WYNDHAM PLACE APARTMENTS OFFERING MEMORANDUM 48 … · Vacancy $94. NOTES. On October 20, 2016, the...

WYNDHAM PLACE APARTMENTS48 Units • 805 W Darlington St • Florence, SC 29501OFFERING MEMORANDUM

WYNDHAM PLACEFlorence, SCACT ID ZAB0520053

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

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Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. I t is intended to be reviewed only by the party receiving it from Marcus & Millichap andshould not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverifiedinformation to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough duediligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, thefuture projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's orasbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or anytenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to bereliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding thesematters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures toverify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus& Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo orname is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product,service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

E X C L U S I V E LY L I S T E D B Y

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02Rent Roll Summary

Rent Roll Detail

Operating Statement

Notes

Pricing Detail

Proposal Price

MARKET COMPARABLES 03Sales Comparables

Rent Comparables

MARKET OVERVIEW 04Demographic Analysis

WYNDHAM PLACE

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WYNDHAM PLACE

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INVESTMENT

OVERVIEW

BROKER OPINION OF VALUE

WYNDHAM PLACE

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48 2 Bedroom/ 1 Bathroom UnitsCentrally-LocatedRecent Capital Improvements

INVESTMENT HIGHLIGHTS

Wyndham Place is a eleven building, 48-unit, multifamily investment property located in Florence, South Carolina. The property islocated in the desirable West Florence area just off of North Irby St. and only one mile from downtown Florence.

The property consists of eleven buildings with one- bedroom, two- bath units in each building. Each building has brand new roofs and70% new HVAC's. All units have washer and dryer connections along with new windows. The property is located just off of North IrbyStreet, a major traffic artery, but is set back on West Darlington Street just far enough to provide a quiet neighborhood atmospherewith hardly any traffic driving directly by the property.

The location is within close proximity to convenient grocery shopping and dining destinations. Food Lion, Florence Mall, and aWalmart Super-center are located just west of the subject property. North Irby Street is just east of the property with numerousretailers and casual dining restaurants as well. Florence County is home to Patheon’s $70 million facility, Honda’s $45-million facilityexpansion project (2016), and GE Healthcare’s $40- million facility expansion project (2017).

INVESTMENT OVERVIEW

PROPERTY PHOTOS

WYNDHAM PLACE

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REGIONAL MAP

WYNDHAM PLACE

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LOCAL MAP

WYNDHAM PLACE

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Florence, SC1.4 Miles from Subject

MCLEOD REGIONALMEDICAL CENTER

1.6 Miles from Subject

AERIAL PHOTO

WYNDHAM PLACE

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WYNDHAM PLACE

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FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS

WYNDHAM PLACE

RENT ROLL SUMMARY

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FINANCIAL ANALYSIS

WYNDHAM PLACE

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RENT ROLL DETAIL

FINANCIAL ANALYSIS

WYNDHAM PLACE

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RENT ROLL DETAIL

FINANCIAL ANALYSIS

WYNDHAM PLACE

OPERATING STATEMENT

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FINANCIAL ANALYSIS

WYNDHAM PLACE

PRICING DETAIL

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WYNDHAM PLACE

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MARKET

COMPARABLES

WYNDHAM PLACE

SALES COMPARABLES MAP

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WYNDHAM PLACE(SUBJECT)

Huntington Place Apartments

Village at Patriot's Place

Brogan Apartments

Park View Apartments

Chesterfield Apartments

SALES COMPARABLES

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2

3

4

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PROPERTY NAMEWYNDHAM PLACE

SALES COMPARABLES

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SALES COMPARABLES

Avg. $49.59

$0.00

$7.00

$14.00

$21.00

$28.00

$35.00

$42.00

$49.00

$56.00

$63.00

$70.00

WyndhamPlace

HuntingtonPlace

Apartments

Village atPatriot's

Place

BroganApartments

Park ViewApartments

ChesterfieldApartments

Average Price Per Square Foot

Avg. $40,440

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

$45,000

$50,000

WyndhamPlace

HuntingtonPlace

Apartments

Village atPatriot'sPlace

BroganApartments

Park ViewApartments


Average Price Per Unit

Avg. 7.33%

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

WyndhamPlace

HuntingtonPlace

Apartments

Village atPatriot'sPlace

BroganApartments

Park ViewApartments


Average Cap Rate

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM

WYNDHAM PLACE

SALES COMPARABLES

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SALES COMPARABLES

Units Unit Type

Price: $2,200,000 48 2 Bdr

Price/Unit: $45,833

Price/SF: $61.11

CAP Rate: 5.35%

GRM: 7.34

Total No. of Units: 48

Year Built: 1950

Underwriting Criteria

Incom e $299,829 Expenses $121,546

NOI $117,689 Vacancy ($62,038)

