179 Queen St, Charleston, SC 29401

$2,250,000

Property Description

Excellent opportunity to own an income producing multifamily property in Harleston Village producing over $170,000 in gross income in 2021. This large building totals 10 bedrooms and 6 bathrooms across 5 units, and is located just a stone's throw from Colonial Lake, restaurants, coffee shops, shopping, theaters, and all the best of what downtown Charleston has to offer. 179 Queen St is currently a blend of permitted short term, executive, and long term rentals, and will provide its next owner with options to suit whatever their investment needs may be. Property includes a large parking lot with 7+ spaces. Property is under new management and rents are being brought up to market as leases expire. Unit 1: 1 BR/ 1 BA Leased: STR ~$5,500* Unit 2: 3 BR/ 2 BA Leased Executive ~$4,600* Unit 3: 1 BR/ 1 BA Leased Long Term $2,500 Ends 3/31/23 Unit 4: 3 BR/ 1 BA Leased Long Term $2,600 Ends 7/29/22 Unit 5: 2 BR/ 1 BA Leased Long Term $4,500 Ends 12/18/22 *Please note that these figures are approximate and represent the average monthly earnings. STR and Executive rentals are done through Airbnb/ VRBO and are variable from month to month. 2021: Gross income = $172,306 Expenses = $57,345 NOI = $114,961 Projected 2022 Gross Income: $230,000

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