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264 Grove Street , A,B,C,D

Charleston, SC 29403
  • $2,649,000
  • STATUS: Active
  • ON SITE: 27 Days
  • ID#: 24001933
UPDATED: 54 min ago
$2,649,000
  • 12
    BEDS
  • 0.19
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 4,670
    SQFT
  • $567
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1981
County:

School Information

Elementary School:
Middle School:
High School:

Description

Fantastic opportunity to own a turn-key fully furnished income producing quadplex in one of the most desirable neighborhoods on the peninsula - Wagener Terrace. Originally built in 1960, 264 Grove Street underwent a full interior and exterior renovation in 2022. Each unit within the quadplex is currently operating as a 30-day furnished rental on AirBNB & VRBO, and the entire building will be sold fully stocked and furnished. Each unit consists of 2 king bedrooms, an office with closet and window which could be used as a 3rd queen bedroom, 1 full bathroom, large living room, dining, kitchen and laundry. There is also a private dog park and outdoor living space in the backyard, and off street + on street parking for guests to enjoy during their stay.IMPORTANT INFORMATION: Seller does not currently own property as their primary residence, therefore each unit is CURRENTLY operating as a 30-day furnished executive rental bringing in $3,500-$3,750 per unit per month. The property is currently taxed at 6%. If the BUYER were to purchase the building as their PRIMARY RESIDENCE (taxed at 4%) and owner occupy 1 unit, the buyer may apply for the B&B permit through the City of Charleston. What this means: The City should allow 1 of the 4 units to be a NIGHTLY AirBNB (maximum income potential) - but the other 2 units would have to remain 30-day or long term rentals, however, 30-day rentals can also be marketed on Airbnb and Vrbo platforms for maximum exposure. The city requires maneuverable off-street parking on site, which should not be an issue, but buyer to do their own DD. Please ask your representation for a copy of the pro-forma for 1 short-term nightly rental unit in the marketing package. The projected revenue for the 1 short-term nightly rental unit for 2024 is $125,000, and your other 2 units should bring in $3,500-3,750/mo based on the property's rental history thus far. In short, if BUYER chooses to purchase building as their PRIMARY RESIDENCE and owner occupy 1 of the 4 units, they will have the ability to short term rent ONE UNIT on a nightly basis, and 30-day rent TWO UNITS. The PROJECTED annual revenue for this scenario would be $215,000. PROPERTY FACTS: - $400,000+ renovation in 2022. All units are turn-key. - Roof replaced in 2014 - 4 Tankless water heaters installed within the last 3-5 years - All windows replaced within the last 5-8 years per previous owner - HVACs: Unit C is 6 years old, parts updated on other units - Plumbing and electrical has been updated - Property is located in X flood zone- no flood insurance required Wagener Terrace stands as a testament to Charleston's rich history and Southern hospitality. The combination of historic homes, community spirit, and convenient location makes it a desirable place to call home in the Holy City. Hampton Park is one of the City's largest and most popular parks just a stone's throw away from 264 Grove Street, as well as multiple restaurants, coffee shops, bars, and local businesses.

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Charleston Trident Association of REALTORS® logo Real estate listing marked with the CTMLS logo or an abbreviated logo are provided courtesy of the Charleston Trident MLS Broker Reciprocity Database. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or eXp Realty. Data last updated: 2024-02-22T20:31:41.457.
www.charlestonhousenow.com/homes/146919934
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264 Grove Street , A,B,C,D Charleston, SC 29403

