About 119 Smith Street
Exceptional investment opportunity in the heart of Charleston's most sought-after student neighborhood, Radcliffeborough. Nestled in a prime location near College of Charleston, where student housing is in high demand, this property blends timeless charm with modern appeal. The building showcases original heart pine floors throughout, exuding old-world elegance, while offering modern conveniences such as in-unit laundry in most apartments.The quadplex comprises four well-appointed units: Unit A, a ground floor 2-bedroom, 2-bathroom apartment with laundry; Unit B, a 2-bedroom, 1-bathroom unit with laundry; Unit C, a 1-bedroom, 1-bathroom apartment with laundry; and Unit D, a two-story 2-bedroom, 1-bathroom apartment. All units have an excellent rental history, with current leasesextending through 2025 (Unit A until June 30, Units B, C, & D until July 31). Each lease includes a 90-day Termination Addendum in the event of a sale, offering flexibility for new owners. There is a large potential to maximize monthly rentals to well over $10,000/month.
One of the property's standout features is its ample off-street parking, a true rarity in downtown Charleston, with space for 6-8 cars. Tenants also enjoy a quaint common-area patio on the ground floor, adding to the property's appeal. The Seller has had no problems with flooding in 25-plus years of ownership. The home is in flood zone AE-11current insurance policy is with Progressive Insurance. The flood premium is $1,566/year; homeowner's premium $3,557/year.
The quadplex's prime location ensures easy walkability to key areas including MUSC, Roper Hospital, Ashley Hall, historic downtown shopping districts, renowned restaurants, and hotels.
From an investment perspective, this property shines with its high-demand location ensuring consistent occupancy. The current rental income provides a solid foundation, with ample room for growth and the opportunity to update and increase the property's value over time.
