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Multifamily

Piney Grove Townhomes

846 Piney Grove Rd, Columbia, SC 29210

Listing Price: $3,500,000

Cap Rate
5.20%
Number of Units
30
GRM
9.86
Occupancy
88.1%
Price/Unit
$116,667
Price/Gross SF
$83.33
Gross SF
42,000

Investment Overview

Marcus & Millichap is pleased to present for sale Piney Grove Townhomes in Columbia, South Carolina. Piney Grove Townhomes was built in 1986 and consist of 30 townhomes on 4.28 acres of land. Each unit is 1,400 square feet with three bedroom and two and one half baths. The units come with fully furnished kitchens, full washer and dryer connections, open floor plans, and private patios. Other than one sewer bill, property offers a lower utility expense due to residents paying their water and electric directly to the utility companies.

The townhome design with a half bath down and large utility room make the floor plans unique in the submarket. A new investor has the ability to increase cash flow by continuing to improve the property. The most recent signed lease was for $1,075 per month plus $30 fee for sewer. Some month to month residents are paying $1,144 per month plus $30 sewer fee. The average rent for a 3 Bedroom unit in this submarket is $1,238 per month with some newer construction units leasing for over $1,400 per month.

Piney Grove Townhomes has received various improvements in recent years including all new roofs, roof penetrations, and gutters in 2018 and 2019. Approximately 15 units have received some level of upgrade. Every unit that has received either new flooring, counter tops, or new appliances has received a corresponding $100-$150 rent increase. With continued interior and exterior improvements during ownership, the average rent can be raised to $1,100 and $1,400 per month, with double digit cash on cash return in in 18 -24 months.

Investment Highlights

  • 30 Townhomes | 3 Bedrooms and 2.5 Baths | 1,400 SF
  • Lower Utility Expense | Individually Metered for Water and Electric
  • Washer and Dryer Connections with Utility Room
  • Located Near Irmo | Harbison Retail District | 12 Mi. to Lake Murray | 9 Mi. to CBD
  • One Mile from I-26 | One Exit from New Prisma Health Parkridge Hospital
  • Ability to Raise Rents | Average Three Bedroom Rent in Submarket is $138 Higher

Exclusively Listed By

Listing Price: $3,500,000

Cap Rate
5.20%
Number of Units
30
GRM
9.86
Occupancy
88.1%
Price/Unit
$116,667
Price/Gross SF
$83.33
Gross SF
42,000

Investment Highlights

  • 30 Townhomes | 3 Bedrooms and 2.5 Baths | 1,400 SF
  • Lower Utility Expense | Individually Metered for Water and Electric
  • Washer and Dryer Connections with Utility Room
  • Located Near Irmo | Harbison Retail District | 12 Mi. to Lake Murray | 9 Mi. to CBD
  • One Mile from I-26 | One Exit from New Prisma Health Parkridge Hospital
  • Ability to Raise Rents | Average Three Bedroom Rent in Submarket is $138 Higher

Investment Overview

Marcus & Millichap is pleased to present for sale Piney Grove Townhomes in Columbia, South Carolina. Piney Grove Townhomes was built in 1986 and consist of 30 townhomes on 4.28 acres of land. Each unit is 1,400 square feet with three bedroom and two and one half baths. The units come with fully furnished kitchens, full washer and dryer connections, open floor plans, and private patios. Other than one sewer bill, property offers a lower utility expense due to residents paying their water and electric directly to the utility companies.

The townhome design with a half bath down and large utility room make the floor plans unique in the submarket. A new investor has the ability to increase cash flow by continuing to improve the property. The most recent signed lease was for $1,075 per month plus $30 fee for sewer. Some month to month residents are paying $1,144 per month plus $30 sewer fee. The average rent for a 3 Bedroom unit in this submarket is $1,238 per month with some newer construction units leasing for over $1,400 per month.

Piney Grove Townhomes has received various improvements in recent years including all new roofs, roof penetrations, and gutters in 2018 and 2019. Approximately 15 units have received some level of upgrade. Every unit that has received either new flooring, counter tops, or new appliances has received a corresponding $100-$150 rent increase. With continued interior and exterior improvements during ownership, the average rent can be raised to $1,100 and $1,400 per month, with double digit cash on cash return in in 18 -24 months.

Exclusively Listed By

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