Tremain Street Apartments | 1700 Tremain St
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Tremain Street Apartments 1700 Tremain St
12 Unit Block of Flats £961,800 (£80,150/Unit) 5.09% Net Initial Yield Columbia, SC 29204
Investment Highlights
- Extensive Property Upgrades, Including New Roofing, Plumbing, Electrical Panels, and Heating Systems, Minimize Future Capital Expenditures
- Renovations Completed Between 2021 and 2023 have Modernized the Property, Attracting Quality Tenants and Reducing Maintenance Requirements
- Stable Operating Costs with Tenants Handling Electric and Optional Internet, While the Owner Manages Water, Trash, and Sewer Expenses
- Prime Location in a Thriving Rental Market with a Robust Economy Ensures Consistent Demand
Executive Summary
Marcus & Millichap is pleased to present Tremain Street Apartments, a 12-unit multifamily property in Columbia, South Carolina. This turnkey asset has been extensively upgraded, offering substantial long-term value. Tenants pay for electric and optional internet, while the owner is responsible for water, trash, and sewer expenses.
Units A and B feature central heating and cooling, while Units C through L have new gas heaters and two window AC units each, ensuring efficient climate control. Heaters, maintained by Cool Care Heating and Air, are rarely used but meet code compliance.
Significant infrastructure upgrades include a new main plumbing line with individual shut-off valves, partial or complete re-piping in some units, and new electric panels with permits. Outdated wiring, outlets, and receptacles have been replaced. The roof, replaced in 2022 with 50-year shingles, ensures long-term durability. Windows were updated during renovations from 2021 to 2023. Additionally, the property does not currently have Section 8 tenants, offering flexibility in tenant selection.
Columbia, South Carolina, is a growing metropolitan area known for its strong economy, which is anchored by government, healthcare, education, and military sectors. The city benefits from a diverse workforce and proximity to the University of South Carolina, Fort Jackson, and a vibrant downtown scene. The demand for rental housing remains high, driven by population growth and limited housing supply, positioning Tremain Street Apartments as a prime investment opportunity.
Units A and B feature central heating and cooling, while Units C through L have new gas heaters and two window AC units each, ensuring efficient climate control. Heaters, maintained by Cool Care Heating and Air, are rarely used but meet code compliance.
Significant infrastructure upgrades include a new main plumbing line with individual shut-off valves, partial or complete re-piping in some units, and new electric panels with permits. Outdated wiring, outlets, and receptacles have been replaced. The roof, replaced in 2022 with 50-year shingles, ensures long-term durability. Windows were updated during renovations from 2021 to 2023. Additionally, the property does not currently have Section 8 tenants, offering flexibility in tenant selection.
Columbia, South Carolina, is a growing metropolitan area known for its strong economy, which is anchored by government, healthcare, education, and military sectors. The city benefits from a diverse workforce and proximity to the University of South Carolina, Fort Jackson, and a vibrant downtown scene. The demand for rental housing remains high, driven by population growth and limited housing supply, positioning Tremain Street Apartments as a prime investment opportunity.
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- Offering Memorandum
Property Facts
| Price | £961,800 | Building Class | C |
| Price Per Unit | £80,150 | Lot Size | 0.61 AC |
| Sale Type | Investment | Building Size | 7,200 SF |
| Net Initial Yield | 5.09% | Average Occupancy | 95% |
| No. Units | 12 | Number of Floors | 1 |
| Property Type | Residential | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 3.33/1,000 SF |
| Apartment Style | Low Rise |
| Price | £961,800 |
| Price Per Unit | £80,150 |
| Sale Type | Investment |
| Net Initial Yield | 5.09% |
| No. Units | 12 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.61 AC |
| Building Size | 7,200 SF |
| Average Occupancy | 95% |
| Number of Floors | 1 |
| Year Built | 1970 |
| Parking Ratio | 3.33/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 12 | - | 600 |
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PROPERTY TAXES
| Parcel Number | 11511-11-16 | Improvements Assessment | £0 |
| Land Assessment | £0 | Total Assessment | £222,416 |
PROPERTY TAXES
Parcel Number
11511-11-16
Land Assessment
£0
Improvements Assessment
£0
Total Assessment
£222,416
zoning
| Zoning Code | RG-1 |
| RG-1 |
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Tremain Street Apartments | 1700 Tremain St
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