iveywood park apartments i & ii - lihtcadvisors.com€¦ · iveywood park apartments i &...

Iveywood Park Apartments I & II96 Units | 112 Martin Lane | Gaffney, SC 29341

EXCLUSIVE OFFERING

2 LIHTC ADVISORS IVEYWOOD PARK I & II | 96 UNITS

CONFIDENTIALITY & DISCLAIMER

The information contained in this package is confidential and is intended for review solely by the person receiving it directly from LIHTC Advisors. It should not be copied, distributed, nor made available to any person without the written consent from LIHTC Advisors. The information in this package has been obtained from sources we believe reliable. However, LIHTC Advisors has not verified and will not verify, any of the information contained herein and makes no guarantee, warranty, or representation about it. It is the sole responsibility of any interested parties to independently confirm the accuracy and completeness of the information provided herein. All prospective clients must conduct their own due diligence and take appropriate measures to verify all information.

12639 W. Explorer DriveSuite 200Boise, ID 83713

John Nicolas800.840.3021 (phone)208.891.8901 (direct)888.506.2771 (fax)[email protected]

Jordan Skyles800-840-3021 (office)208-631-4981 (direct)888-506-2771 (fax)[email protected]

www.lihtcadvisors.com

In Cooperation with:

Jeff Dilbone Investment Property Advisors


Iveywood Park Apartments I & II

96 Units 112 Martin Lane

Gaffney, SC 29341

Table of Contents

PROPERTY OVERVIEW

DescriptionArea Highlights

SummaryPhotos

Area Maps

FINANCIAL ANALYSIS

Income & ExpensesCash Flow Summary

Unit MixIncome & Rent Limits

Historical AMI, MAX Rent, & FMR

COMPARABLE PROPERTIES

Rent Comparables MapRental & Occupancy Statistics

Rent Comparable Details

DEMOGRAPHIC ANALYSIS

Demographic Analysis


Property Overview

HIGHLIGHTS

• Easy Access to Interstate 85

• Conveniently Located Close to Schools, Restaurants, Shopping, and Less Than One Hour from Charlotte International Airport

• Property is Out of Its Initial Compliance Period

• Minimal Deferred Maintenance

• New Financing Available


Property Description

Iveywood Park Apartments is a 96-unit affordable housing community located in Gaffney, SC. Within minutes of the property you’ll find parks, shopping, restaurants, and schools.

Iveywood Park was built and placed into service in 1998 & 1999 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing LIHTC and HOME regulatory agreements in place with the South Carolina State Housing Finance and Development Authority. The property is out of its initial tax credit compliance period.

Currently, the property has 13 units under HOME restrictions. However, these restrictions expire on January 5, 2018 and rents in these units can then be raised to the LIHTC 60% AMI limits. Please see the Property Summary page and the Unit Mix page for further details. A qualified purchaser can be a non-profit or for-profit entity that agrees to maintain the affordable housing units and to fulfill all requirements of an existing regulatory agreement.

Residents benefit from a multitude of community amenities including a clubhouse, 24-hour on-site maintenance, on-site laundry facility, and playground. Unit amenities include an open floor plan and fully equipped kitchen with full appliance package.

COMMUNITY AMENITIES

• Clubhouse• Playground• On-Site Maintenance• On-Site Laundry Facility

UNIT AMENITIES

• Full Appliance Package• Open Floor Plan


Area Highlights

Gaffney is a city in and the county seat of Cherokee County, in the Upstate region of South Carolina. Gaffney is known as the “Peach Capital of South Carolina”. The population is 12,566. It is the principal city of the Gaffney, South Carolina, Micropolitan Statistical Area which includes all of Cherokee County and which is further included in the greater Greenville-Spartanburg-Anderson, South Carolina Combined Statistical Area (population 1,384,996 according to year 2012 U.S. Census Bureau estimates).

