264 Grove

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 could be used as a 3rd queen bedroom, 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: 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-$3,750 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, the buyer 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 maneuverable off-street parking on site, which should not be an issue, but buyer to do their own DD. Please ask your representation for a copy of the pro-forma for 1 short-term nightly rental unit in the marketing package. The projected revenue for the 1 short-term nightly rental unit for 2024 is $125,000, and your other 2 units should bring in $3,500-3,750/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 $215,000. 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.

Essential Information

  • MLS® #24001933
  • Price$2,649,000
  • Bedrooms12
  • Square Footage4,670
  • Acres0.19
  • Year Built1981
  • TypeResidential Income
  • StatusActive

Community Information

Amenities

  • Garage Spaces0
  • ParkingOther (Use Remarks)

Interior

  • InteriorCeiling Fan(s)
  • HeatingHeat Pump
  • CoolingCentral Air
  • Stories2

Exterior

  • RoofArchitectural
  • ConstructionWood Siding

School Information

  • ElementaryJames Simons
  • MiddleSimmons Pinckney
  • HighBurke

Additional Information

Listing Details

  • OfficeThe Boulevard Company, LLC

LISTED BY The Boulevard Company, LLC, (843) 619-7816