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Overview

This unique investment opportunity presents a fully renovated 58-unit multifamily property, originally a Super 8 by Wyndham hotel. The property comprises two well-maintained buildings, each offering studio rooms renovated in 2020 to include new roofs, siding, and furniture, with additional upgrades of new hot water heaters completed in 2023-2024 for both buildings.
Property Highlights: -Location: Prime area with high demand for student housing. -Unit Features: Each studio is equipped with a mini-fridge and mini-microwave. While there are no kitchenettes, the property boasts a new laundry room featuring 4 machines, adding convenience for residents. -Zoning and Licensing: Successfully rezoned to multifamily, the property holds a long-term business license, ensuring compliance and operational efficiency. -University Partnership: A lucrative deal is in place with SC University to provide housing for students, securing a steady monthly income of $43,500. The university currently holds a 1-year lease with an option for a 1-year extension, renewing each August. -Market Demand: There's a notable shortage of student housing in the area, with the university having to turn down over 1,000 applications annually due to insufficient accommodations. -Operational Excellence: The property is maintained by an on-site person paid by the owner, with 24/7 security funded by the university, ensuring a safe and well-maintained living environment. -Capital Expenditures: An investment of $100,000 in capital expenditures has been made to update plumbing, establish laundry facilities, rehab units, and more, significantly enhancing the property's value and appeal
This property offers a compelling investment case, marked by its strategic university partnership that guarantees a solid and predictable revenue stream. The high demand for student housing, combined with the property's recent upgrades and operational efficiencies, positions it as a lucrative asset in a growing market. Investors can capitalize on the established income, potential for lease extensions, and the ongoing need for student accommodations in the area.

About the Area

Orangeburg, SC, stands out as an emerging market positioned strategically between two of the state's largest cities, Columbia and Charleston. This unique location offers the best of both worlds: access to major urban centers and the charm of a close-knit community. Recent years have seen Orangeburg benefit from a steady population growth, attributed to its affordable living, quality education institutions, including South Carolina State University, and a burgeoning job market. These factors make Orangeburg an attractive destination for both families and professionals looking to escape the hustle and bustle of city life.
The city's rental market has shown promising signs of growth, with rent prices experiencing a healthy upward trajectory. This growth is supported by the area's economic development and the influx of residents drawn by its educational opportunities and lower cost of living compared to its metropolitan neighbors. The demand for rental properties, especially among students and young professionals, underpins a solid investment potential in the residential sector.
Orangeburg's commitment to community development and infrastructure improvement, coupled with its strategic location, paints a positive outlook for investors and residents alike. With initiatives aimed at enhancing local amenities and public spaces, the city is poised for further growth, making it an increasingly attractive option for those looking to invest or reside in a dynamic and evolving community.