Your search results

Oakland Mill – 64 Units & 138 Beds

Fair Ave


29108

add to favorites 
Property Id : 29761
Rooms: 0
Bedrooms: 0
Bathrooms: 0
acres: 2.09
Year Built: 1912
Units: 123

About this property

The Oakland Mill is a multi-family/student housing complex located in Newberry, South Carolina.  This asset was acquired in 2010 and fully renovated in 2014.

The Oakland Mill is the centerpiece of an emerging revitalization effort within the historical Oakland Mill Village in the City of Newberry.  Originally built in 1910-1912, the historically recognized mill structure was revitalized in 2014, developing beautiful, spacious residential and student living apartments.  These apartments consist of 1 one-bedroom unit 948 sq ft, 52 two-bedroom units 1,302-2,232 sq ft, and 11  three-bedroom units 2,356-2,427 sq ft.  These units offer stylish home spaces for anyone seeking upscale living, open-concept rooms, and a one-of-a-kind residential experience.  Located on a large 17-acre property, the multiple parcels include; the fully restored 4-story mill building, two iconic “AF&F” cooling towers, ample parking, numerous warehouses, office spaces, and convenient walking distance to Newberry College.   Oakland Mill offers both vintage and modern living experiences with breathtaking 14-16-ft elevated ceilings, original hardwood floors, exposed structural columns, while the addition of significant improvements towards luxury with highly efficient Mitsubishi air-handlers for every unit, newly installed 12-ft windows, new washer & dryers included, and sophisticated security with key-fob entrances.  Oakland Mill also offers the option of fully furnished corporate units.

Newberry College is a small liberal arts college that is dedicated to giving students a quality education.  It is the only college that offers an undergraduate forensic chemistry program in the state.  They have also begun construction of an additional building for their Nursing and Health Science program which will continue to add to the student growth.

Newberry is a town rich in history and known for its rural beauty and small town charm, carefully and beautifully preserved.  It is both quaint and modern with its antebellum mansions and tree lined streets.  Newberry is less than 5 miles from I-26 and is approximately 43 miles from Columbia, the state capital.

This deal is primed for an investor looking to acquire a completely renovated and irreplaceable asset set up to achieve significant NOI growth within 1-2 years.  With all of the heavy lifting completed, the future owner will have the ability to enjoy 3 avenues of income from this comprehensive and diverse property.   Demands from the new Nursing and Health Science Center and strict requirements for Newberry College students to live in only approved housing present tremendous upside potential.  For starters, the securitized backing through a master lease agreement with Newberry College for the student living portion ensures 100% occupancy for the next five years.  In addition, the college has agreed to incur costs associated with fully remodeling the existing common areas with an extra 50 beds beyond the currently housed 138 beds.

The second source of income comes from the 64 market rent apartments, and with so much of the upgrades already completed, the implementation of cost-effective management services would drive down total expenses.  Capturing additional revenue from three corporate and one model units is also an untapped value play.

The third means of revenue seizes the option of one additional warehouse storage building in need of capital expenditure, which would yield further leasable revenue.  Currently there are 6 leasable storage warehouses onsite with full-size trailer accessibility and loading docks.

Not only is Oakland Mill already set as an outstanding investment, preserving a revitalized landmark for the community, and a top-performing luxury asset in this area, but it also shows further growth potential for the subsequent investor.

CLICK HERE TO DOWNLOAD OFFERING MATERIALS

CLICK FOR OAKLAND MILL VIDEO

Amenities and Features

Map

Tom Ormsbee

Investment Advisor

Contact Me

Schedule a showing?
Call WhatsApp

Compare Listings

Tom Ormsbee