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1634 Sumner Avenue, North Charleston, SC, 29406 | $1,000,000
R-2 Multifamily Development Opportunity - Corner Lot Near Park CircleRecently zoned R-2 Multifamily by the City of North Charleston, this 0. 8-acre corner lot (a combination of 1634 and 128 Sumner Avenue TMS# 473-14-00-099) offers exceptional potential for new multifamily development. The properties currently include two homes and one mobile home, all conveying at no value. It's ideally situated between Stallion Grove Apartments to the rear and Read Street Apartments to the right, with the Charleston Farms Community Center--featuring a community garden --directly across the street. A new survey has been ordered and is expected in January, marking property corners, setbacks, and easements. In the meantime, an older plat and the City of North Charleston's R-2 multifamily guidelines are available under documents. According to current guidelines, R-2 zoning allows buildings up to 200 feet in length with a maximum of 8 units per building. For reference, Stallion Grove Apartments behind the property currently includes 16 single-level units on just 0. 55 acres. This is a rare opportunity to invest early in an area experiencing rapid growth and redevelopment. Just one block away, Attaway Street connects Charleston Farms to the vibrant Park Circle community --home to popular restaurants, nightlife, and boutique shopping.
Features
- Amenities: Bus Line, Clubhouse
- Zoning: Multi-Family,Residential
- Development: 32 - N.Charleston, Summerville, Ladson, Outside I-526
- Lot Desc: .5 - 1 Acre, Corner Lot, Interior Lot, Level
- Elem. School: Matilda Dunston
- Middle School: Morningside
- High School: North Charleston
- MLS#: 25032367
- Days on Market: 66 days
- Website: https://www.raveis.com
/prop/25032367/1634sumneravenue_northcharleston_sc?source=qrflyer
Listing courtesy of AgentOwned Realty Preferred Group
William Raveis Family of Services
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888.699.8876
Contact@raveis.com
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Melissa CohnRVP, Mortgage Banker, William Raveis Mortgage, LLC
NMLS Mortgage Loan Originator ID 16953
917.838.7300
Melissa.Cohn@raveis.com
Our Executive Mortgage Banker:
- Is available to meet with you in our office, your home or office, evenings or weekends
- Offers you pre-approval in minutes!
- Provides a guaranteed closing date that meets your needs
- Has access to hundreds of loan programs, all at competitive rates
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1634 Sumner Avenue, North Charleston, SC, 29406
$1,000,000
Customer Service
William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
Melissa Cohn
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
|
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
|---|---|---|---|
| Loan Amount | $800,000 | $800,000 | $800,000 |
| Term | 360 months | 360 months | 180 months |
| Initial Interest Rate** | 5.500% | 5.750% | 5.625% |
| Interest Rate based on Index + Margin | 8.125% | ||
| Annual Percentage Rate | 6.154% | 5.858% | 5.826% |
| Monthly Tax Payment | N/A | N/A | N/A |
| H/O Insurance Payment | TBD | TBD | TBD |
| Initial Principal & Interest Pmt | $4,542 | $4,669 | $6,590 |
| Total Monthly Payment | $4,634 | $4,669 | $6,590 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.
William Raveis Mortgage, LLC, NMLS ID 2630, 7 Trap Falls Road, Shelton, CT 06484