NOI just increased another $6000 with rent increases, now offered at over a 10% Cap Rate. Lakeshore Arms Apartments is a well-maintained, income-producing multifamily property consisting of one building with 8 fully furnished and equipped 1-bedroom/1-bath units. The sale includes all FF&E and personal property necessary for a true turnkey short-term or flexible-term rental operation, including appliances, beds, flat-screen TVs, furnishings, linens, décor, kitchenware, and smallwares. This proven revenue producer generates over $134,000 in gross annual income. Additional financial and operational details available upon request. The property offers room to increase rents by an estimated 20-30%. This investment is ideal for both new and seasoned investors and a great way to get into the lucrative short-term rental investment business. Owner is a licensed real estate agent. The property has historically attracted a strong, diverse, and repeat tenant base. Lakeshore Arms is located in a quiet, highly coveted Prestwood neighborhood, directly across from Prestwood Lake, adjacent to a well-recognized Montessori school, and just 2 minutes drive from Hartsville’s thriving downtown with restaurants and shopping. With very limited short-term rental inventory in Hartsville where most rentals are unfurnished and leased on one-year terms, this furnished, flexible-term property is uniquely positioned to capture unmet demand and deliver strong, reliable income. ****UPDATE****: New rents are at $1550 and $1700. Plug $1650 into your Proformas.
Hartsville is located in South Carolina. Hartsville, South Carolina has a population of 7,565. Hartsville is less family-centric than the surrounding county with 20.58% of the households containing married families with children. The county average for households married with children is 22.99%.
The median household income in Hartsville, South Carolina is $40,716. The median household income for the surrounding county is $40,704 compared to the national median of $69,021. The median age of people living in Hartsville is 29.8 years.
The average high temperature in July is 91.9 degrees, with an average low temperature in January of 31.1 degrees. The average rainfall is approximately 45.8 inches per year, with 0.4 inches of snow per year.
