61 Vanderhorst Street
About this property
Tom Ormsbee 980-226-0840
John Bergin 704-804-3342
Located in the heart of the Charleston peninsula – between the Ashley and Cooper Rivers – the 61 Vandy apartments are lined with lovely restored buildings now home to restaurants, shops, and galleries. This trophy asset is in exceptionally high demand by investors and offers one of the most charming and eclectic lifestyles in Charleston. The property is conveniently bordered by the College of Charleston and the Medical University of South Carolina, a nationally renowned hospital network and teaching facility. Initially built in 1951 and fully renovated in 2017, 61 Vandy’s premium location is ideal for walkable and bikeable travel downtown.
Historically, 61 Vandy has yielded high occupancy at or near 100% for the previous 5+ years and is already completely preleased for the upcoming year. It surpasses expectations for all Charleston sub-markets average vacancy rate of 2.1% and is projected to be one of the top 10 country-forming markets over the next three to five years. Demographics for the area show a steady annual growth rate of 0.7%, with greater than 48% of residents having a college degree or higher. Education & Health Services top the most significant sector for employment, reiterating the excellent location for the tenants.
Of the 33 units available, 61 Vandy has four froom options (studio, 2, 3, and 4 bedroom apartments) featuring beautiful hardwood floors, stainless steel appliances, granite countertops, boutique-style furniture, and wall-mounted flat-screen televisions-Class A décor for a Class A location. The individually parceled units suggest condo and conversion availability for a potential disposition. Comparable properties within a 5-mile radius reveal that 61 Vandy rental rates trend on the lower end of the scale for similar-sized units. A CAP rate of 4% on current actuals will indicate a value-add opportunity via expense reduction and market rate increases.
61 Vandy is an irreplaceable property, illustrating the opportunity to leverage Charleston’s booming economy to achieve long-term growth and maximize return on investment.