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Skye at Main 835 S Main St 85 Unit Apartment Building For Sale Greenwood, SC 29646
Investment Highlights
- Proven Rent Upside
- Strong In-Place Cash Flow with Continued Growth
- Strategic Location Anchored by Lander University
- Back-Half Value-Add Execution
- Operational Efficiencies and Ancillary Income Opportunities
Executive Summary
- Proven Rent Upside: Recent leasing demonstrates rents materially above current averages across all unit types, providing a clear path to drive $150K+ in additional revenue through renovating remaining original units with already achieved high-water marks.
- Back-Half Value-Add Execution: Ownership has invested ~$10K/unit across interiors and exteriors, validating the renovation program while leaving low-risk upside through continued unit standardization and operational execution. Ownership has renovated 54 units to the same level leaving new ownership with a light value add play.
- Strong In-Place Cash Flow with Continued Growth: Utilizing trailing three-month income, the asset is operating at a ~$443k NOI (tax adjusted) with upward rent momentum, offering both immediate yield and embedded growth.
- Operational Efficiencies & Ancillary Income Opportunities: Additional upside exists through utility recapture optimization, continued expense management, and ancillary income streams (fees, RUBS, etc.), further enhancing NOI beyond rent growth alone. Opportunity to implement a bulk cable/internet contract across the property.
- Strategic Location Anchored by Lander University: The property benefits from its position in Greenwood, anchored by Lander University, a key demand driver with consistent student, faculty, and staff housing needs, alongside regional employment from healthcare, manufacturing, and distribution sectors supporting long-term rental
demand.
- Back-Half Value-Add Execution: Ownership has invested ~$10K/unit across interiors and exteriors, validating the renovation program while leaving low-risk upside through continued unit standardization and operational execution. Ownership has renovated 54 units to the same level leaving new ownership with a light value add play.
- Strong In-Place Cash Flow with Continued Growth: Utilizing trailing three-month income, the asset is operating at a ~$443k NOI (tax adjusted) with upward rent momentum, offering both immediate yield and embedded growth.
- Operational Efficiencies & Ancillary Income Opportunities: Additional upside exists through utility recapture optimization, continued expense management, and ancillary income streams (fees, RUBS, etc.), further enhancing NOI beyond rent growth alone. Opportunity to implement a bulk cable/internet contract across the property.
- Strategic Location Anchored by Lander University: The property benefits from its position in Greenwood, anchored by Lander University, a key demand driver with consistent student, faculty, and staff housing needs, alongside regional employment from healthcare, manufacturing, and distribution sectors supporting long-term rental
demand.
Data Room Click Here to Access
Property Facts
| Sale Type | Investment | Lot Size | 3.57 AC |
| No. Units | 85 | Building Size | 78,000 SF |
| Property Type | Multifamily | Average Occupancy | 61% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1925 |
| Building Class | B | ||
| Zoning | GC - General Commercial | ||
| Sale Type | Investment |
| No. Units | 85 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 3.57 AC |
| Building Size | 78,000 SF |
| Average Occupancy | 61% |
| No. Stories | 2 |
| Year Built | 1925 |
| Zoning | GC - General Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Storage Space
- Heating
- Vaulted Ceiling
- Refrigerator
- Oven
- Sprinkler System
- Range
- Tub/Shower
- Carpet
- Intercom
- Wheelchair Accessible (Rooms)
Site Amenities
- Laundry Facilities
- Picnic Area
- Security System
- Spa
- Volleyball Court
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 29 | $1,069 CAD | 700 - 750 |
| 2+1 | 35 | $1,271 CAD | 800 - 850 |
| 3+1 | 9 | $1,661 CAD | 900 - 955 |
| Studios | 12 | $895.38 CAD | 610 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 6845-991-780-000 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $176,828 CAD |
Property Taxes
Parcel Number
6845-991-780-000
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$176,828 CAD
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Skye at Main | 835 S Main St
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