Marcus & Millichap Sells Read Street Apartments Multifamily Property In North Charleston For $3.6M

A multi-family property, Read Street Apartments, located at 5527 Read Street in North Charleston, SC was sold for $3,600,000. The asset features a total of 28 units and encompasses 15,960 square feet, translating to a price per unit of $128,571 and a price per square foot of $226. At the time of sale, the property was reported to be 95% occupied.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $3,600,000
• Units: 28
• Square Footage: 15,960
• Price Per Unit: $128,571
• Price Per Square Foot: $226
• Market: North Charleston, SC

The transaction was facilitated by brokers William Graves and Ryan Lipomi of Marcus & Millichap, who noted a competitive selling process. The buyer was able to secure hard money financing on the first day of the process, highlighting the robust investor interest in the multifamily sector within the region, particularly due to proximity to major employment sectors like aerospace and manufacturing.