  • Price: $2,649,000
  • Status: Active
  • On Site: 27 Days
  • Updated: 54 min ago
  • ID#: 24001933
12
Beds
0
Baths
0
½ Baths
0.19
Acres
4,670
SQFT
$567
$/SQFT
1981
Built
Neighborhood:
Wagener Terrace
County:
Charleston
Area:
Charleston Peninsula - Above Crosstown
Elementary School:
James Simons
Middle School:
Simmons Pinckney
High School:
Burke
Property Description
Fantastic opportunity to own a turn-key fully furnished income producing quadplex in one of the most desirable neighborhoods on the peninsula - Wagener Terrace. Originally built in 1960, 264 Grove Street underwent a full interior and exterior renovation in 2022. Each unit within the quadplex is currently operating as a 30-day furnished rental on AirBNB & VRBO, and the entire building will be sold fully stocked and furnished. Each unit consists of 2 king bedrooms, an office with closet and window which could be used as a 3rd queen bedroom, 1 full bathroom, large living room, dining, kitchen and laundry. There is also a private dog park and outdoor living space in the backyard, and off street + on street parking for guests to enjoy during their stay.IMPORTANT INFORMATION: Seller does not currently own property as their primary residence, therefore each unit is CURRENTLY operating as a 30-day furnished executive rental bringing in $3,500-$3,750 per unit per month. The property is currently taxed at 6%. If the BUYER were to purchase the building as their PRIMARY RESIDENCE (taxed at 4%) and owner occupy 1 unit, the buyer may apply for the B&B permit through the City of Charleston. What this means: The City should allow 1 of the 4 units to be a NIGHTLY AirBNB (maximum income potential) - but the other 2 units would have to remain 30-day or long term rentals, however, 30-day rentals can also be marketed on Airbnb and Vrbo platforms for maximum exposure. The city requires maneuverable off-street parking on site, which should not be an issue, but buyer to do their own DD. Please ask your representation for a copy of the pro-forma for 1 short-term nightly rental unit in the marketing package. The projected revenue for the 1 short-term nightly rental unit for 2024 is $125,000, and your other 2 units should bring in $3,500-3,750/mo based on the property's rental history thus far. In short, if BUYER chooses to purchase building as their PRIMARY RESIDENCE and owner occupy 1 of the 4 units, they will have the ability to short term rent ONE UNIT on a nightly basis, and 30-day rent TWO UNITS. The PROJECTED annual revenue for this scenario would be $215,000. PROPERTY FACTS: - $400,000+ renovation in 2022. All units are turn-key. - Roof replaced in 2014 - 4 Tankless water heaters installed within the last 3-5 years - All windows replaced within the last 5-8 years per previous owner - HVACs: Unit C is 6 years old, parts updated on other units - Plumbing and electrical has been updated - Property is located in X flood zone- no flood insurance required Wagener Terrace stands as a testament to Charleston's rich history and Southern hospitality. The combination of historic homes, community spirit, and convenient location makes it a desirable place to call home in the Holy City. Hampton Park is one of the City's largest and most popular parks just a stone's throw away from 264 Grove Street, as well as multiple restaurants, coffee shops, bars, and local businesses.
Exterior Features

Construction Materials Wood Siding Covered Spaces 0 Foundation Details Slab Garage YN No Other Structures None Parking Features Other (Use Remarks) Roof Architectural

Interior Features

Cooling Central Air Cooling YN Yes Heating Heat Pump Heating YN Yes Interior Features Ceiling Fan(s) Unit1 Baths 1 Unit1 Bedrooms 3 Unit1 Sq Ft 1167 Unit2 Baths 1 Unit2 Bedrooms 3 Unit2 Sq Ft 1167 Unit3 Baths 1 Unit3 Bedrooms 3 Unit3 Sq Ft 1167 Unit4 Baths 1 Unit4 Bedrooms 3 Unit4 Sq Ft 1167

Property Features

Community Features Dog Park Listing Terms Any New Construction YN No Sewer Public Sewer Structure Type Quadruplex Utilities Charleston Water ServiceDominion Energy Water Source Public

Charleston Trident Association of REALTORS® logo Listing courtesy of The Boulevard Company, LLC: .


Charleston Trident Association of REALTORS® logo Real estate listing marked with the CTMLS logo or an abbreviated logo are provided courtesy of the Charleston Trident MLS Broker Reciprocity Database. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or eXp Realty. Data last updated: 2024-02-22T20:31:41.457.
 
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eXp Realty
170 Meeting St. Suite 304
Charleston SC, 29401