Stonehenge Apartments 2210 W Jody Rd 88 Unit Apartment Building For Sale Florence, SC 29501

Aline Capital Presents, The Stonehenge Apartments, Located in the growing city of Florence, South Carolina. 2210 W Jody Rd offers a prime investment opportunity for value-add multifamily buyers seeking to capitalize on the region’s growing rental market. This multi-family property presents significant upside potential through interior renovations and management. Current ownership has continually maintained and improved the interior and exterior of the property with extensive cap ex including roofs, decks and windows. New ownership can immediately focus on improving NOI by completing the property-proven interior value-add and implementing substantial rent increases on the next generation of leases. Favorable fundamentals in the Florence market have resulted in B & C Class rents surpassing growth year-over-year, while vacancy rates remain well below the national average.
Strategic Location: Situated in a desirable neighborhood with convenient access to major highways, shopping centers, schools, and recreational facilities. Close proximity to thousands of jobs, including new AESC battery manufacturing bringing over 1,000 new jobs to the area. Florence is known for its economic stability and growth, making it an attractive destination.
Property Features: The property offers all two-bed, two-bath units. 97% of units leased currently. Ample parking space, well-maintained common areas, and attractive landscaping enhance overall appeal. Potential for amenities such as a fitness center, community room, or upgraded laundry facilities to further boost tenant satisfaction and retention.
Value-Add Potential: 20% of the units have been renovated and are achieving $1,000+ rents. Over $400 rental premiums possible on the remaining 80% of units. Significant exterior capital expenditure (cap ex) has been invested, allowing new ownership to focus on driving Net Operating Income (NOI) through completing the market-proven interior value-add and implementing substantial rent increases on the next generation of leases.
Strong Rental Demand: Florence’s rental market remains robust with consistent demand from both local and relocating residents. Proximity to employment hubs, educational institutions, and healthcare facilities ensures a steady pool of potential tenants.
Financial Upside: 80% of current rents are far below market rates, providing immediate potential for increased revenue post-renovation. Projected higher occupancy rates and rent premiums post-renovation will lead to significant return on investment (ROI). Opportunity for favorable financing terms given the property’s strong fundamentals and potential for improved cash flow.