Multifamily
Red Rose Apartments
1045 W Meadow Dr, Lancaster, SC 29720
Listing Price: $2,700,000
Investment Overview
Marcus & Millichap is pleased to present Red Rose Apartments, a 32-unit multifamily community located in Lancaster, South Carolina. The property is comprised entirely of two-bedroom, one-bathroom floor plans, offering residents comfortable layouts and functional living space.
All units have been renovated, ranging from cosmetic upgrades to full rehabs with modernized kitchens, updated appliances, and new flooring. Roughly $275,000 has also been invested in capital improvements, including crawl space work, electrical and plumbing updates, and minor roof repairs (roof ~15 years old, in good condition). Sixteen units feature central HVAC while the other sixteen utilize window units and baseboard heat, replaced as needed. These improvements strengthen long-term appeal and minimize near-term CapEx.
The property is stabilized with significant rent roll growth already achieved and further upside through bringing rents to market levels. Future CapEx is limited, aside from a few aging HVAC systems. Additional expense-reduction opportunities exist through water fee implementation, potential tax exemptions, and reassessment of the flood zone designation, which could reduce insurance costs. With strong management, favorable loan terms, and potential assumability, Red Rose Apartments offers investors a stabilized asset with reliable performance and long-term growth potential.
Red Rose Apartments
Investment Highlights
- Fully Renovated Units: All 32 units have been upgraded with modern finishes, including kitchens, appliances, and flooring, reducing near-term capital requirements for new ownership.
- Prime Lancaster Location: Situated near retail, schools, and major transportation corridors, the property benefits from strong tenant demand in a growing submarket.
- Charlotte Metro Growth: Lancaster is just 41.8 miles from Charlotte, offering direct access to one of the fastest growing regions in the Southeast and supporting long-term renter demand.
- Value-Add Potential: Future ownership can implement billbacks on the remaining units and leverage rent growth opportunities to drive additional revenue.
- Strong Market Fundamentals: The area continues to experience population growth, employment expansion, and consistent rental housing demand.
- Desirable Unit Mix: Two-bedroom, one-bathroom floor plans appeal to a wide renter base, providing functional layouts well-suited for long-term occupancy.
Listing Price: $2,700,000
Investment Highlights
- Fully Renovated Units: All 32 units have been upgraded with modern finishes, including kitchens, appliances, and flooring, reducing near-term capital requirements for new ownership.
- Prime Lancaster Location: Situated near retail, schools, and major transportation corridors, the property benefits from strong tenant demand in a growing submarket.
- Charlotte Metro Growth: Lancaster is just 41.8 miles from Charlotte, offering direct access to one of the fastest growing regions in the Southeast and supporting long-term renter demand.
- Value-Add Potential: Future ownership can implement billbacks on the remaining units and leverage rent growth opportunities to drive additional revenue.
- Strong Market Fundamentals: The area continues to experience population growth, employment expansion, and consistent rental housing demand.
- Desirable Unit Mix: Two-bedroom, one-bathroom floor plans appeal to a wide renter base, providing functional layouts well-suited for long-term occupancy.
Investment Overview
Marcus & Millichap is pleased to present Red Rose Apartments, a 32-unit multifamily community located in Lancaster, South Carolina. The property is comprised entirely of two-bedroom, one-bathroom floor plans, offering residents comfortable layouts and functional living space. All units have been renovated, ranging from cosmetic upgrades to full rehabs with modernized kitchens, updated appliances, and new flooring. Roughly $275,000 has also been invested in capital improvements, including crawl space work, electrical and plumbing updates, and minor roof repairs (roof ~15 years old, in good condition). Sixteen units feature central HVAC while the other sixteen utilize window units and baseboard heat, replaced as needed. These improvements strengthen long-term appeal and minimize near-term CapEx. The property is stabilized with significant rent roll growth already achieved and further upside through bringing rents to market levels. Future CapEx is limited, aside from a few aging HVAC systems. Additional expense-reduction opportunities exist through water fee implementation, potential tax exemptions, and reassessment of the flood zone designation, which could reduce insurance costs. With strong management, favorable loan terms, and potential assumability, Red Rose Apartments offers investors a stabilized asset with reliable performance and long-term growth potential.
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