Fully entitled, multifamily development

Alys Mill

212 Rice Road, Easley, South Carolina

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Property details

Stats

  • Property Type Multifamily
  • Year built 1928 (former textile mill)
  • Building size (sf) 291,580
  • Size (acres) 19.2
  • Zoning Opportunity Zone
  • Planned units 200 - Studio, 1 and 2 BR

Overview

This rare mill redevelopment project represents an extraordinary opportunity for a multifamily developer seeking a high visibility project in a tight submarket. Qualifies for multiple tax credits and is also situated in an Opportunity Zone.


Location description:

Located in Easley, SC, a small town in the Greenville/Spartanburg MSA. Once a depot for a railroad line, Easley now draws families with its quaint downtown, recreational trails, and proximity to Blue Ridge Mountain hiking trails and waterfalls.

Highlights

Pickens County moratorium on all multi-unit residential extended 6 months (through 10/1/24)

Limited supply of new multifamily in the current development pipeline (lower vacancy than Greenville)

Bailey Bill tax abatement projected yield upwards of $4.65M in savings (over 15 yrs)

Property approved for Historic & Textile Mill Rehabilitation tax credits (approx. 40% rebate on construction costs)
Consistent submarket rent growth in recent years: rates averaging $1.35-1.60 sf/month

Limited supply of studio and 1 BR units in the market; the units can command significant per sf premium

Property is on the new, 7.5-mile Doodle Trail

Location Map

Flyer

Alys Mill_Flyer_For Sale

Team

Steven Peden

Principal, Capital Markets | Multifamily
Avison Young - US - NC - Raleigh
+1 919 291 5650

Rob Howell

Principal, Development & Investment Services
Avison Young - US - SC - Greenville
1 404 493 3904

Gary Lyons, CCIM SIOR

Principal | Capital Markets
Avison Young - US - SC - Greenville
+1 864 535 5142
+1 919 323 0118

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