207 Kelly Rd, Clemson, SC 29631
12 Unit Apartment Building | $4,000,000 ($333,333/Unit) | Clemson, SC 29631
For Sale
Active
Asking Price $4,000,000
- Property Type
-
Multifamily
- Square Feet
- 21,876 SF
Listing Contacts
Property Overview
LOCATION
This subject property is situated in a highly sought after area that is a half mile from Clemson University and situated adjacent to a shopping center which has a variety of restaurants, shops and nightlife which include Publix Super Market, Orange Theory Fitness, Mojo Coffee and more. Crawford Mills offers 12 units, 48 beds made up of 4 bedroom/4 bathroom units. The property combines for +/- 21,876 SF of rentable living space. Strategically located, this property offers residents quick and easy access to the heart of campus and the local social corridor.
LEASING STRENGTH & INCOME POTENTIAL
Crawford Mills is 97.9% occupied and 39.5% pre-leased for Fall 2024 with average rents at only $602.50/ bed. Similar properties that are a 1/2 mile to over 3 miles from campus are charging $314 more bed per for their 4BR floorplans. Crawford Edge shares a property line with Crawford Mills and was delivered by the same developer in 2016. It offers the same 4BR flat floor plans as Crawford Mills and has average rents at $890/ bed.
MARKET
Clemson University is a public research, land-grant, and sea-grant university in Clemson, SC. Clemson University’s enrollment has grown by over 2,300 students in only three years and is now at 28,747 students. The University received an unprecedented 57,988 freshman applications for Fall 2023 and due to the growing popularity of the University admissions rate was decreased from 41% to 36%. Tri-County Tech College in Pendleton, SC is less than 4 miles from Crawford Mills and has 5,780 students. Both schools combine for over 34,000 students.
UNIQUE PRODUCT
Crawford Mills represents a rare opportunity for investors to acquire Class B purpose-built student housing that is a half a mile from Clemson University. This student housing property is highly sought after, successfully meeting the large demand of students searching for in-town style living.
This subject property is situated in a highly sought after area that is a half mile from Clemson University and situated adjacent to a shopping center which has a variety of restaurants, shops and nightlife which include Publix Super Market, Orange Theory Fitness, Mojo Coffee and more. Crawford Mills offers 12 units, 48 beds made up of 4 bedroom/4 bathroom units. The property combines for +/- 21,876 SF of rentable living space. Strategically located, this property offers residents quick and easy access to the heart of campus and the local social corridor.
LEASING STRENGTH & INCOME POTENTIAL
Crawford Mills is 97.9% occupied and 39.5% pre-leased for Fall 2024 with average rents at only $602.50/ bed. Similar properties that are a 1/2 mile to over 3 miles from campus are charging $314 more bed per for their 4BR floorplans. Crawford Edge shares a property line with Crawford Mills and was delivered by the same developer in 2016. It offers the same 4BR flat floor plans as Crawford Mills and has average rents at $890/ bed.
MARKET
Clemson University is a public research, land-grant, and sea-grant university in Clemson, SC. Clemson University’s enrollment has grown by over 2,300 students in only three years and is now at 28,747 students. The University received an unprecedented 57,988 freshman applications for Fall 2023 and due to the growing popularity of the University admissions rate was decreased from 41% to 36%. Tri-County Tech College in Pendleton, SC is less than 4 miles from Crawford Mills and has 5,780 students. Both schools combine for over 34,000 students.
UNIQUE PRODUCT
Crawford Mills represents a rare opportunity for investors to acquire Class B purpose-built student housing that is a half a mile from Clemson University. This student housing property is highly sought after, successfully meeting the large demand of students searching for in-town style living.
Property Details
- Class
- B
- Year Built
- 2015
- Stories
- 3
- Lot Size (sq. ft)
- 43,124 SF
- Units
- 12
Highlights
- Crawford Mills is currently 97.9% Occupied and 39.5% Pre-Leased for AY 24-25 with average rents at only $602.50/ bed
- Similar Properties that are .5 to over 3 miles from Clemson University are charging 52% more (over $300/ bed) for their 4BR floorplans
- Finishes include stainless steel appliances, granite countertops, dark brown cabinets, LVP floors and private balconies
- Enrollment at Clemson University is now at 28,747 students and has grown by 2,300 students in only three years
- Roughly 6,600 students (23%) participate in Panhellenic and Inter-fraternity organizations.
- Clemson is part of the Greenville-Anderson-Greer, SC MSA that has an estimated population of 975,480 residents
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