Investment Overview

Marcus & Millichap is pleased to present Kenwood Apartments, a 24-unit property located in North Charleston, SC. Situated in close proximity to I-26, the asset offers investors a centrally located asset convenient to North Charleston’s retail corridor, downtown, and surrounding economic generators. Current ownership has performed capital improvements to the property, including renovating 13 of the units and painting the exterior of the property. These improvements have raised rents 28% to 30% on the renovated units. In addition to the increased rents, ownership has implemented Water/Trash/Pest/Renter Insurance from $59 to $79 per month on 83% of the units. As new leases are signed, all units will have the bill back in place. New Ownership has an opportunity to continue the proven value add strategy by renovating the remaining units, implementing the utility bill back on all units, and continuing to push rents. In the high demand rental market of North Charleston, the renovated units still have room to push rents to market by an additional 19.5%. Renovation costs ranged from $6,000 to $8,000 per unit. 13 Fully Renovated Units: (Building 1: 1A, 1B, 1C, 1D | Building 2: 2D, 2H, 2I, 2J, 2K | Building 3: 4 Total 3B, 3E, 3F, 3G) -All New Appliances -Full Repaint -New Flooring -New Light fixtures -New Toilets (as needed) -New Hardware for Doors -New Doors (as needed) -HVAC Repairs on Six 1-Bedroom Units -Exterior Power Washing of All Buildings (including the shed) -Soffit/Facia and Exterior Door/Door Frame Repaint of Both Brick Buildings and the Shed Full Building ---Repaint of the 2-Bedroom Building. -Staircase, Posts, and Landing Rebuild of the 2-Bedroom Building