Internal appraisal value - $7,500,000
Minimum Opening Bid $2,750,000
Total cost to build this property today is circa $27m
Can be used as a Hotel, Residence, Industrial, Retail, Office, Restaurant, Manufacturing, Storage, School, Commercial, subject to change in use.
For sale by Government disposal auction is 1801 Assembly St, Columbia, South Carolina. Bids over $2.75m will be accepted until 8th June 2018, no bids will be accepted after this date. The building will be sold to the highest bidder.
There are several tax credits available to developers for this project.
The building has been unused for over 5 years, qualifying it for the Abandoned Building tax credit and its age and significance qualify it for the Historic Building credit. It also qualifies for Bailey Bill tax abatements, locking in its purchase price as the value of the building for tax purposes for the next 20 years.
Federal Historic Tax credit 20%
State Historic Tax credit 10-25%
Abandoned Building Tax Credit 25% (up to $500k per unit)
Bailey Bill Tax Incentives
The building sits on 0.677 acres with 85,000 sq ft of rentable space. It is of brick construction and contains 5 floors plus a basement and rooftop. There is also significant space on the roof top which overlooks Finley Park. The building sits on top the highest point in Columbia and gives unrivalled views over the city, parks and surrounding area.
A full government package has been prepared documenting the property, available on request.