In 2008 the Cherokee County History & Arts Museum opened on College Drive in the historic Central Elementary School building. The museum is operated by the Cherokee Historical & Preservation Society and is located on the mustering ground of the South Carolina militia (1812–1914). Located just blocks from downtown Gaffney and in one of the city’s three nationally registered historic sites,

the museum offers new cultural opportunities for locals and visitors, while having a positive economic impact for the downtown area. Annual events include a pottery show, car show, and ghost walk.

Gaffney is located in northern South Carolina near the center of Cherokee County. It is located 55 miles southwest of Charlotte, North Carolina and 50 miles northeast of Greenville, South Carolina, both reached via Interstate 85. It is served by the Charlotte and Greenville major airports. These airports are almost equal distance from Gaffney, with Greenville being slightly closer. It is also approximately 190 miles northeast of Atlanta, Georgia. The closest large city is Spartanburg, South Carolina, which is 21 miles southwest on I-85.

NEIGHBORHOOD AMENITIES

• Luthern Vaughn Elementary School (0.6 miles)

• Mary Black Health Center (1.3 miles)• Walmart, Lowe’s, Olive Garden,

McDonald’s, Chick-Fil-A (2.6 miles)• Limestone College (4.1 miles)• Gaffney Outlet Marketplace (5.8 miles)

LOCATION HIGHLIGHTS

• Population 12,566• Home to Limestone College• Located 55 miles southwest

of Charlotte, NC

TOP EMPLOYMENT INDUSTRIES

• Manufacturing• Retail• Education• Public Administration


Property SummaryNAME & LOCATIONProperty Name Iveywood Park Apartments I & IIProperty Address 112 Martin Lane

Gaffney, SC 29341

SECTION 42 LIHTC & HOME RESTRICTIONSPlaced in Service Phase I: 1998, Phase II: 1999End of LIHTC Initial Compliance Period 12/31/2013End of LIHTC Extended Use Period 12/31/2033HOME Regulatory Agreement Term 1/5/1998 - 1/5/2018

SITE INFORMATIONAssessor’s Parcel Number 098-00-00-064.000 & 098-00-00-064.006Number of Units 96Number of Buildings 13Number of Stories 2Rentable Square Feet 99,456Year Built 1998 & 1999Lot Size 10.17 AcresDensity 9.43 Units/AcreType of Ownership Fee SimpleLandscaping Mature Trees, Shrubs & GrassTopography Relatively Flat

UTILITIESWater City of GaffneyElectric Broad River ElectricGas Piedmont Natural Gas

CONSTRUCTIONExterior Brick & VinylRoof Composite Shingle

# OF UNITS

RENTABLESF

YEAR BUILT

LOT SIZE

96 99,456 1998 & 1999 10.17 acres


Aerial Neighborhood Map


Local Map

Iveywood Park I & II

Luther Vaughan Elementary School (0.6 miles)

Mary Black Health Center (1.3 miles)

Walmart, Lowe’s, Olive Garden, McDonald’s, Chick-Fil-A (2.6 miles)

CVS Pharmacy (2.8 miles)

Gaffney Middle School (3.1 miles)

Cherokee County Public Library (3.5 miles)

Limestone College (4.1 miles)

John E Ewing Middle School (4.5 miles)

Gaffney High School (5.0 miles)

Gaffney Outlet Marketplace (5.8 miles)

A

B

C

D

E

F

G

H

I

J

A

B

F E

HG

D

J

C

I


Local Map

IVEYWOOD PARK

Luther Vaughn Elementary School

Mary Black Health Center

Cherokee Plaza Shopping Center


Regional Map

• Spartanburg, SC (22 miles)

• Greenville, SC (50 miles)

• Charlotte, NC (53 miles)

• Asheville, NC (85 miles)

• Columbia, SC (118 miles)


Financial Analysis


Income & Expenses

OPERATIONAL ANALYSIS YE 2016PER

UNITT3A Rev/T12

Exp Feb'17PER

UNIT PROFORMAPER

UNIT

INCOME

Gross Potential Rent $632,775 $0.53 $641,172 $0.54 $693,227 $0.58 (1)Subsidy Income $0 $0.00 $0 $0.00 $0 $0.00Gain (Loss) to Lease 0.00% $0 $0 0.00% $0 $0 5.00% ($34,661) ($361) (2)POTENTIAL RENTAL INCOME $632,775 $6,591 $641,172 $6,679 $658,565 $6,860% Increase over Prior Year 1.33% 2.71%

