Fantastic opportunity to own a turn-key fully furnished income producing quadplex in one of the most desirable neighborhoods on the peninsula - Wagener Terrace. Originally built in 1960, 264 Grove Street underwent a full interior and exterior renovation in 2022. Each unit within the quadplex is currently operating as a 30-day furnished rental on AirBNB & VRBO, and the entire building will be sold fully stocked and furnished. Each unit consists of 2 king bedrooms, an office with closet and window which counts as a 3rd queen bedroom w/ window & closet, 1 full bathroom, large living room, dining, kitchen and laundry. There is also a private dog park and outdoor living space in the backyard, and off street + on street parking for guests to enjoy during their stay.IMPORTANT INFORMATION:IMPORTANT INFORMATION:
Seller does not currently own property as their primary residence, therefore each unit is CURRENTLY operating as a 30-day furnished executive rental bringing in $3,500-$4,500 per unit per month. The property is currently taxed at 6%. If the BUYER were to purchase the building as their PRIMARY RESIDENCE (taxed at 4%) and owner- occupy 1 unit, they may apply for the B&B permit through the City of Charleston. What this means: The City should allow 1 of the 4 units to be a NIGHTLY AirBNB (maximum income potential) - but the other 2 units would have to remain 30-day or long-term rentals, however, 30-day rentals can also be marketed on Airbnb and Vrbo platforms for maximum exposure. The city requires enough maneuverable off-street parking on site which we have confirmed the property DOES HAVE. Please ask your representation for a copy of the proforma for 1 short-term nightly rental unit in the marketing package. The projected revenue (conservative) for the 1 short-term nightly rental unit for 2024 is $125,000, and your other 2 units should bring in $3,500-$4,500/mo based on the property's rental history thus far. In short, if BUYER chooses to purchase building as their PRIMARY RESIDENCE and owner occupy 1 of the 4 units, they will have the ability to short term rent ONE UNIT on a nightly basis, and 30-day rent TWO UNITS. The PROJECTED annual revenue for this scenario would be $287,000.
PROPERTY FACTS:
- $400,000+ renovation in 2022. All units are turn-key.
- Roof replaced in 2014
- 4 Tankless water heaters installed within the last 3-5 years
- All windows replaced within the last 5-8 years per previous owner
- HVACs: Unit C is 6 years old, parts updated on other units
- Plumbing and electrical has been updated
- Property is located in X flood zone- no flood insurance required
Wagener Terrace stands as a testament to Charleston's rich history and Southern hospitality. The combination of historic homes, community spirit, and convenient location makes it a desirable place to call home in the Holy City. Hampton Park is one of the City's largest and most popular parks just a stone's throw away from 264 Grove Street, as well as multiple restaurants, coffee shops, bars, and local businesses.