WYNDHAM PLACE805 W Darlington St, Florence, SC, 29501

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Units Unit Type

Close Of Escrow: 10/20/2016 56 2 Bdr 1 Bath Cottage

Days On Market: 210

Sales Price: $2,285,000

Price/Unit: $40,804

Price/SF: $35.82

CAP Rate: 6.96%


Year Built: 1988


Vacancy $94

NOTESOn October 20, 2016, the 56 unit m ultifam ily property located at 1520 Heritage Ln Florence, SC, was sold for $2,285,000. The cap rate was confirm ed to be approxim ately 7% at closing yielding a net operating incom e of $159,950. The occupancy at the tim e of sale was between 94% and 95%. The property does require a new roof in the near future.

HUNTINGTON PLACE APARTMENTS1520 Heritage Ln, Florence, SC, 29505

Units Unit Type


Days On Market: 780 32 2 Bdr 1 Bath Cottage

Sales Price: $2,200,000 16 3 Bdr 2 Bath Cottage

Price/Unit: $34,375

Price/SF: $42.53

CAP Rate: 6.50%


Year Built: 1972


Incom e $143,000 Vacancy $3

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VILLAGE AT PATRIOT'S PLACE 1118 Boundary St, Conway, SC, 29526

PROPERTY NAME

MARKETING TEAM

WYNDHAM PLACE

SALES COMPARABLES

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SALES COMPARABLES

Units Unit Type



Price/Unit: $50,000

Price/SF: $68.97

CAP Rate: 7.50%


Year Built: 2004


Incom e $120,000

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NOTESOn Septem ber 6, 2016, the 23,200 square foot, 43 unit, m ultifam ily property located at 101-163 Reaves Place Anderson, SC, was sold for $1,600,000, or $37,209 per unit. The property includes a 12 unit self-storage facility that is allocated for the tenants. The buyer stated that the property traded at an approxim ately 7.5% Cap rate.

BROGAN APARTMENTS 101 Reaves Pl, Anderson, SC, 29625

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Units Unit Type



Price/Unit: $49,000

Price/SF: $51.04


Year Built: 1974

NOTESOn August 30th, 2017, the 50 unit apartm ent com plex located at 10 Moore S t in Mauldin, SC was sold for $2,450,000. This m ultifam ily building offers m arket rents for its unit m ix com prised of entirely two bedroom apartm ents.

PARK VIEW APARTMENTS 10 Moore St, Mauldin, SC, 29662

Units Unit Type


Days On Market: 210


Price/Unit: $28,020

CAP Rate: 8.36%


Year Built: 1969

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NOTESOn 5/25/2017 the 49-unit class C m ultifam ily property located off of 1210 Chesterfield Ave Lancaster, SC aka Chesterfield Apartm ents sold for a confirm ed price of $1,373,000 or $28,020 per unit. The property delivered in 1969 and sits on 0.6286 acre of land. The property sold with a cap rate of 8 .36% yielding a net operating incom e of $114,782.80.

CHESTERFIELD APARTMENTS 1210 Chesterfield Ave, Lancaster, SC, 29720

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WYNDHAM PLACE

RENT COMPARABLES MAP

WYNDHAM PLACE(SUBJECT)

