902 Royal Tern Lane, Mount Pleasant, SC 29464
- $1,299,000
- 8
- BD
- 7.5
- BA
- 4,310
- SqFt
- List Price
- $1,299,000
- Status
- ACTIVE CONTINGENT
- Days on Market
- 26
- MLS#
- 26024359
- Subtype
- Residential
- Year Built
- 1976
- Bedrooms
- 8
- Bathrooms
- 7.5
- Full Baths
- 4
- Half Baths
- 4
- Living Area
- 4,310
- Lot Size
- 6,969
- Acres
- 0.16
- Subdivision
- Shemwood Ii
- Neighborhood
- Shemwood Ii
- MLS Area Major
- 42 - Mt Pleasant S of IOP Connector
Property Description
902 Royal Tern with a rare opportunity to acquire four town-home style units in South Mount Pleasant, one of Charleston's most desirable submarkets. All comprised of 2 bed 1.5 bath. Unit B is intentionally vacant for renovations. Can be leased within a week on average according to seller. All other units are Leased through March 31st 2027, and current income is A ($2,200), B (Vacant), C ($1,900), D ($1950). At 1.299M, the asset reflects a 5% cap rate on in-place income, assuming $2250 a month rent for Unit B. Current rents are below market, with comparable two-bedroom units averaging $2,620, creating strong upside potential. Pro forma rents at market levels suggest annual income could exceed $125,760, yielding an 6.3% CAP.(Some Photos contain Ai Staging)
Additional Information
- Interior Features
- Ceiling Fan(s)
- Heating
- Electric
- Air Conditioning
- Central Air
- Exterior Construction
- Stucco
- Stories
- 2
- Levels
- Two
- Roof
- Architectural
- Foundation
- Slab
- Elementary School
- James B Edwards
- Middle School
- Moultrie
- High School
- Lucy Beckham
Listing courtesy of Listing Agent: Mary Beth Wichlei from Listing Office: Align'd Properties.