2709 Howell CtColumbia, SC 29203

Property Details for 2709 Howell Ct

Year built

1965

Property size (Sq ft)

24,076 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This 34-unit apartment building in Columbia, South Carolina presents a compelling value-add investment opportunity. Located at 2709 Howell Ct, Columbia, SC 29203, this Class C multifamily property offers 24,076 square feet and boasts a current NOI of $86,393, with a pro-forma NOI projected at $150,544. The property, built in 1965, consists of nine single-story buildings and currently has an 88% occupancy rate. The asking price is $1,400,000, translating to $41,176 per unit and $58.15 per square foot. The current cap rate is 6.17%, with a pro-forma cap rate of 10.75%. Significant renovations have already been completed in over 20 units, averaging $5,500 per unit, encompassing appliances, windows, grounds, HVAC, plumbing, and electrical systems. Three new roofs have also been installed. Many units are currently rented below market rate, providing a clear path to increased revenue through further renovations and rent adjustments. The property benefits from its convenient location near major employers such as Prisma Health, Blue Cross Blue Shield, the University of South Carolina, Wells Fargo, and Verizon, within a strong market driven by manufacturing, healthcare, education, and government sectors. Its proximity to downtown Columbia and the Bull Street development further enhances its appeal. The property's APN is 11507-04-60.

Location Insight

City

Columbia

County

Richland

State

South Carolina

Latitude

34.0284

Longitude

-81.0236

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