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Red Rose Apartments 1041 W Meadow Dr 32 Unit Apartment Building $2,600,000 ($81,250/Unit) 6.76% Cap Rate Lancaster, SC 29720
Investment Highlights
- 100% Updated Units: All 32 units updated: 25 cosmetically upgraded and 7 fully renovated with new kitchens, appliances, and flooring.
- Multiple Value-Add Levers: Rent growth, water billback on 16 units, flood zone reassessment, and potential tax abatement upside.
- Lancaster County Employment: Anchored by Nutramax Laboratories, Continental Tire, Movement Mortgage, and Founders Federal Credit Union.
- $275K Recent Capex: $275,000 invested in crawl space work, electrical, plumbing, and minor roof repairs across the property.
- Charlotte MSA Location: Approximately 40 miles south of Charlotte in the fast-growing Charlotte-Concord-Gastonia MSA.
Executive Summary
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.
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.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $2,600,000 | Apartment Style | Garden |
| Price Per Unit | $81,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.59 AC |
| Cap Rate | 6.76% | Building Size | 26,346 SF |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1969 |
| Property Subtype | Apartment | ||
| Zoning | CITY | ||
| Price | $2,600,000 |
| Price Per Unit | $81,250 |
| Sale Type | Investment |
| Cap Rate | 6.76% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.59 AC |
| Building Size | 26,346 SF |
| No. Stories | 2 |
| Year Built | 1969 |
| Zoning | CITY |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 32 | - | 800 |
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Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 0067N-0D-014.00 | Improvements Assessment | $79,698 |
| Land Assessment | $22,332 | Total Assessment | $102,030 |
Property Taxes
Parcel Number
0067N-0D-014.00
Land Assessment
$22,332
Improvements Assessment
$79,698
Total Assessment
$102,030
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