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Buy a Boutique Apartment Complex in Charleston’s Hip East Side for Just $2.4M


Buy a Boutique Apartment Complex in Charleston’s Hip East Side for Just .4M

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Investment opportunity, anyone? Smith’s Alley is a seven-unit, two-building apartment complex at the epicenter of Charleston’s up-and-coming East Side. Just down the street from an enormous, multimillion-dollar, mixed-use project being built by developer Greystar, this cute, $2.4 million complex is the perfect way to cash in what will be a major neighborhood upgrade.

“The East Side neighborhood of Charleston is rapidly redeveloping,” says listing agent Chad Yonce. “This is a boutique investment in the shadows of that enormous development.”

Still located “on the peninsula,” which is what locals call Charleston’s downtown, it’s a perfect location for young professionals who work nearby but crave a cool neighborhood.

Home to hip eateries and bars, yoga studios, and the Woolfe Street Playhouse (a renovated warehouse performance space and bar hosting cutting-edge and classic theater), this East Side neighborhood is bike- and commute-friendly.

Smith's Alley Charleston
Plenty of outdoor space to relax with friends

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Smith's Alley Charleston
The front of one of the buildings

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Smith's Alley Charleston
A mural done by a local artist

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The building itself was built in 1980 but recently gutted down to the cinder block and redone in an extremely of-the-moment style. Marble backsplashes, muted wood-tone cabinetry, and new stainless-steel appliances give the kitchens a Nordic appeal.

Light wood floors, white walls, and windows continue the bright, minimalist vibe throughout the units. The renovation, which was completed in September, included new bathrooms in all the apartments, a new roof, and upgraded electrical, plumbing, and HVAC systems.

Outside, one wall of each building is graced by a street art–style mural created by a local artist. There’s ample outside space for meditation, grilling, or an evening cocktail with the neighbors. Bike and car parking is available.

The units—four four-bedrooms and three two-bedrooms—are expected to rent for between $1,600 and $2,700 a month, with an after-expenses annual revenue of $154,793. So if you’re an aspiring Charleston real estate investor, hop on Smith’s Alley before this neighborhood truly takes off.

Smith's Alley Charleston
Updated kitchen with new appliances

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Smith's Alley Charleston
New bathrooms in all the units

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Smith's Alley Charleston
Living room in one of the units

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The post Buy a Boutique Apartment Complex in Charleston’s Hip East Side for Just $2.4M appeared first on Real Estate News & Insights | realtor.com®.

Source: Real Estate News and Advice – realtor.com » Real Estate News