Investment Overview

The McDaniel Team of 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. Property: Built in 1984 and renovated in 2020 for over $30k per unit, the property offers spacious 2 Bedroom, 1 Bathroom units. Renovations included new roofs, paint, updated kitchens, cabinetry, lighting fixtures, electric appliances, bathrooms, vanities, mirrors, and bath hardware. Current ownership has installed dishwashers in over 65% of the units. Currently tenants pay for electric and ownership pays for water/sewer/trash. Approximately 50% of the tenants are charged an additional flat rate fee for water of $45 to $50 not included in the rent. Moving forward current ownership will be implementing a bill back charge on all new leases. 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.