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406 Malibu Dr - Malibu Apartments 73 Unit Apartment Building Offered at $4,162,200 CAD at a 7.38% Cap Rate Orangeburg, SC 29115
INVESTMENT HIGHLIGHTS
- Low Basis Per Unit: Priced at $3,000,000 ($41,096 per unit).
- Recent Unit Turns Completed: 50 of the 73 units have undergone standard unit turns.
- Location: Major employers coming to the market within the next 5 years.
- Opportunity for SC Tax Abatement Program: The buyer has the unique opportunity to implement South Carolina’s tax abatement program.
- Strong Value-Add Upside: With 23 units available for targeted renovations,the property offers clear pathways to push rents to market level.
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present Malibu Apartments, a 73-unit multifamily community located in Orangeburg, South Carolina, offering investors the opportunity to acquire a value-add multifamily asset with strong cash flow potential in a growing regional market. Built in 1975, the property features a diversified and highly marketable unit mix consisting of 3 studio units, 50 one-bedroom/one-bathroom units, and 20 two-bedroom/one-bathroom units.
Orangeburg benefits from consistent housing demand driven by major employers, educational institutions such as South Carolina State University, and the Regional Medical Center, further amplified by robust job growth from incoming projects including a new food processing plant and Syngenta's state-of-the-art biologicals production facility. The property’s convenient access to downtown Orangeburg, retail centers, and major thoroughfares further enhances its attractiveness to tenants seeking affordability and accessibility. Malibu Apartments presents a compelling value-add investment opportunity through continued rental growth, operational efficiencies, and potential interior and exterior enhancements. With limited new multifamily supply in the immediate market and increasing demand for quality workforce housing, the property is well positioned to capitalize on favorable supply and demand dynamics. Investors will benefit from the combination of scale, in-place income, and long-term appreciation potential, making Malibu Apartments an attractive acquisition for buyers seeking consistent performance in a proven South Carolina secondary market.
Orangeburg benefits from consistent housing demand driven by major employers, educational institutions such as South Carolina State University, and the Regional Medical Center, further amplified by robust job growth from incoming projects including a new food processing plant and Syngenta's state-of-the-art biologicals production facility. The property’s convenient access to downtown Orangeburg, retail centers, and major thoroughfares further enhances its attractiveness to tenants seeking affordability and accessibility. Malibu Apartments presents a compelling value-add investment opportunity through continued rental growth, operational efficiencies, and potential interior and exterior enhancements. With limited new multifamily supply in the immediate market and increasing demand for quality workforce housing, the property is well positioned to capitalize on favorable supply and demand dynamics. Investors will benefit from the combination of scale, in-place income, and long-term appreciation potential, making Malibu Apartments an attractive acquisition for buyers seeking consistent performance in a proven South Carolina secondary market.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $4,162,200 CAD | Lot Size | 4.10 AC |
| Price Per Unit | $57,016 CAD | Building Size | 45,460 SF |
| Sale Type | Investment | No. Stories | 1 |
| Cap Rate | 7.38% | Year Built | 1975 |
| No. Units | 73 | Opportunity Zone |
Yes
|
| Property Type | Multifamily |
| Price | $4,162,200 CAD |
| Price Per Unit | $57,016 CAD |
| Sale Type | Investment |
| Cap Rate | 7.38% |
| No. Units | 73 |
| Property Type | Multifamily |
| Lot Size | 4.10 AC |
| Building Size | 45,460 SF |
| No. Stories | 1 |
| Year Built | 1975 |
| Opportunity Zone |
Yes |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 3 | - | 350 |
| 1+1 | 50 | - | 625 |
| 2+1 | 20 | - | 734 |
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406 Malibu Dr - Malibu Apartments
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