Property tours are available by appointment ONLY. Please contact John Bergin, CCIM to schedule at john@waterstonemfg.com or 704-804-3342.
Investment Highlights:
144-unit multi-family apartment community in Florence, SC
±90% occupied – investors can focus on efficiencies and rent growth
$500,000+ in capital expenditures over the past 3 years
Development opportunity for an additional 20 units on available land
Excellent proximity to local employers and surrounding retail
Premier location less than 10 minutes from both I-95 and Florence Airport
Dense demographics with 2017 population of ±58,147 and avg HH Income of ±$59,883 within a 5-mile radius
Investment Overview:
Magnolia Trace Apartments (the Property), is a 144-unit apartment community located at 318 1/2 Royal Street in Florence, South Carolina. The Property offers investors an excellent opportunity to acquire a cash flowing multifamily asset positioned in the heart of Florence with convenient access to I-95, retailers, employers, and downtown Florence.
Magnolia Trace Apartments is an affordable apartment complex featuring brand new roofs, 80% new HVACs, and occupancy stabilized above 90%. Built in 1972, the Property offers 18, two-story buildings containing (17) 1 bed/1 bath units, (72) 2 bed/1 bath units, (46) 3 bed/1 bath units, and (9) 4 bed/2 bath units. Community amenities include on-site management, laundry facilities, and ample parking. It is located just two miles from downtown Florence central business district and fifteen minutes from the headquarters district for GE, Patheon, Honda, and others.
The Properties benefits from a prime location north of downtown Florence and northwest of Florence Regional Airport. Downtown Florence is ±2 miles south and Florence Regional Airport is within 5 miles to the southeast. Interstate 95, a major north/south corridor, is located 5 miles to the west and Route 76 is 2 miles to the south. There are ±58,147 people within 5 miles of the Property with an average household income of ±$59,883. The city of Florence, located at the intersection of Interstate-95 and Interstate-20, is the seventh largest city in South Carolina and is a strategically-located center for Eastern Seaboard distribution and manufacturing (Honda, QVC distribution), as well as a strong presence in the medical and pharmaceutical industries (including: McLeod Regional Medical Center, Carolinas Healthcare, Regency Hospital, HealthSouth, GE Medical Systems, and Patheon pharmaceutical manufacturing. This property will be auctioned on Monday, May 7 - Wednesday, May 9 . The price displayed is the starting bid amount of $1,250,000. For information and to register to bid on this property, please visit Ten-X.com.
