000
Est. payment /mo
10 Beds
4,368 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Active
Purchase Type For Sale
Square Footage 4,368 sqft
Price per Sqft $274
Subdivision Shemwood
MLS Listing ID 25027072
Bedrooms 10
Year Built 1976
Lot Size 9,583 Sqft
Acres 0.22
Property Sub-Type Quadruplex
Property Description
918 Sea Gull Drive presents investors with a rare opportunity to acquire a stabilized Quadplex in South Mount Pleasant, one of Charleston's most desirable submarkets. Comprised of two 3-bedroom / 1.5-bath units and two 2-bedroom / 1-bath units, collectively generating $8,000 per month ($96,000 annually) in current income. At 1.2m, the asset reflects a 6.3% cap rate on in-place income, assuming a 35% expense ratio. All tenants are on month-to-month leases, providing immediate flexibility for rental growth. Current rents are below market, with comparable two-bedroom units averaging $2,620 and three-bedroom units averaging $2,980, creating strong upside potential. Pro forma rents at market levels suggest annual income could exceed $136,800, yielding an 8.3% cap.
Location
State SC
County Charleston
Area 42 - Mt Pleasant S Of Iop Connector
Interior
Heating Central
Cooling Central Air
Exterior
Utilities Available Dominion Energy, Mt. P. W/S Comm
Roof Type Asphalt
Building
Dwelling Type Quadruplex
Story 2
Foundation Slab
Sewer Public Sewer
Structure Type Brick
New Construction No
Schools
Elementary Schools James B Edwards
Middle Schools Moultrie
High Schools Lucy Beckham
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
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