Economic LossVacancy Loss 4.00% ($25,299) ($264) 4.62% ($29,612) ($308) 5.00% ($32,928) ($343) (3)Bad Debt 0.11% ($675) ($7) 0.14% ($872) ($9) 0.00% $0 $0Concessions 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0Model/Office/Empl. - Non Revenue 0.00% $0 $0 0.00% $0 $0 0.00% $0 $0

Total Economic Loss 4.10% ($25,974) ($271) 4.75% ($30,484) ($318) 5.00% ($32,928) ($343)

NET RENTAL INCOME $606,801 $6,321 $610,688 $6,361 $625,637 $6,517

Other IncomeForfeited Security Deposits/Lease Termination $12,594 $131 $0 $0 $0 $0Laundry and Vending Revenue $0 $0 $0 $0 $0 $0Misc. Other Income $16,155 $168 $34,188 $356 $35,043 $365

Total Other Income $28,749 $299 $34,188 $356 $35,043 $365

EFFECTIVE GROSS INCOME $635,550 $6,620 $644,876 $6,717 $660,680 $6,882

EXPENSES

FIXED OPERATIONAL EXPENSETotal Real Estate Property Taxes 9% $58,451 $609 9% $57,085 $595 9% $58,956 $614 (4)Total Property Insurance Expense 5% $29,305 $305 4% $28,623 $298 4% $29,339 $306Total Property Utility Expense 5% $32,451 $338 5% $32,676 $340 5% $33,493 $349

TOTAL FIXED OPERATIONAL EXP 19% $120,207 $1,252 18% $118,384 $1,233 18% $121,788 $1,269

VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services 5% $29,098 $303 5% $29,943 $312 5% $30,692 $320Total Repairs & Maintenance 9% $55,006 $573 9% $55,193 $575 8% $50,652 $528 (5)Total Administrative Expenses 4% $26,510 $276 4% $26,072 $272 3% $21,599 $225 (6)Total Leasing & Marketing 4% $23,379 $244 4% $23,936 $249 4% $24,534 $256Total Payroll and Salary Expenses 15% $93,013 $969 14% $91,595 $954 14% $93,885 $978Property Management Fee 5.83% $37,024 $386 5.77% $37,181 $387 5.00% $33,034 $344 (7)Compliance Monitoring 1.62% $10,313 $107 2.17% $14,021 $146 1% $3,360 $35 (8)

TOTAL VARIABLE OPERATIONAL EXP 43% $274,343 $2,858 43% $277,941 $2,895 39% $257,756 $2,685

TOTAL FIXED & VARIABLE EXPENSES 62% $394,550 $4,110 61% $396,325 $4,128 57% $379,544 $3,954

Reserves & Replacements $28,800 $300 $28,800 $300 $28,800 $300

TOTAL OPERATING EXPENSES 67% $423,350 $4,410 66% $425,125 $4,428 62% $408,344 $4,254

NET OPERATING INCOME $212,200 $2,210 $219,751 $2,289 $252,336 $2,629


Comments to Income & Expenses

(1)

(2)

(3)

(4) Real Estate Taxes: See notes below.

(5)

(6) Administrative: Proforma assumes that the cost of an audit will no longer be required after a sale.

(7) Management Fee: Adjusted to reflect market underwriting.

(8)

REAL ESTATE TAX ANALYSIS

Parcel #: 098-00-00-064.000 and 098-00-00-064.006

Market Value 2016 ProformaLand $255,000 $262,650Improvements $3,055,000 $3,146,650Total Market Value $3,310,000 $3,409,300Assessment Ratio 6.00% 6.00%Assessed Value $198,600 $204,558

Tax Rate 30.25% 30.25%Ad Valorem Taxes $60,077 $61,879Sales Tax Credit ($2,923) ($2,923)Total Taxes Due $57,154 $58,956

Notes

Repairs & Maintenance: Analysis shows a slight reduction in expenses to exclude non-recurring expenses incurred in 2016. Included "Contra-Revenue" account amounts that reflect non-recoverable turnover expenses.

