1155 Clemson Frontage RdColumbia, SC 29229

  • Other commercial real estate
  • 273,096 SF
For Sale
$34,000,000 View listing

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
1155 Clemson Frontage Rd, Columbia, South Carolina

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

Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2023
$23,848
-
-
-
-
-
-
$681,200

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