Multifamily
Arcadia Station Lofts
1875 Hayne St, Arcadia, SC 29320
Listing Price: $20,900,000
Investment Overview
Marcus & Millichap is pleased to present Arcadia Station Lofts, a distinguished 95-unit premier adaptive reuse multifamily community in the vibrant Arcadia submarket of Spartanburg, South Carolina. Originally constructed in 1902 as a cornerstone of the region’s historic textile industry, this iconic mill underwent a meticulous $8M+ redevelopment in 2019, transforming it into a premier adaptive reuse asset. Seamlessly blending history with modern sophistication.
While the redevelopment of Arcadia Station Lofts is complete, attractive value-add opportunities persist through strategic rent increases and slight enhanced operational efficiencies. The property further benefits from a significant tax abatement under Spartanburg County’s Bailey Bill, locking in reduced property taxes for an additional 12 years and delivering robust cash flow advantages for investors.
Located in close proximity to downtown Spartanburg, Arcadia Station is positioned within a strong and growing economic corridor. The surrounding area boasts a robust demographic profile, with an average household income of $64,386, projected to grow to $70,338 within the next five years. This upward trend, coupled with rising average age of US homebuyers (now 38 years old), continues to fuel increased demand for quality rental housing.
Arcadia Station also benefits from its location near some of the region’s largest and most stable employers. The nearby employment base includes BMW, Spartanburg Regional Healthcare System, Michelin, Milliken & Company, Denny’s, Wofford College and Converse University – collectively supporting a workforce of over 29,000 individuals.
Arcadia Station Lofts
Investment Highlights
- Premier Adaptive Reuse Development: A distinctive project blending historic charm.
- Significant Tax Advantages via Bailey Bill: Unlock enhanced cash flow through substantial tax incentives, optimizing financial returns.
- Prime Location in a High-Growth Market: Strategically positioned to capitalize on a thriving, rapidly expanding region.
- Value-Add Opportunities: Untapped potential for rental rate increases and operational efficiencies to maximize profitability.
- Strong Market Fundamentals: Supported by robust demographics and a dynamic, high-demand economic landscape.
- Panned Amenity Enhancements: Strategic upgrades - including a planned walking trail beginning at the property and leading directly to downtown - designed to elevate the resident experience and enhance long-term property value.
- Compelling Seller Financing Terms
Exclusively Listed By
Listing Price: $20,900,000
Investment Highlights
- Premier Adaptive Reuse Development: A distinctive project blending historic charm.
- Significant Tax Advantages via Bailey Bill: Unlock enhanced cash flow through substantial tax incentives, optimizing financial returns.
- Prime Location in a High-Growth Market: Strategically positioned to capitalize on a thriving, rapidly expanding region.
- Value-Add Opportunities: Untapped potential for rental rate increases and operational efficiencies to maximize profitability.
- Strong Market Fundamentals: Supported by robust demographics and a dynamic, high-demand economic landscape.
- Panned Amenity Enhancements: Strategic upgrades - including a planned walking trail beginning at the property and leading directly to downtown - designed to elevate the resident experience and enhance long-term property value.
- Compelling Seller Financing Terms
Investment Overview
Marcus & Millichap is pleased to present Arcadia Station Lofts, a distinguished 95-unit premier adaptive reuse multifamily community in the vibrant Arcadia submarket of Spartanburg, South Carolina. Originally constructed in 1902 as a cornerstone of the region’s historic textile industry, this iconic mill underwent a meticulous $8M+ redevelopment in 2019, transforming it into a premier adaptive reuse asset. Seamlessly blending history with modern sophistication. While the redevelopment of Arcadia Station Lofts is complete, attractive value-add opportunities persist through strategic rent increases and slight enhanced operational efficiencies. The property further benefits from a significant tax abatement under Spartanburg County’s Bailey Bill, locking in reduced property taxes for an additional 12 years and delivering robust cash flow advantages for investors. Located in close proximity to downtown Spartanburg, Arcadia Station is positioned within a strong and growing economic corridor. The surrounding area boasts a robust demographic profile, with an average household income of $64,386, projected to grow to $70,338 within the next five years. This upward trend, coupled with rising average age of US homebuyers (now 38 years old), continues to fuel increased demand for quality rental housing. Arcadia Station also benefits from its location near some of the region’s largest and most stable employers. The nearby employment base includes BMW, Spartanburg Regional Healthcare System, Michelin, Milliken & Company, Denny’s, Wofford College and Converse University – collectively supporting a workforce of over 29,000 individuals.
Exclusively Listed By
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