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$ 5,850,000
Est. payment /mo
Contingency
321 Ashley AVE Charleston, SC 29403
10,890 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Contingency
Purchase Type For Sale
Square Footage 10,890 sqft
Price per Sqft $537
MLS Listing ID 31008423
Year Built 2017
Lot Size 10,890 Sqft
Acres 0.25
Property Sub-Type Multi Family
Property Description
Premier Downtown Charleston Multifamily Investment Opportunity - Fully Leased This is a rare opportunity to acquire a trophy-level, high-end multifamily portfolio in the heart of Downtown Charleston. This property spans an entire city block and consists of four buildings with seven total units and 28 bedrooms, encompassing nearly 13,000 square feet of well-appointed rental space. The property has a strong history of serving both student and professional tenants, with proven performance, durability, and long-term appreciation. At the core of the offering are two modern buildings constructed in 2017 totaling four units, each designed with four bedrooms, four-and-a-half baths, and approximately 1,750 square feet per unit, thoughtfully configured across three expansive stories.Built for long-term durability and premium rental demand, the residences offer well-appointed interiors with high-quality, low-maintenance finishes. The main living areas feature durable ceramic tile plank flooring paired with stainless-steel appliances and solid surface countertops. Bathrooms are finished with tiled floors, tiled surrounds, and wainscoted walls. Architectural and design upgrades include vaulted ceilings, shiplap accents, rooftop balconies, soft-close kitchen cabinetry. All units contain en suite bathrooms and in-unit washer and dryers, making the layout ideal for roommate-style living and premium per-bedroom rent strategies.The newer construction buildings are outfitted with standing-seam metal roofs, tankless water heaters, newer HVAC systems, and thermal-rated windows and doors, delivering energy efficiency and long-term durability.Flanking either end of the modern structures is two fully renovated historic Charleston residences that add timeless character to the property. One fronts Ashley Avenue and contains two units, while the other fronts Orrs Court and contains one unit. Both historic buildings were comprehensively renovated in 2017 and seamlessly integrated into the overall asset, blending historic charm with modern functionality.Importantly, all structures are raised out of the flood zone and built to the highest construction standards, offering superior insurance positioning and long-term risk mitigation.The entire property is fully leased through July 31, 2026, with historical occupancy at 100% and average rental rate increases of approximately 10% per year since 2021, reflecting strong market fundamentals and sustained demand. The property is ideally located within Charleston's historic downtown district and in close proximity to the region's largest public and private sector employers, including the Medical University of South Carolina, Roper St. Francis Healthcare and within one mile of the College of Charleston, the Medical University of South Carolina, The Citadel, and Charleston School of Law, creating a powerful and consistent tenant pipeline.This turn-key, stabilized investment offers a rare opportunity to acquire a block-wide luxury multifamily portfolio designed for maximum durability, premium rents, and long-term appreciation in one of Charleston's most supply-constrained and high-demand rental corridors.
Location
State SC
County Charleston
Zoning City of Charleston - DR-2F - Diverse Residential (Front Yards Required)
Exterior
Parking Features Surface
Garage Spaces 9.0
Building
Sewer Public Sewer
Water Public
Others
Acceptable Financing 1031 Exchange, Cash, Conventional
Listing Terms 1031 Exchange, Cash, Conventional
Listed by Joseph Porter • Lighthouse Real Estate, LLC
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