Red Rose Apartments — Sale in Lancaster, SC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Lancaster, SC 29720

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Investment Figures

Cap rate
6.76%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

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 floorplans, delivering a uniform unit mix and consistent operating profile. All 32 units have been updated: 25 cosmetically upgraded and 7 fully renovated with modernized kitchens, updated appliances, and new flooring. An additional $275,000 has been invested in capital improvements, including crawl space work, electrical and plumbing updates, and minor roof repairs, with the roof approximately 15 years old and in good condition. Half the units feature central HVAC while the remaining 16 utilize window units and baseboard heat, replaced as needed. Red Rose presents a stabilized asset with meaningful rent growth already achieved and further upside through bringing rents to market, water utility billback implementation on the remaining 16 units, potential tax abatement, and flood zone reassessment that could reduce insurance costs. Lancaster, South Carolina sits approximately 40 miles south of Charlotte within the Charlotte-Concord-Gastonia MSA, one of the fastest-growing metros in the Southeast, with Lancaster County ranking among the Charlotte Region’s fastest-growing counties. The Lancaster County economy is anchored by major corporate presences including Nutramax Laboratories, Continental Tire of the Americas, Movement Mortgage, Red Ventures, and Founders Federal Credit Union, supporting steady rental demand and continued rooftop growth. Investment Highlights: • 100% Updated Units: All 32 units updated: 25 cosmetically upgraded and 7 fully renovated with new kitchens, appliances, and flooring. • $275K Recent Capex: $275,000 invested in crawl space work, electrical, plumbing, and minor roof repairs across the property. • Multiple Value-Add Levers: Rent growth, water billback on 16 units, flood zone reassessment, and potential tax abatement upside. • Charlotte MSA Location

Market Context

This multifamily in Lancaster, SC is listed for sale. It is offered at an approximate 6.8% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Lancaster, SC — view the full market.

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