North Franklin Apartments 1114 N Franklin Rd 38 Unit Apartment Building For Sale Greenville, SC 29617

Overview
Over the past three years, ownership has completed a focused modernization program and comprehensive building-system upgrades totaling $300,000–$325,000 in verified capital investment. Approximately 25% of units have been fully renovated to upgraded standards (average cost $8,000–$12,000 per unit), 50% have received light turn improvements, and the remaining 25% remain in original condition—offering continued upside through interior renovations.
Exterior & System Improvements
Recent exterior work, completed under lender inspection, includes siding and fascia replacement, new gutter installation, and stairwell and balcony steel restoration, along with HVAC and electrical safety upgrades across the property. These improvements have materially extended useful life and reduced near-term capital exposure for the next owner.
Summary
North Franklin represents a stabilized, post-rehab community with demonstrated execution across interiors, exteriors, and mechanical systems. The property’s diversified finish mix—ranging from renovated to serviceable original units—supports predictable performance with limited future capital needs.
Deluxe units achieve rent premiums of approximately $250–$300 per month (or $0.25–$0.35 per SF) compared to Standard units, highlighting strong rent elasticity and clear upside potential through continued interior upgrades.
Properties are enrolled in the Safe Harbor tax abatement program, providing significant real estate tax savings that enhance ongoing cash flow; current taxes shown in the financials reflect this abatement, and ownership will assist in maintaining the program for new ownership to ensure continued benefit.
Greenville Market Momentum – Located within one of the Southeast’s fastest-growing metros, North Franklin benefits from strong in-migration, steady rent growth, and limited new supply in the attainable-housing segment.
Proven Rent Premiums – Upgraded and deluxe units capture $250–$300 monthly premiums over standard finishes, supporting a clear value-add path with measurable yield-on-cost upside.
Desirable Suburban Location – Positioned along the Wade Hampton corridor, minutes from Downtown Greenville, major employers, and regional retail centers—offering residents convenience and connectivity.

Stabilized Operations – Consistently high occupancy across all unit types reflects durable tenant demand within an affordable rent band under $1,400, ensuring predictable income performance.
Attractive Financing in Place – The existing Freddie Mac loan must be assumed, providing the following terms: $2.72M balance | 5.76% fixed rate | 30-year amortization | 6 months remaining interest-only period.