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$545,000

For Sale - Active
1524 Wood Ave Apt 214, Saint Simons Island, GA 31522
2 Beds
2 Baths
822 Square Feet
0.00 Acres Lot
Built in 1982
For Sale - Active
Units n/a
Checked: 3 hours ago
Updated: Sep 13, 2025 at 01:15AM

Investment Summary


Monthly Cash Flow
-$1,939
Cap Rate
1.9%
Cash-on-Cash Return
-18.6%
Debt Coverage Ratio
0.31
Internal Rate of Return (5 years)
-13.9%

Property Description


0.00 Acres Lot
Built in 1982
For Sale - Active
Units n/a

Live your coastal dream in this beautifully remodeled 2-bedroom, 2-bath condominium with 822 sq. ft. of stylish living space in a gated beachfront community. Step inside to discover smooth ceilings with crown molding, fresh updated light fixtures, and shiplap-accented walls paired with a tongue-and-groove kitchen ceiling for a modern coastal vibe. The fully furnished interior features custom barn doors, new flooring, and a walk-in tile shower in the primary bath. Relax and entertain on your covered private deck, just steps from the sand. Enjoy peace of mind with a building that's had extensive exterior renovations completed in 2024. Community perks include pool, covered parking, storage closet, and the security of a gated entrance-all in a prime location directly on the beach. Provides rental income for those seeking to invest. Don't miss this rare opportunity. Beachfront living has never been so affordable. Walk Through Video: https://youtu.be/NZ_Uoxa8Ncg?si=CAY7GV9viKlrzyIF

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Location


Property Details


Parking

  • Description: Covered, Underground
  • Details: Assigned, Basement, Guest
  • Garage Spaces: 2
  • Spaces Total: 2

Bedroom Information

  • # of Bedrooms: 2

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 4
  • # of Stories: 1
  • Basement Description: None

Exterior Features

  • Exterior Walls Materials: Other
  • Foundation: Block, Pillar/Post/Pier, Slab
  • Roof Type: Gable
  • Roof Material: Metal
  • Pool: Yes
  • Pool Community: Yes

HOA

  • Has HOA: Yes
  • Association: Shipwatch Condominiums
  • HOA Fee: $5,856/annually

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 0406329
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Style: Other
  • Year Built: 1982

Tax Information

  • Annual Tax: $4,613

Utilities

  • Water & Sewer: Public
  • Heating: Heat Pump, Electric
  • Cooling: Ceiling Fan(s), Electric, Heat Pump

Location

  • County: Glynn

Listing Details


Listed by:
Chandra C Kendall
DeLoach Sotheby's Intl. Realty
(912) 638-0406

Source:
Georgia MLS
MLS#: 10582971
Georgia MLS

Investment Summary


Monthly Cash Flow
-$1,939
Cap Rate
1.9%
Cash-on-Cash Return
-18.6%
Debt Coverage Ratio
0.31
Internal Rate of Return (5 years)
-13.9%

Purchase Details

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Purchase price:
$545,000
Amount financed:
-$436,000
Down payment:
$109,000
Closing costs:
$16,350
Rehab costs:
$0
Initial cash invested:
$125,350
Square feet:
822
Cost per square foot:
$663
Monthly rent per square foot:
$3.04

Financing Details

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Loan amount:
$436,000
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$2,792
Property tax:
$384
Insurance:
$175
Private mortgage insurance (PMI):
$0
Monthly payment:
$3,351

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,500 $30,000
Vacancy loss: (6%)
6% -$150 -$1,800
Operating income:
$2,350 $28,200

Operating Expenses


% Rent Monthly Yearly
Property taxes: (15%)
15%-$384-$4,613
Insurance: (7%)
7%-$175-$2,100
Property management: (8%)
8%-$200-$2,400
Repairs & maintenance: (5%)
5%-$125-$1,500
Capital expenditures: (5%)
5%-$125-$1,500
HOA fees: (20%)
20%-$488-$5,856
Total operating expenses: (60%)
60%-$1,497-$17,969

Cash Flow


Monthly Yearly
Net operating income:
$853 $10,236
Mortgage payments:
-$2,792 -$33,504
Cash flow:
-$1,939 -$23,268