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Multifamily

Nolia Apartments

401 E 3rd N St, Summerville, SC 29483

Listing Price: $5,100,000

Cap Rate
4.92%
Number of Units
32
Price/Unit
$159,375
Price/Gross SF
$187.50
Gross SF
27,200

Investment Overview

Marcus & Millichap is pleased to present Nolia Apartments in Summerville, SC. Comprised of 32 units, the property offers investors a renovated product in a high barrier to entry market. The location offers easy accessibility to major grocery, retail, and dining destinations along the South Main Street retail corridor easily within walking distance. Also, only minutes from Interstate 26 (I-26), providing convenient access to the area’s major thoroughfares, with Charleston and Charleston International Airport only 15 minutes away, the area’s largest economic generators and employers are well within the average commuting area. Significant employers within the average commuting area include General Dynamic, Charleston Southern University, Pepsi Companies, Boeing, and BAE Systems USA. This area has seen a population growth of 26.36% from 2010-2020 and Dorchester County also has one of the highest rated school districts in the state. Nolia apartments were renovated in 2020 with over $32k per unit. Renovations Included: Kitchens, cabinetry, lighting fixtures, electric appliances Bathrooms, vanities, mirrors, bath hardware Walk-in closets and remote-controlled ceiling fans in bedrooms Laundry building on-site, outsourced Current ownership has installed 20/32 of the units with dishwashers All roofs replaced

Investment Highlights

  • A significant upside opportunity through increasing rents to market levels
  • Recently renovated asset, within minutes of major employment, education, and entertainment opportunities
  • Spacious floorplans with quality finishes including new kitchen and bath
  • Premier Location – a highly walk/bikeable area with easy accessibility to downtown Summerville's shops and dining, several economic generators, is only a 5-minute drive to I-26 giving direct access to Charleston SC, and is a 15-minute drive to Charleston International Airport

Exclusively Listed By

Multifamily

Nolia Apartments

Listing Price: $5,100,000

Cap Rate
4.92%
Number of Units
32
Price/Unit
$159,375
Price/Gross SF
$187.50
Gross SF
27,200

Investment Highlights

  • A significant upside opportunity through increasing rents to market levels
  • Recently renovated asset, within minutes of major employment, education, and entertainment opportunities
  • Spacious floorplans with quality finishes including new kitchen and bath
  • Premier Location – a highly walk/bikeable area with easy accessibility to downtown Summerville's shops and dining, several economic generators, is only a 5-minute drive to I-26 giving direct access to Charleston SC, and is a 15-minute drive to Charleston International Airport

Investment Overview

Marcus & Millichap is pleased to present Nolia Apartments in Summerville, SC. Comprised of 32 units, the property offers investors a renovated product in a high barrier to entry market. The location offers easy accessibility to major grocery, retail, and dining destinations along the South Main Street retail corridor easily within walking distance. Also, only minutes from Interstate 26 (I-26), providing convenient access to the area’s major thoroughfares, with Charleston and Charleston International Airport only 15 minutes away, the area’s largest economic generators and employers are well within the average commuting area. Significant employers within the average commuting area include General Dynamic, Charleston Southern University, Pepsi Companies, Boeing, and BAE Systems USA. This area has seen a population growth of 26.36% from 2010-2020 and Dorchester County also has one of the highest rated school districts in the state. Nolia apartments were renovated in 2020 with over $32k per unit. Renovations Included: Kitchens, cabinetry, lighting fixtures, electric appliances Bathrooms, vanities, mirrors, bath hardware Walk-in closets and remote-controlled ceiling fans in bedrooms Laundry building on-site, outsourced Current ownership has installed 20/32 of the units with dishwashers All roofs replaced

Exclusively Listed By

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