1155 Clemson Frontage RdColumbia, SC 29229
- Other commercial real estate
- 273,096 SF
Property Details for 1155 Clemson Frontage Rd
- Year built
- 2008
- Lot size
- 10.48 AC
- Property size (Sq ft)
- 273,096 SF
- Zone code
- GC
- Property type
- Other commercial real estate
- APN
- R25700-02-10
- APU
- R257000210
Description
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
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
Alternative Use
- Use
- Valuation
- Residential
- $45,893,624
- Hospitality
- $42,038,312
- Educational
- $34,975,384
- Medical
- $36,178,240
- Retail
- $54,406,152
Location Insight
- City
- Columbia
- County
- Richland
- State
- South Carolina
- Latitude
- 34.1005
- Longitude
- -80.8442
- CBSA code
- 17900
- CBSA name
- COLUMBIA, SC METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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