Draymont Ridge Apartments

Multi-Family for Sale
Catylist Listing ID: 30346841
Property Subtypes: Government Subsidized, Low-Rise/Garden
Number of Units: 40 Units
Building Size (RSF): 40,756 SF
Gross Building Area: See Agent
Gross Land Area: 14.49 Acres
Sale Price: $1,750,000
Unit Price: $43,750 Per Unit
Property Use Type: Investment
Building Name: Draymont Ridge Apartments
Sale Terms: Cash to Seller
Cap Rate: 7.62%
Average Occupancy Rate: 100
Last Updated: 11/1/2018

Overview / Comments

Joyner Commercial is proud to present the opportunity to acquire the Draymont Ridge Apartments, a 40-unit affordable housing community located in Spartanburg, South Carolina only ten minutes from the heart of Main Street Spartanburg and sandwiched between the Drayton Mill and Whitney Heights neighborhoods northeast of downtown.

Built in multiple phases from 2003 to 2005, the Draymont Ridge Apartments were developed through the allocation of HOME funds through South Caroilina State Housing Finance & Development Authority. As a result, the project is subject to affordability restrictions through 2023 to 2025, depending on the specific phase.

Draymont Ridge offers residents one- two, and three-bedroom units in a garden-style community. The location provides residents peaceful seclusion while remaining conveniently accessible to Interstate 585 and US Highways 29 (Main St) and 221 (Chesnee Highway). The units are well appointed with full sized appliances and washer/dryer hookups, as well as children’s playgrounds all in a quiet cul-de-sac community.

Additional Details

Nearest MSA: Spartanburg
County: Spartanburg
Taxing Authority: City of Spartanburg
Tax ID/APN: 7-08-08-002.04
Percent Occupied: 100%
Community Amenities: Community Building, Play Ground
Total Number of Buildings: 17
Property Condition: Average
Year Built: 2004
Construction/Siding: Brick/Vinyl Siding
Parking Type: Surface
Laundry: In Each Unit
Heat Type: Electricity
Fuel: Electric
Air Conditioning: Package Unit
Water Service: Municipal
Sewer Type: Municipal
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 4,848 42,267 97,612
Median Age: 37.78 38.48 37.06
Households: 2,153 17,362 38,830
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