902 Royal Tern Lane Unit #A B C D, Mount Pleasant, SC 29464

Property Description

902 Royal Tern with a rare opportunity to acquire four town-home style units in South Mount Pleasant, one of Charleston's most desirable submarkets.All comprised of 2 bed 1.5 bath. Unit B is intentionally vacant for showings/Sale. Can be leased within a week on average according to seller. All units are month-to-month for income growth potential, and current income is A ($2,200), B (Vacant), C ($1,950), D ($2200). At 1.299M, the asset reflects a 5.2% cap rate on in-place income, assuming $2250 a month rent for Unit B. Current rents are below market, with comparable two-bedroom units averaging $2,620, creating strong upside potential. Pro forma rents at market levels suggest annual income could exceed $125,760, yielding an 6.3% CAP.