48 Unit Apt Complex in Kingstree SC - Between Charleston & Myrtle

[Troy Gandee]

Hi!

I'm a residential/commercial Realtor/Broker and investor in the Charleston area. I've recently been made aware of a 48 unit apartment complex in Kingstree, SC. This is a more rural area about an hour and a half from Charleston. It's inland a ways and roughly halfway between Charleston and Myrtle Beach. It's also nearly halfway between Charleston and Columbia, but off to the East of the Lake Sumter/Moultrie areas. The property is in Berekeley County, which is experiencing a boom in manufacturing. The new Volvo plant is being built in Berkeley County at the moment. This is not my listing. It's a pocket listing of a colleague. I would love to find a ready and able buyer to represent on the buy side. I don't have a ton of information on the property just yet, but I have financials and market details for the property. I was told the asking price is around $1.250m. The owner has spent an excessive amount in CapEx in the last year to prepare the property for sale, which has reduced the NOI. However, with normalized repairs and maintenance, it should be around an 8% cap rate. It was built in 1990 and they're 2 bed units as far as I know.

If you're interested in more info, feel free to reach out to me. Serious inquiries only, please. I have financials and other documents to share with serious buyers.