FIVE POINTS | 84 LIHTC UNITS
Columbia, SC
Property Summary
Summary
- ADDRESS 4211 GRAND STREET, COLUMBIA, SC 29203
- PIN R11602-16-02
- YEAR BUILT 1966
- UNITS 84
- ACREAGE 5.04 AC
- OCCUPANCY 94%
- AVG UNIT SIZE 635 SF
- TOTAL RENTABLE SF 75,600 SF
- AVG IN-PLACE RENT 50% AMI UNITS = $798
- AVG IN-PLACE RENT 60% AMI UNITS = $938
- NEW LEASE RENT 50% AMI UNITS = $824
- NEW LEASE RENT 60% AMI UNITS = $950
- MAX ALLOWABLE RENT 50% AMI UNITS = $855
- MAX ALLOWABLE RENT 60% AMI UNITS = $1,053
Five Points Apartments are located in the Colonial Heights neighborhood of Columbia, SC, convenient to multiple employment centers and area amenities including the Bull Street District, Prisma Health Richland Hospital, and Downtown Columbia. The property features 84, two-bedroom units built in 1966. The offering offering represents an opportunity to acquire a strategically located property with income upside, at a compelling basis, and on assumption of attractive debt.
Five Points is a Low-Income Housing Tax Credit (LIHTC) property with rent restrictions expiring in 2035. The income restrictions require 40% of residents to be at-or-below 50% of the Average Median Income (AMI) and the remaining 60% of units cannot exceed an income of 60% AMI. As of April 2024 the maximum rents for the 34 units at 50% AMI is $855 and the 50 units at 60% AMI are capped at $1,053. Current rents are below these limits at an average of $816 for the 50% AMI units and $938 for the 60% AMI units. This presents significant operational and organic upside to the buyer.
The property is being offered on assumption of the owner's existing debt. The Freddie Mac loan has a balance of $3,811,000 at a rate of 5.3% with interest only payments until January of 2025. The loan matures December 1, 2029 and has a 30 year amortization period.
