Multifamily
River Ridge Apartments
3638 Falling Springs Rd, Columbia, SC 29203
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present the River Ridge Apartments located in the growing Earlewood pocket, just 2 miles from downtown Columbia, South Carolina.
Sitting only a quarter mile off the Highway 176 corridor, tenants have the ease of getting downtown or to the Dutch Square Center. Growth within this area has been fueled by major employers such as University of South Carolina, Prisma Health, and BlueCross.
River Ridge Apartments consists of 146 units across 18 buildings on 5 parcels. Current ownership has completed over $1.7M in Capex since purchasing the property in 2020. This included interior and exterior renovations.
This asset is a position for growth with having 54 out of 146 Units renovated with ability to increase rents. Full Renovations were done on 22 Units and Partial Renovations on 32 Units. New ownership has an opportunity to continue renovating units and increase rents to market.
Exterior & Deferred Maintenace: $744K
• Parking Lot Repairs
• Landscaping
• Sidewalk Repairs
• Sport Court Resurfacing
• Replacing of Windows and Sliders
• Buildings Repairs Painting, Windows, Gutters
Exterior Improvements Include: $52K
• Addition of a playground and Picnic Area with Picnic Tables, Grill, Fencing, and Landscaping
• Removal of Breezeway Astroturf and Power-Washing Walks, Breezeways and Retaining Walls
Unit Renovations: $831K
Full Renovation Scope (22 Units)
• Kitchen
o New Cabinets with Pulls
o New Countertops
o New Sink
o New Appliances (black)
o New Kitchen Faucet
o New Disposal
• Bathroom
o New Bathtub
o New Bath Vanity and Fixutes (Full & ½ Baths)
o New Lighting Fixtures (Full & ½ Baths)
• General
o Ceiling Fan
o Vinyl Flooring (Lower)
o Carpet (Upper)
o Paint Throughout
Partial Renovation Scope (32 Units)
• Kitchen
o New Appliances (Black)
o New Cabinet Pulls
o New Dining Room Light
o Paint Cabinets
o Resurface Kitchen Counters
• Bath
o Resurface Bathtub
o New Bath Sink/Vanity (Full & ½ baths)
o New Bath Light
• General
o Carpet (Bedrooms)
o Vinyl Floor
o Paint Throughout
o Ceiling Fan
Exclusively Listed By
Financing By
Listing Price: Request For Offer
Investment Highlights
- Just 2 miles from South Carolina University and Downtown Columbia
- With Only 37% of Units Completed in the Renovation Upgrades it Allows for Proven Value-Add Potential over the Coming Years
- Ability to Increase Rents
Investment Overview
Marcus & Millichap is pleased to present the River Ridge Apartments located in the growing Earlewood pocket, just 2 miles from downtown Columbia, South Carolina. Sitting only a quarter mile off the Highway 176 corridor, tenants have the ease of getting downtown or to the Dutch Square Center. Growth within this area has been fueled by major employers such as University of South Carolina, Prisma Health, and BlueCross. River Ridge Apartments consists of 146 units across 18 buildings on 5 parcels. Current ownership has completed over $1.7M in Capex since purchasing the property in 2020. This included interior and exterior renovations. This asset is a position for growth with having 54 out of 146 Units renovated with ability to increase rents. Full Renovations were done on 22 Units and Partial Renovations on 32 Units. New ownership has an opportunity to continue renovating units and increase rents to market. Exterior & Deferred Maintenace: $744K • Parking Lot Repairs • Landscaping • Sidewalk Repairs • Sport Court Resurfacing • Replacing of Windows and Sliders • Buildings Repairs Painting, Windows, Gutters Exterior Improvements Include: $52K • Addition of a playground and Picnic Area with Picnic Tables, Grill, Fencing, and Landscaping • Removal of Breezeway Astroturf and Power-Washing Walks, Breezeways and Retaining Walls Unit Renovations: $831K Full Renovation Scope (22 Units) • Kitchen o New Cabinets with Pulls o New Countertops o New Sink o New Appliances (black) o New Kitchen Faucet o New Disposal • Bathroom o New Bathtub o New Bath Vanity and Fixutes (Full & ½ Baths) o New Lighting Fixtures (Full & ½ Baths) • General o Ceiling Fan o Vinyl Flooring (Lower) o Carpet (Upper) o Paint Throughout Partial Renovation Scope (32 Units) • Kitchen o New Appliances (Black) o New Cabinet Pulls o New Dining Room Light o Paint Cabinets o Resurface Kitchen Counters • Bath o Resurface Bathtub o New Bath Sink/Vanity (Full & ½ baths) o New Bath Light • General o Carpet (Bedrooms) o Vinyl Floor o Paint Throughout o Ceiling Fan
Exclusively Listed By
Financing By