NOTES TO PROFORMA

Gross Potential Rent: Based on the Current Asking Rents, 60% units increased by 2.00%. HOME restrictions burn off on 1/5/18, so increased 13 HOME units to Proforma 60% rents. Analysis assumes 2.00% annual rent increases for the 10-year projection.

Loss to Lease: Based on the difference between Potential Rental Income and Gross Potential Rent. Analysis assumes 3% Loss to Lease in Year 2, 1.5% in Year 3, and down to 1% thereafter as leased rents catch up to Proforma rents.

Vacancy: Based on the rent roll from 3/17/17, occupancy is 95.83%. Analysis uses a 5% vacancy factor going forward.

Compliance Monitoring: Reduced to the state required compliance monitoring amount of $35 per unit per year. Currently, the management company is paying for 3rd party compliance monitoring.

Per the County Assessor's, taxes are calculated by applying the tax rate of 30.25% to 6% of the appraised value. There is a sales tax credit of 0.0883% which is applied to 100% of the appraised value.

Properties are reappraised every five years with 2017/2018 being the reassessment year. If a property sells within the 5-year window, the assessor will only reappraise the property if the sale price falls outside of 80% to 110% of the appraised value.

Analysis assumes that real estate taxes will be based on the current tax expense for the year ending September 30, 2017, but increased by 3%.


Cash FlowPROPERTY CASH FLOW ANALYSIS - ASSUMPTIONS

YEAR 1 OPERATIONS BASED ON Proforma

Gross Potential Rent Growth NA 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%Other Income Growth NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Loss to Lease 5.00% 3.00% 1.50% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%Vacancy 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Bad Debt 0.14% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Concessions 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Property Taxes NA 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Insurance NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Utilities NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Property Management Fee 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%Other Expenses NA 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Replacement Reserves NA 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

CASH FLOW SUMMARY Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

INCOMEGross Potential Rent $693,227 $707,091 $721,233 $735,658 $750,371 $765,378 $780,686 $796,300 $812,226 $828,470

Gain (Loss) to Lease (34,661) (21,213) (10,818) (7,357) (7,504) (7,654) (7,807) (7,963) (8,122) (8,285)POTENTIAL RENTAL INCOME 658,565 685,879 710,415 728,301 742,867 757,725 772,879 788,337 804,103 820,185

Economic Operational LossVacancy Loss (32,928) (34,294) (35,521) (36,415) (37,143) (37,886) (38,644) (39,417) (40,205) (41,009)Bad Debt (922) 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0Model/Office/Empl. - Non Revenue 0 0 0 0 0 0 0 0 0 0

Total Operational Loss (33,850) (34,294) (35,521) (36,415) (37,143) (37,886) (38,644) (39,417) (40,205) (41,009)

NET RENTAL INCOME 624,715 651,585 674,894 691,886 705,724 719,838 734,235 748,920 763,898 779,176

Total Other Income 35,043 35,919 36,817 37,737 38,681 39,648 40,639 41,655 42,696 43,764

EFFECTIVE GROSS INCOME $659,758 $687,503 $711,711 $729,623 $744,404 $759,486 $774,874 $790,575 $806,594 $822,940

OPERATIONAL EXPENSESFIXED OPERATIONAL EXPENSE

Total Real Estate Property Taxes $58,956 $60,725 $62,546 $64,423 $66,356 $68,346 $70,397 $72,509 $74,684 $76,924Total Property Insurance Expense 29,339 30,072 30,824 31,594 32,384 33,194 34,024 34,874 35,746 36,640Total Property Utility Expense 33,493 34,330 35,188 36,068 36,970 37,894 38,841 39,813 40,808 41,828

TOTAL FIXED OPERATIONAL EXP 121,788 125,127 128,559 132,086 135,710 139,434 143,262 147,195 151,238 155,392

VARIABLE OPERATIONAL EXPENSETotal Maint. Contract Services 30,692 31,459 32,245 33,051 33,878 34,725 35,593 36,483 37,395 38,330

