132 SMITH
DOWNTOWN CHARLESTON
SP Multifamily Group and The McDaniel Team of Marcus & Millichap are pleased to present qualified investors with the opportunity to acquire 132 Smith, a 14-unit/46-bed multifamily asset in the heart of historic Downtown Charleston, South Carolina. 132 Smith was constructed in 1850 and 1920 and consists of two two-bedroom units, six three-bedroom units, and six four-bedroom units. The asset is ideally located just an eight-minute walk from King Street, voted as one of the nation’s best shopping districts, and home to over 190 businesses, restaurants, and bars. 132 Smith is also positioned adjacent to Charleston’s Medical District and has three universities located within a six-minute drive-time radius.
132 Smith offers investors an opportunity to acquire scale rarely found in Historic Downtown Charleston unless acquiring large-scale new construction assets. Upon acquisition, an investor will take over the property at a 6.26% year-zero cap rate, with the ability to substantially improve operations, increase effective gross income, and renovate the remaining unit interiors, bringing the all-in pro forma year-one cap rate above 7%.
Property tours are by appointment only. Please contact one of the listing brokers below to schedule tours.
14
UNITS
46
BEDS
0.50 +/-
ACRES
18,236
SQFT
1850/1920
YEAR BUILT
PRICED AT $4,750,000
VITAL PROPERTY DATA
PROPERTY ADDRESS: 132 Smith Street, Charleston, SC
NUMBER OF UNITS: 14 Units
NUMBER OF BEDS: 46 Beds
RENTABLE SQUARE FOOT: 18,236 SF
AVERAGE UNIT SIZE: 1,303 SF
NUMBER OF BUILDINGS: (4) Residential; (1) Storage
NUMBER OF PARKING SPACES: 27 (1.93:1 Ratio)
PARKING SURFACE: Concrete
LOT SIZE: 0.50 Acres +/-
DENSITY: 28 +/- Units Per Acre
FINANCING: Offered Free and Clear (See Debt Quote in the Virtual Deal Room)
HIGHLY DESIRABLE ASSET IN A TOP MARKET
Rare Opportunity to Acquire Scale in a Historic Property Within Downtown Charleston
Ability to Achieve Double-Digit Going-In Cash-On-Cash returns
Successfully Caters to College of Charleston, Medical University of South Carolina, and The Citadel (17,624 Students)
Strong Average Historical Occupancy Rate Above 95%
Ability to Add Value Through Unit Interior Renovations
Opportunity to Increase Density by Building Out 4th Floor Dormer
Average Effective Rents are 22%-46% Below Direct Market Comparables
CENTRALIZED DOWNTOWN LOCATION
1-Minute to the Medical University of South Carolina
1-Minute to Charleston’s Medical District
2-Minutes to the College of Charleston
3-Minutes to Historic King Street (Top 10 Shopping District in the U.S.)
3-Minutes to Historic Meeting Street
3-Minutes to Charleston’s Design District
5-Minutes to the Charleston City Market
5-Minutes to the Premier South of Broad Residential Neighborhood
5-Minutes to The Citadel (Military College of South Carolina)
5-Minutes to TD Arena
5-Minutes to Johnson Hagood Memorial Stadium
Within 5-Minutes to over 190 local businesses and restaurants
CHARLESTON: A TOP INVESTMENT MARKET
#2 Best Cities to Invest in Real Estate in 2020 (Curbed)
#5 Best Cash Flow Markets in the United States (BiggerPockets)
#9 Hottest Real Estate Markets in 2020 (Quicken Loans)
Top 10 Outperforming Markets for the Next 3-5 Years (REALTORS)
#20 Strongest Investor Demand (ULI/PwC)
#22 Strongest Local Economy (ULI/PwC)
#23 Best Overall Real Estate Prospects (ULI/PwC)
3% Projected Annual Employment Growth Rate – Next Five Years (ULI/PwC)
13% Population Growth (From 2010-2018)
DEAL TEAM CONTACTS
Benjamin Skinner
Associate Director | Senior Investment Associate
O. (407) 557-3889
Benjamin.Skinner@marcusmillichap.com
Matthew Prozzillo
Associate Director | Senior Investment Associate
O. (407) 557-3888
Matthew.Prozzillo@marcusmillichap.com
Ian Turnbull
Associate Director | Senior Investment Associate
O. (843) 952-2265
Ian.Turnbull@marcusmillichap.com
William Graves
Associate | Investment Associate
O. (843) 952-2267
William.Graves@marcusmillichap.com
Ryan Lipomi
Investment Associate
O. (843) 952-2223
Ryan.Lipomi@marcusmillichap.com
Contact an Agent Listed Above to Schedule Property Tours