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$ 4,150,000
Est. payment /mo
Active
76 Nassau ST Charleston, SC 29403
4,791 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,791 sqft
Price per Sqft $866
MLS Listing ID 31009246
Year Built 1911
Lot Size 4,791 Sqft
Acres 0.11
Property Sub-Type Multi Family
Property Description
The Foundry at 76 Nassau Street is a rare surviving landmark of Charleston's 19th-century industrial history, thoughtfully adapted for modern use as a 14-unit multifamily residential property. Today, the property sits at the center of Downtown Charleston's continued growth, just one block from Meeting Street and within walking distance of Upper King Street.The property consists of two two-bedroom apartments, ten one-bedroom apartments, and two studio apartments, each with one full bathroom. Residents also have access to a shared laundry facility.The Foundry presents a turnkey investment opportunity with 100% occupancy and an exceptional rental history. According to ownership, the property has experienced no vacancies or evictions during their entire ownership period, while average rents have increased approximately 9% annually since 2022. Professional property management is already in place and available to continue managing the property for a new owner. The solid-brick building is relatively simple to operate and maintain and benefits from significant recent capital improvements, including a new roof and new windows installed in 2022.The Foundry apartments are well positioned as an attractive, reasonably priced rental option within the rapidly evolving Upper King Street area. The surrounding district has emerged as one of Downtown Charleston's most dynamic mixed-use neighborhoods following substantial redevelopment over the past decade. Anchored by Greystar's global headquarters just one block west and the multi-phase Courier Square redevelopment, the area has added hundreds of new residences along with significant office, retail, hospitality, and public-space investment.That momentum continues today. New high-end senior housing, additional mixed-use development, and the much-anticipated Lowline linear park are advancing nearby, further extending the energy and appeal of Upper King Street toward the property. The combination of a distinctive historic building, established rental performance, walkable downtown location, and substantial surrounding investment makes The Foundry a compelling opportunity to acquire a stabilized multifamily asset in the path of Downtown Charleston's continued growth.
Location
State SC
County Charleston
Zoning City of Charleston - GB - General Business
Building
Sewer Public Sewer
Water Public
Others
Acceptable Financing 1031 Exchange, Cash, Conventional, Other
Listing Terms 1031 Exchange, Cash, Conventional, Other
Listed by Anton Sedalik • Prospect Real Estate Brokers
NEARBY SCHOOL & BUSINESS
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