Total Repairs & Maintenance 50,652 51,919 53,217 54,547 55,911 57,309 58,741 60,210 61,715 63,258

Total Administrative Expenses 21,599 22,139 22,692 23,260 23,841 24,437 25,048 25,674 26,316 26,974

Total Leasing & Marketing 24,534 25,148 25,776 26,421 27,081 27,758 28,452 29,164 29,893 30,640

Total Payroll and Salary Expenses 93,885 96,232 98,638 101,104 103,631 106,222 108,878 111,600 114,390 117,249

Property Management Fee 32,988 34,375 35,586 36,481 37,220 37,974 38,744 39,529 40,330 41,147Compliance Monitoring 3,360 3,360 3,360 3,360 3,360 3,360 3,360 3,360 3,360 3,360

TOTAL VARIABLE OPERATIONAL EXP 257,710 264,631 271,514 278,224 284,923 291,785 298,816 306,019 313,398 320,958

TOTAL FIXED & VARIABLE EXPENSE $379,498 $389,758 $400,073 $410,309 $420,632 $431,219 $442,078 $453,214 $464,636 $476,350

Replacement Reserves 28,800 28,800 28,800 28,800 28,800 28,800 28,800 28,800 28,800 28,800

TOTAL OPERATING EXPENSES 408,298 418,558 428,873 439,109 449,432 460,019 470,878 482,014 493,436 505,150

PROPERTY NET OPERATING INCOME $251,460 $268,945 $282,838 $290,514 $294,972 $299,467 $303,996 $308,561 $313,159 $317,790

Concessions


50%50%

Unit Breakdown By Unit Type

2 BR 3 BR

$544$602

$566

$665

$0

$100

$200

$300

$400

$500

$600

$700

2 BR 3 BR

Asking Rents to Net Max Tax Credit Rents

Asking Rent Net Max Rent

Unit Mix

UNIT TYPE SET-ASIDE # OF UNITS

UNIT SIZE

ASKINGRENT

RENT PER SF

PROFORMARENT

PROFORMA RENT

PER SF

MAXTC RENT

CURRENT UA

MAXNET RENT

2 BD 1.5 BTH 60% 40 921 $565 $0.61 $576 $0.63 $787 $195 $592 2 BD 1.5 BTH 60% HOME 8 921 $437 $0.47 $576 $0.63 $632 $195 $437 2 BD UNIT TOTAL 48 44,208 $26,096 $27,660 $36,536 $27,1762 BD UNIT AVG 921 $544 $0.59 $576 $0.63 $761 $566

3 BD 2 BTH 60% 43 1,151 $615 $0.53 $627 $0.55 $909 $223 $686 3 BD 2 BTH 50% HOME 3 1,151 $415 $0.36 $627 $0.54 $638 $223 $415 3 BD 2 BTH 60% HOME 2 1,151 $596 $0.52 $627 $0.54 $819 $223 $596 3 BD UNIT TOTAL 48 55,248 $28,882 $30,109 $42,639 $31,9353 BD UNIT AVG 1,151 $602 $0.52 $627 $0.54 $888 $665

TOTAL 96 99,456 $54,978 $57,769 $79,175 $59,111AVERAGE 1,036 $573 $0.55 $602 $0.58 $825 $616

*The unit mix above was based on the rent matrix provided by the Owner, effective 3/17/17. HOME restrictions burn off on 1/5/2018, so Proforma rents for these units were increased to match 60% Proforma rents.

AFFORDABILITY RESTRICTIONS

LIHTC Regulatory Agreement: 100% of units at 60%, with restrictions running through December 2033, which is 5 years longer than the typical 30-year period. 8 units are set aside of Elderly tenants and 48 units are set aside for Large Families. The Authority has to be notified in writing of any sale, transfer or exchange of the Property.

HOME Agreement: 13 HOME units at 50% AMI, with restrictions running through 1/5/2018.

South Carolina Housing Trust Fund Funding Agreement: 64 units at 80% of AMI.


