Multifamily
Malibu Apartments
101 Malibu Dr, Orangeburg, SC 29115
Listing Price: $3,750,000
Investment Overview
Marcus & Millichap is pleased to present Malibu Apartments, a 73-unit community situated on 3 acres located in Orangeburg, South Carolina.
The current ownership has completed $500k+ of Capex in the past year. This included interior renovations on 50 units, with an average cost of $5.7k per unit totaling $286,000. The asset also underwent $235,000 worth of exterior improvements, including all new roofs. Ownership covers common area electric expenses, while tenants are responsible for all other utilities. The property features an on-site office and a laundromat that is outsourced to a third party.
New ownership has an opportunity to continue the proven value-add strategy by renovating the remaining 23 units and addressing the 14% loss to lease.
Listing Price: $3,750,000
Investment Highlights
- 69% of Units Renovated
- 14% Loss to Lease with Proven Value Add Strategy
- Value Add Potential through Interior and Exterior Renovations
- Central location between Columbia and Charleston with Easy Access to I-26
Investment Overview
Marcus & Millichap is pleased to present Malibu Apartments, a 73-unit community situated on 3 acres located in Orangeburg, South Carolina. The current ownership has completed $500k+ of Capex in the past year. This included interior renovations on 50 units, with an average cost of $5.7k per unit totaling $286,000. The asset also underwent $235,000 worth of exterior improvements, including all new roofs. Ownership covers common area electric expenses, while tenants are responsible for all other utilities. The property features an on-site office and a laundromat that is outsourced to a third party. New ownership has an opportunity to continue the proven value-add strategy by renovating the remaining 23 units and addressing the 14% loss to lease.
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