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Details: Multifamily

Asking Price: $2,300,000

Square Feet: 26,543 SF

Asking Cap Rate: 7.5%

Year Built: 1985

NOI: $153,000

Powderhouse Apartments

3037 Old Powderhouse Road Aiken, SC 29803

  • 24-unit apartment complex in Aiken, SC, that consists of 6 buildings
  • Additionally, there is an opportunity to develop apartments or townhomes on the additional land.
    • The land is entitled for 102 units.
  • New roofs
  • New stairs and deck
  • 24 units in Aiken, SC (Augusta MSA)
  • 7 acres on the property are undeveloped
  • Well-maintained property
  • Same 2 bedroom and 2-bathroom floorplan throughout property
  • The interiors have open living spaces with lots of natural light
  • The flooring is LVP, with tile in the kitchen and bathrooms
  • Recent leases have been signed at $850, which is $50-$140 higher than older leases
  • Aiken rents have increased 2.8% over the past year, to around $1,250/month
  • In the past three years, rents have increased a cumulative 27.8%
  • About 280 units are under construction
  • 150+ townhomes are being developed next to subject property
  • The adjacent townhomes are selling for over $250,000. Link to Powderhouse Townhomes Development

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