For Sale
$34,000,000

1155 Clemson Frontage RdColumbia, SC 29229

High-yield multifamily investment opportunity.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 240-unit apartment building, constructed in 2008, sits on a 22.84-acre lot in Richland County, South Carolina, at 1155 Clemson Frontage Rd, Columbia, SC 29229. Currently priced at $34,000,000, this property presents a compelling investment opportunity in the rapidly growing Wildwood submarket of Northeast Columbia. The complex boasts meticulously maintained units and offers significant potential for rental income growth. A day-one opportunity exists to increase average rents by approximately $150 per unit without major renovations, aligning the property with market rates. All original fixtures and finishes provide a blank canvas for value-add investors. The property's location near a new Publix Shopping Center and an affluent neighborhood with an average area median income exceeding $100,000 further enhances its appeal. Currently owned by a non-profit foundation, the property is not subject to property taxes. However, specific rental restrictions apply to 75% of the units until December 2, 2028, tied to Area Median Income (AMI) guidelines (80% AMI for 75% of units, with 20% of those units at 50% AMI). A for-profit buyer would eliminate the 80% AMI restriction, but would lose the tax exemption. These restrictions do not limit maximum rental rates

Highlights

  • 240-unit apartment complex, built in 2008, situated on a 22.84-acre lot in Columbia, SC's rapidly growing Wildwood submarket. Offered at $34,000,000.
  • Immediate potential to increase rents by $150 per unit without renovations, aligning with market rates.
  • All-original finishes present a value-add opportunity for investors.
  • Excellent location near a new Publix and affluent neighborhood with an average area median income exceeding $100,000.
  • Currently tax-exempt due to non-profit ownership; however, rental restrictions apply to 75% of units until December 2, 2028, based on Area Median Income guidelines.
  • Current tax exemption and rental restrictions are tied to non-profit ownership. A for-profit buyer would lose the tax exemption but remove the AMI restrictions.

Property Details for 1155 Clemson Frontage Rd

Property type
Apartment buildings
Year Built
2008
Lot Size (sq. ft)
994,910 SF
Units
240

Location Insight

City
Columbia
County
Richland
State
South Carolina
Latitude
34.0988397
Longitude
-80.8474408
1155 Clemson Frontage Rd, Columbia, South Carolina

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1155 Clemson Frontage Rd
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