Current Use by Public Records
- Apartment buildings
Property Details for 205 Saluda Ave
- Year built
- 1967
- Lot size
- 1.37 lot acres
- Property type
- Apartment buildings
Description
This exceptional value-add multifamily investment opportunity presents a 24-unit apartment building located in Columbia, South Carolina. The property, known as South Saluda Apartments, consists of six, two-story buildings situated on a 1.37-acre lot at 205 S Saluda Ave, zip code 29205. Built in 1967 and extensively renovated between 2020 and 2022, the property boasts a 96% occupancy rate and a strong 6.40% capitalization rate. All 24 units are two-bedroom apartments, fully renovated to luxury standards, offering a superior product compared to surrounding properties. The property benefits from an incredible in-fill location, just blocks from the University of South Carolina and the vibrant Five Points neighborhood. This prime location, within a high cost-of-living area, is further enhanced by the recent 12% increase in university enrollment in 2023, driving strong rental demand. The projected rental upside is $100 per unit per month. Nearby home sales range from $400,000 to $1.5 million, underscoring the desirability of the area. This asset represents a compelling investment opportunity with significant potential for future growth. The property is classified as a Class B multifamily investment.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Columbia
- County
- Richland
- State
- South Carolina
- Longitude
- -81.0147
- Latitude
- 33.9877