Tax Credit Property Income & Rent LimitsINCOME 50% HOME* 60% 60% HOME*1 Person $15,750 $24,540 $18,9002 Person $18,000 $28,020 $21,6003 Person $20,250 $31,500 $24,3004 Person $22,450 $34,980 $26,9405 Person $24,250 $37,800 $29,1006 Person $26,050 $40,620 $31,2607 Person $27,850 $43,380 $33,420

*2017 HOME Rents have not yet been released

Tax Credit Maximum Allowable RentsSet Aside Unit

Type # of

UnitsMax Rent UA Max Net

Rent60% 2 BD 40 $787 $195 $59260% HOME 2 BD 8 $632 $195 $43760% 3 BD 43 $909 $223 $68650% HOME 3 BD 3 $638 $223 $41560% HOME 3 BD 2 $819 $223 $596

Iveywood Park Apartments I & II is a Section 42 LIHTC property which means that federal tax credits were given to help finance the property. The property currently is required to hold the maximum rent charged at or below a level considered appropriate for the households that have incomes at or below 60%, 50% HOME, & 60% HOME of the local Area Median Income (AMI) for the county. The HOME restrictions expire on 1/5/2018.

Cherokee County Effective Year: 2017

Area Median Income: $46,500


Max Allowable LIHTC Rent Growth- 2BD/ 60%

Year Rent % Change

2012 $787 -2013 $787 0.00%2014 $787 0.00%2015 $787 0.00%2016 $787 0.00%2017 $787 0.00%

3 Yr Avg 0.00%5 Yr Avg 0.00%

$42,000

$43,000

$44,000

$45,000

$46,000

$47,000

$48,000

$49,000

$50,000

2012 2013 2014 2015 2016 2017

AMI Growth RateYear AMI % Change

2012 $49,100 -2013 $49,100 0.00%2014 $47,300 (3.67%)2015 $46,000 (2.75%)2016 $44,600 (3.04%)2017 $46,500 4.26%

3 Yr Avg (0.51%)5 Yr Avg (1.04%)

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

2012 2013 2014 2015 2016 2017

SOURCE: novoco.com

*The high watermark year was 2005 at $54,900


Fair Market RentsYear 2 BD 3 BD

2012 $528 $6322013 $625 $8452014 $634 $8582015 $608 $8222016 $632 $8582017 $690 $911

$500

$550

$600

$650

$700

$750

$800

$850

2012 2013 2014 2015 2016 2017

FMR AveragesYear FMR Avg. % Change

2012 $580 -2013 $735 26.72%2014 $746 1.50%2015 $715 (4.16%)2016 $745 4.20%2017 $801 7.45%

3 Yr Avg 2.50%5 Yr Avg 7.14%

SOURCE: novoco.com


Rent Comparables

IVEYWOOD PARK I & IIOCCUPANCY

COMPS AVERAGE OCCUPANCY

IVEYWOOD PARK I & IIRENT/SF

COMPS AVERAGE RENT/SF

98% 96% $0.55 $0.69


A

Rent Comparables Map

B

C

D

E

Iveywood Park Apts. I & II

Westwood Apts.

Magnolia Ridge Apts.

Huntington Square Apts.

Creekside Apts.

Stonecrest Apts.A

B

C E

D


Occupancy- 96% Average

Rent Per SF- $0.69 Average

60%

65%

70%

75%

80%

85%

90%

95%

100%

Occupancy & Rent per SF

A B C D E

$0.00

$0.10

$0.20

$0.30

$0.40

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

A B C D E

Iveywood Park Apts. I & II

Westwood Apts.

Magnolia Ridge Apts.

Huntington Square Apts.

Creekside Apts.

