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16 20th Avenue

Isle Of Palms, SC 29451
  • $1,830,000
  • STATUS: Closed
  • ON SITE: 396 Days
  • ID#: 23011258
Sold - 12/22/2023
$1,830,000
SOLD - 12/22/2023
  • 4
    BEDS
  • 0.27
    ACRES
  • 3
    BATHS
  • 0
    1/2 BATHS
  • 1,829
    SQFT
  • $0
    $/SQFT
Neighborhood:
Type:
Single-Family Home
Built:
1967
County:

School Information

Elementary School:
Middle School:
High School:

Description

Incredible investment opportunity to own an income producing, renovated home near the beach on Isle of Palms with an in-ground pool! This property comes with a long-term lease generating $12k/month until March 14, 2024. The current tenant has two 1-year options to renew with annual increases upon renewal. Owner pays no management fees and the tenant covers all utilities, pool maintenance, landscape maintenance, cleaning, and common wear & tear expenses. Seller pays taxes, insurance, and only major repairs resulting in a cap rate of over 5.4%. At the end of the lease term, the possibility exists to short term rent the property if desired offering an opportunity to increase the cap rate even further! The interior of this home has been tastefully updated, showcasing a modern aesthetic andthoughtful design. The renovations have been skillfully executed, resulting in a space that is both functional and visually appealing. Each room is bathed in natural light, creating a bright and airy ambiance. As you explore the property, you'll discover several notable features that make this home truly exceptional. A new roof and HVAC system provide peace of mind, ensuring comfort and efficiency for years to come. The addition of the brand-new pool offers the perfect oasis for relaxation and entertainment, ideal for cooling off during those warm summer days. The large fenced yard provides privacy and ample space for outdoor activities or hosting gatherings. For added convenience, a 1-car garage is included, offering secure parking and additional storage options. Currently rented, this property presents an excellent opportunity for investors seeking a turnkey investment. Alternatively, for those looking to make Isle of Palms their permanent residence, this home offers the flexibility to continue renting until the lease is up, and then transition into a retirement haven or explore the possibility of short-term rentals. Don't miss out on this fantastic opportunity to own a renovated gem in one of South Carolina's most sought-after beach communities.

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Charleston Trident Association of REALTORS® logo Real estate listing marked with the CTMLS logo or an abbreviated logo are provided courtesy of the Charleston Trident MLS Broker Reciprocity Database. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Paul Smith Team | EXP Realty. Data last updated: 2024-06-19T07:31:20.153.
www.thepaulsmithteam.com/homes/139729120
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16 20th Avenue Isle Of Palms, SC 29451

  • Price: $1,850,000
  • Status: Closed
  • On Site: 396 Days
  • Updated: 131 min ago
  • ID#: 23011258
4
Beds
3
Baths
0
½ Baths
0.27
Acres
1,829
SQFT
$0
$/SQFT
1967
Built
Neighborhood:
Isle Of Palms
County:
Charleston
Area:
Isle of Palms
Elementary School:
Sullivans Island
Middle School:
Moultrie
High School:
Wando
Property Description
Incredible investment opportunity to own an income producing, renovated home near the beach on Isle of Palms with an in-ground pool! This property comes with a long-term lease generating $12k/month until March 14, 2024. The current tenant has two 1-year options to renew with annual increases upon renewal. Owner pays no management fees and the tenant covers all utilities, pool maintenance, landscape maintenance, cleaning, and common wear & tear expenses. Seller pays taxes, insurance, and only major repairs resulting in a cap rate of over 5.4%. At the end of the lease term, the possibility exists to short term rent the property if desired offering an opportunity to increase the cap rate even further! The interior of this home has been tastefully updated, showcasing a modern aesthetic andthoughtful design. The renovations have been skillfully executed, resulting in a space that is both functional and visually appealing. Each room is bathed in natural light, creating a bright and airy ambiance. As you explore the property, you'll discover several notable features that make this home truly exceptional. A new roof and HVAC system provide peace of mind, ensuring comfort and efficiency for years to come. The addition of the brand-new pool offers the perfect oasis for relaxation and entertainment, ideal for cooling off during those warm summer days. The large fenced yard provides privacy and ample space for outdoor activities or hosting gatherings. For added convenience, a 1-car garage is included, offering secure parking and additional storage options. Currently rented, this property presents an excellent opportunity for investors seeking a turnkey investment. Alternatively, for those looking to make Isle of Palms their permanent residence, this home offers the flexibility to continue renting until the lease is up, and then transition into a retirement haven or explore the possibility of short-term rentals. Don't miss out on this fantastic opportunity to own a renovated gem in one of South Carolina's most sought-after beach communities.
Exterior Features

Architectural Style Ranch Attached Garage YN Yes Carport Spaces 0 Carport YN No Construction Materials Brick VeneerVinyl Siding Covered Spaces 1 Entry Location Ground Level Fencing Fence - Metal Enclosed Foundation Details Crawl Space Garage YN Yes Lot Features 0 - .5 Acre Other Structures None Parking Features 1 Car GarageAttachedOff Street Parking Total 1 Patio And Porch Features Patio Pool Features In Ground Pool Private YN Yes Roof Asphalt

Interior Features

Cooling Central Air Cooling YN Yes Fireplace YN No Heating Electric Heating YN Yes Interior Features Ceiling - Cathedral/VaultedCeiling - SmoothHigh CeilingsKitchen IslandCeiling Fan(s)Eat-in KitchenGreat Laundry Features Laundry Room Levels One Master Bedroom Features Ceiling Fan(s)Dual MastersOutside Access Master Bedroom Level Lower Window Features Window Treatments - Some

Property Features

Community Features Trash Listing Terms CashConventionalFHAVA Loan New Construction YN No Property Attached YN No Property Sub Type Single Family Detached Special Listing Conditions Flood Insurance Utilities Dominion EnergyIOP W/S Comm Water Source Public

Charleston Trident Association of REALTORS® logo Listing courtesy of Keller Williams Realty Charleston West Ashley: .


Charleston Trident Association of REALTORS® logo Real estate listing marked with the CTMLS logo or an abbreviated logo are provided courtesy of the Charleston Trident MLS Broker Reciprocity Database. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Paul Smith Team | EXP Realty. Data last updated: 2024-06-19T07:31:20.153.
 
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The Paul Smith Team | EXP Realty
1501 Belle Isle Ave Suite 110
Mount Pleasant SC, 29464