825 Tomlinson Street
About this property
TEN-X AUCTION: July 11-13
Waterstone Multi-Housing Advisors is pleased to present the Hampton Place Apartments; a 48-unit Garden style apartment complex located in Kingstree, SC.
Hampton Place is located in the small town nestled under majestic oaks in eastern South Carolina. It’s centrally located between Columbia, Charleston and Myrtle Beach markets. The market is tertiary by nature and is the seat of the local county government. The property is three minutes from downtown, three minutes from Williamsburg Hospital, four minutes from the nearest college, five minutes from the nearest shopping district and directly adjacent to Tomlinson High School & W.M. Anderson Primary School. The tenant mix and city of Kingstree is primarily targeted toward the workforce housing market segment.
The current owner has implemented over a million dollars in Capital Improvements since acquiring the property in 2020. Below is a breakdown of the capital improvements within the last year:
- Full renovation
- 42 units occupied
- 1 unit under renovation
- Attractive mix of 1-, 2-, 3- & 4-bedroom units.
- New roofs
- 44 new A/C units
- All units have new water heaters
- Renovated laundry facility
- New plumbing/drainage
- New electrical panels in all units
- New mailboxes – up to city standard
- Stucco on 1st level of every building
- New landscaping
- All exterior stairways and hallways reconditioned and painted
- New fencing around the property
- Reconditioned the playground
- Painted all of the buildings and the laundry facility
- Camera system added
- Repainted the parking lot lines
- Replaced windows as needed
- New leases include a $25 per month Water charge to the tenants
The current owner has just started increasing the rents in the 1-bedroom units to $550, 2-bedroom units to $600, 3-bedroom units to $650- and 4-bedroom units to $700. Although almost all of the renovations have been completed and with the new rents established, the rent for each unit is still much less than other similar comparable properties in the area.
This deal is primed for an investor looking to acquire a recently renovated property that is set up to achieve significant NOI growth within 1-2 years. With all of the heavy lifting done, the future investor will have the ability to increase rents $100-200 per unit by the end of year 1 and will be able to obtain all of the value without putting much money into the property. This property is set to become an outstanding investment and top performing asset in this area.