Bentree Apartments

Landmark Woods Apartments

Sedgefield

Village Creek Apartments

Wyndham Place

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7

8

9

11

20

12

14

15

16

17

13

18

10

4

1

2

3

5

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PROPERTY NAMEWYNDHAM PLACE

RENT COMPARABLES

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AVERAGE RENT - MULTIFAMILY

Avg. $667

$0

$80

$160

$240

$320

$400

$480

$560

$640

$720

$800

WyndhamPlace

BentreeApartments

LandmarkWoods

Apartments

Sedgefield VillageCreek

Apartments

WyndhamPlace

2 Bedroom

Avg. 97.26%

0

10

20

30

40

50

60

70

80

90

100

WyndhamPlace

BentreeApartments

LandmarkWoods

Apartments

Sedgefield VillageCreek

Apartments

WyndhamPlace

AVERAGE OCCUPANCY

PROPERTY NAME

MARKETING TEAM

WYNDHAM PLACE

RENT COMPARABLES

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YEAR BUILT: 1950

rentpropertyname1rentpropertyaddress1

Unit Type Units SF Rent Rent/SF

2 Bdr 48 750 $521 $0.69

Total/Avg. 48 750 $521 $0.69

WYNDHAM PLACE805 W Darlington St, Florence, SC, 29501

OCCUPANCY: 99% | YEAR BUILT: 1981

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NOTESUnits com e with full kitchen and W/D hookups. Pets are allowed and there is a pet play area. There's a clubhouse, laundry facility, playground, pool, and a property m anager on site.


1 Bdr 1 Bath 36 650-650 $650-$650 $1.00

2 Bdr 1.5 Bath 72 850-850 $765-$765 $0.90

3 Bdr 2 Bath 24 1,100-1,100 $800-$800 $0.73

Total/Avg. 132 841 $740 $0.88

BENTREE APARTMENTS200 Bentree Ln, Florence, SC, 29501

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NOTESUnits com e iwth full kitchen and a W/D hookup. There is a pool and 24 hour availabitlity.


1 Bdr 1 Bath 25 778-778 $725-$725 $0.93

2 Bdr 2 Bath 54 946-946 $750-$750 $0.79

3 Bdr 2 Bath 25 1,201-1,201 $850-$850 $0.71

Total/Avg. 104 967 $768 $0.79

LANDMARK WOODS APARTMENTS1400 Cherokee Rd, Florence, SC, 29501

PROPERTY NAME

MARKETING TEAM

WYNDHAM PLACE

RENT COMPARABLES

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1 Bdr 1 Bath 64 650-900 $625-$655 $0.83

2 Bdr 1 Bath 16 900-900 $670-$670 $0.74

2 Bdr 1.5 Bath 88 975-1,025 $695-$715 $0.71

2 Bdr 2 Bath 48 1,125-1,125 $715-$715 $0.64

3 Bdr 2 Bath 56 1,086-1,350 $800-$830 $0.67

Total/Avg. 272 1,008 $712 $0.71

NOTESUnits com e with full kitchen and W/D hookups. Som e com e with a washer and dryer. Am enities include a basketball court, laundry facility, playground, swim m ing pool, tennis court, and on-site property m anager.

