SOLD $1,150,000.00 - Commercial
Califf Arms Apartments is a 24 unit low-rise apartment complex in North Charleston. The property is composed of two buildings. Each building is 12, one bedroom, one bathroom apartments. The complex has been very well maintained by the current owners and presents many opportunities to continue to add value. The units are very easy to rent and rarely have any vacancies. The majority of the tenants have been in the complex for several years. The two buildings share a coin operated laundry facility. All of the units have dedicated central heat and air. Each tenant pays their own electricity and landlord pays water bill from master meter. However, in 2016 tenants began paying $40 per month additional to cover water bill. These figures are not included in 2015 numbers. These apartments are conveniently located near Remount Road and Rivers Ave. I-26 and I-526 are each easily accessible from the complex. 2015 Gross income was just below 153k. 2016 Income will surpass that. Leases vary from $525 to $650 depending on upgrades and length of tenancy. There is a lot of value to be had here. The roof was replaced in 2008. Pest control performed every quarter. The properties are currently self-managed. Financials and lease information is available upon request.