Stonecrest Apts.A

B

C E

D


Unit Type # of Units Rent SF RentPer SF

2BD 1.5BTH- 60% 40 $565 921 $0.61 2BD 1.5BTH- 60% HOME 8 $437 921 $0.47 3BD 2BTH- 60% 43 $615 1,151 $0.53 3BD 2BTH- 50% HOME 3 $415 1,151 $0.36 3BD 2BTH- 60% HOME 2 $595 1,151 $0.52 TOTALS/AVG. 96 $573 1,036 $0.55

112 Martin LaneGaffney, SC 29341

Rent Comparables

IVEYWOOD PARK I & II 96 UNITS OCCUPANCY: 98% YEAR BUILT: 1998 & 1999

1022 West Buford StreetGaffney, SC 29341

Distance to Subject: 3.4 miles

WESTWOOD 166 UNITS OCCUPANCY: 99% YEAR BUILT: 1989A


STUDIO 20 $430 288 $1.49 1BD 1BTH 70 $460 512 $0.90 2BD 1BTH 60 $540 768 $0.70 3BD 2BTH 16 $627 960 $0.65 TOTALS/AVG. 166 $501 621 $0.81


Rent Comparables

266 Goldmine Springs RoadGaffney, SC 29341


MAGNOLIA RIDGE 84 UNITS OCCUPANCY: 95% YEAR BUILT: 1971REHABBED: 2001

B


STUDIO 12 $415 470 $0.88 1BD 1BTH 16 $490 720 $0.68 2BD 1BTH 32 $540 1,020 $0.53 3BD 1BTH 20 $615 1,020 $0.60 3BD 2BTH 4 $725 1,160 $0.63 TOTALS/AVG. 84 $539 891 $0.61

100 Huntington Square DriveGaffney, SC 29341


HUNTINGTON SQUARE 48 UNITS OCCUPANCY: 95% YEAR BUILT: 1982REHABBED: 2010

C


1BD 1BTH 8 $499 650 $0.77 2BD 1.5BTH 32 $571 780 $0.73 3BD 1.5BTH 8 $586 980 $0.60 TOTALS/AVG. 48 $562 792 $0.71

*LIHTC & RD Property with 60% Units


Rent Comparables

1230 Overbrook DriveGaffney, SC 29341


CREEKSIDE 92 UNITS OCCUPANCY: 92% YEAR BUILT: 1973REHABBED: 1989

D


1BD 1BTH 12 $599 757 $0.79 2BD 1.5BTH 30 $628 1,014 $0.62 2BD 2BTH 42 $643 964 $0.67 3BD 1.5BTH 8 $708 1,131 $0.63 TOTALS/AVG. 92 $638 968 $0.66

102 Stonecrest LaneGaffney, SC 29341


STONECREST 198 UNITS OCCUPANCY: 99% YEAR BUILT: 2008E


1BD 1BTH 80 $600 770 $0.78 2BD 2BTH 79 $700 1,000 $0.70 3BD 2BTH 39 $808 1,475 $0.55 TOTALS/AVG. 198 $681 1,001 $0.68


Demographics

GAFFNEYMEDIAN HOME COST

GAFFNEYMEDIAN RENT

CHEROKEE COUNTYUNEMPLOYMENT RATE

CHEROKEE COUNTYJOB GROWTH

$91,300 $596 5.3%(2/2017)

0.2%(since 2/2016)

SOURCE: careertrends.com, areavibes.com


0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Under $25,000 $25,000- $50,000 $50,000- $75,000 $75,000- $100,000 $100,000- $125,000 $125,000- $150,000 $150,000- $200,000 $200,000+

Demographic Analysis

POPULATION 1 MILE 3 MILES 5 MILES

2016 Total Estimated Population 2,381 18,309 29,281Population Growth 2010-2016 3.57% 2.72% 2.07%

HOUSEHOLDS

2016 Estimated Households 877 7,202 11,408Household Growth 2010-2016 15.39% 9.45% 5.98%

INCOME

2016 Household Income: Average $32,640 $39,002 $46,690 2016 Household Income: Median $26,850 $27,717 $33,092

HOUSEHOLD INCOME LEVELS BY POPULATION

OWNER59%

RENTER41%

OCCUPIED94%

VACANT6%

SOURCE: CoStar


www.lihtcadvisors.com

iveywood park apartments i & ii - lihtcadvisors.com€¦ · iveywood park apartments i &...

Documents