16 20th Avenue, Isle Of Palms, SC 29451

$1,830,000
4
BD
3
BA
1,829
SqFt
Sold Price
$1,830,000
List Price
$1,850,000
Status
Closed
MLS#
23011258
Closing Date
Dec 22, 2023
Year Built
1967
Style
Ranch
Living Area
1,829
Bedrooms
4
Bathrooms
3
Full-baths
3
Subdivision
Isle Of Palms
Master Bedroom
Ceiling Fan(s), Dual Masters, Outside Access
Acres
0.27

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.

Additional Information

Levels
One
Lot Description
0 - .5 Acre
Interior Features
Ceiling - Cathedral/Vaulted, Ceiling - Smooth, High Ceilings, Kitchen Island, Ceiling Fan(s), Eat-in Kitchen, Great
Construction
Brick Veneer, Vinyl Siding
Roof
Asphalt
Cooling
Central Air
Heating
Electric
Foundation
Crawl Space
Parking
1 Car Garage, Attached, Off Street
Elementary School
Sullivans Island
Middle School
Moultrie
High School
Wando

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Listing Agent: Jonathan Holt from Listing Office: Keller Williams Realty Charleston West Ashley.

Selling Office: Carolina One Real Estate.