SEDGEFIELD1300 Valparaiso Dr, Florence, SC, 29501


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NOTES

Units com e with a fully equipped kitchen


1 Bdr 1 Bath 32 646-646 $549-$549 $0.85

2 Bdr 1 Bath 56 887-887 $602-$602 $0.68

3 Bdr 1.5 Bath 8 1,048-1,048 $759-$759 $0.72

Total/Avg. 96 820 $597 $0.73

VILLAGE CREEK APARTMENTS2212 Pamplico Hwy, Florence, SC, 29505

WYNDHAM PLACE

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MARKET

OVERVIEW

PROPERTY NAME

MARKETING TEAM

WYNDHAM PLACE

DEMOGRAPHICS

Source: © 2019 Experian

Created on March 2020

POPULATION 1 Miles 3 Miles 5 Miles 2024 Projection

Total Population 7,725 34,985 69,239

2019 Estimate


2010 Census


2000 Census


Daytime Population

2019 Estimate 11,538 65,825 94,747

HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2024 Projection

Total Households 3,132 14,402 28,106

2019 Estimate


Average (Mean) Household Size 2.42 2.40 2.44

2010 Census


2000 Census


Growth 2015-2020 0.93% 1.53% 2.57%

HOUSING UNITS 1 Miles 3 Miles 5 Miles Occupied Units

2024 Projection 3,132 14,402 28,106

2019 Estimate 3,687 16,016 30,547

Owner Occupied 1,208 7,511 16,314

Renter Occupied 1,894 6,674 11,087

Vacant 584 1,832 3,147

Persons In Units

2019 Estimate Total Occupied Units 3,103 14,185 27,401

1 Person Units 32.58% 30.79% 28.76%

2 Person Units 30.13% 32.60% 33.23%

3 Person Units 17.34% 16.54% 17.33%

4 Person Units 10.18% 11.41% 12.19%

5 Person Units 5.48% 5.32% 5.47%

6+ Person Units 4.29% 3.32% 3.03%

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2019 Estimate

$200,000 or More 1.31% 3.28% 3.18%

$150,000 - $199,000 1.41% 3.63% 4.50%

$100,000 - $149,000 5.45% 10.12% 12.16%

$75,000 - $99,999 7.20% 9.69% 11.00%

$50,000 - $74,999 15.86% 17.75% 19.94%

$35,000 - $49,999 12.17% 13.26% 13.27%

$25,000 - $34,999 11.84% 10.81% 10.88%

$15,000 - $24,999 19.90% 14.25% 12.07%

Under $15,000 24.85% 17.19% 12.99%

Average Household Income $44,602 $64,631 $70,001

Median Household Income $29,657 $43,022 $50,923

Per Capita Income $18,323 $26,636 $28,386

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age

2019 Estimate Total Population 7,689 34,707 68,006

Under 20 26.43% 25.22% 25.31%

20 to 34 Years 20.74% 19.09% 19.17%

35 to 39 Years 6.41% 5.93% 6.30%

40 to 49 Years 11.94% 12.09% 12.51%

50 to 64 Years 19.37% 19.56% 19.64%

Age 65+ 15.10% 18.10% 17.07%

Median Age 37.18 39.80 39.38

Population 25+ by Education Level

2019 Estimate Population Age 25+ 5,155 23,870 46,893

Elementary (0-8) 6.27% 4.18% 3.00%

Some High School (9-11) 16.95% 10.82% 9.25%

High School Graduate (12) 34.57% 29.60% 29.11%

Some College (13-15) 17.91% 20.81% 21.22%

Associate Degree Only 5.37% 6.88% 8.19%

Bachelors Degree Only 10.17% 16.11% 17.60%

Graduate Degree 6.69% 10.18% 10.59%

Population by Gender

2019 Estimate Total Population 7,689 34,707 68,006

Male Population 44.40% 45.17% 45.98%

Female Population 55.60% 54.83% 54.02%

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IncomeIn 2019, the median household income for your selected geography is$29,657, compare this to the US average which is currently $60,811.The median household income for your area has changed by 18.48%since 2000. It is estimated that the median household income in yourarea will be $33,741 five years from now, which represents a changeof 13.77% from the current year.

The current year per capita income in your area is $18,323, comparethis to the US average, which is $33,623. The current year averagehousehold income in your area is $44,602, compare this to the USaverage which is $87,636.

PopulationIn 2019, the population in your selected geography is 7,689. Thepopulation has changed by 4.81% since 2000. It is estimated that thepopulation in your area will be 7,725.00 five years from now, whichrepresents a change of 0.47% from the current year. The currentpopulation is 44.40% male and 55.60% female. The median age ofthe population in your area is 37.18, compare this to the US averagewhich is 38.08. The population density in your area is 2,446.96 peopleper squaremile.

HouseholdsThere are currently 3,103 households in your selected geography. Thenumber of households has changed by 4.72% since 2000. It isestimated that the number of households in your area will be 3,132five years from now, which represents a change of 0.93% from thecurrent year. The average household size in your area is 2.42 persons.

EmploymentIn 2019, there are 5,820 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that47.41% of employees are employed in white-collar occupations inthis geography, and 52.29% are employed in blue-collar occupations.In 2019, unemployment in this area is 5.16%. In 2000, the averagetimetraveled to work was 19.00 minutes.

Race and EthnicityThe current year racial makeup of your selected area is as follows:29.02% White, 68.22% Black, 0.19% Native American and 0.31%Asian/Pacific Islander. Compare these to US averages which are:70.07% White, 12.87% Black, 0.19% Native American and 5.66%Asian/Pacific Islander. People of Hispanic origin are countedindependently of race.

People of Hispanic origin make up 1.85% of the current yearpopulation in your selected area. Compare this to the US average of18.17%.

PROPERTY NAME

MARKETING TEAM

WYNDHAM PLACE

HousingThe median housing value in your area was $92,566 in 2019, comparethis to the US average of $212,058. In 2000, there were 1,543 owneroccupied housing units in your area and there were 1,419 renteroccupied housing units in your area. The median rent at the time was$313.

Source: © 2019 Experian

DEMOGRAPHICS

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WYNDHAM PLACE

DEMOGRAPHICS

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WYNDHAM PLACE APARTMENTS OFFERING MEMORANDUM 48 … · Vacancy $94. NOTES. On October 20, 2016, the...

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