3733 St. Johns North Charleston, SC 29405

3733 St. Johns provides an opportunity to purchase a completely stabilized and renovated apartment complex just outside Park Circle. The property includes a large 12-unit building and four 2-bedroom houses. Three houses have been updated, but the fourth is vacant and needs to be completely renovated. The main apartment building also underwent a unit and common area renovation. In addition to the interior renovations, the property has experienced extensive exterior improvements as well. Some of the exterior capital expenditures include parking lot site-work and rejuvenation, exterior repairs and painting, complete landscaping overhaul, and a new roof will be installed before closing. The property shows great, and the area is continuing to experience rapid redevelopment.The property voluntarily participates in the Section 8 program and the majority of the rent is coming from one of the various housing authorities. While a purchaser has the ability to convert the units to market-rate as the surrounding area continues to grow, the current setup as Section 8 provides good stability with no issues in rent collection and near-zero vacancy. Each unit is separately metered for electricity, but the landlord provides at his expense, water, sewer, cable, and internet.