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Arcadia Station Lofts 1875 Hayne St 95 Unit Apartment Building $20,900,000 ($220,000/Unit) 5.23% Cap Rate Spartanburg, SC 29301
INVESTMENT HIGHLIGHTS
- Premier Adaptive Reuse Development: A distinctive project blending historic charm.
- Prime Location in a High-Growth Market: Strategically positioned to capitalize on a thriving, rapidly expanding region.
- Strong Market Fundamentals: Supported by robust demographics and a dynamic, high-demand economic landscape.
- Significant Tax Advantages via Bailey Bill: Unlock enhanced cash flow through substantial tax incentives, optimizing financial returns.
- Value-Add Opportunities: Untapped potential for rental rate increases and operational efficiencies to maximize profitability.
- Compelling Seller Financing Terms
EXECUTIVE SUMMARY
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.
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.
DATA ROOM Click Here to Access
- Offering Memorandum
PROPERTY FACTS
| Price | $20,900,000 | Apartment Style | Low-Rise |
| Price Per Unit | $220,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 14.66 AC |
| Cap Rate | 5.23% | Building Size | 200,000 SF |
| No. Units | 95 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2019 |
| Property Subtype | Apartment |
| Price | $20,900,000 |
| Price Per Unit | $220,000 |
| Sale Type | Investment |
| Cap Rate | 5.23% |
| No. Units | 95 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 14.66 AC |
| Building Size | 200,000 SF |
| No. Stories | 2 |
| Year Built | 2019 |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Disposal
- Microwave
- Washer/Dryer Hookup
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Wi-Fi
SITE AMENITIES
- 24 Hour Access
- Clubhouse
- Pool
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | 893 |
| 2+1 | 24 | - | 1,108 |
| 2+2 | 59 | - | 1,511 |
| 3+2 | 2 | - | 1,510 |
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PROPERTY TAXES
| Parcel Number | 6-17-00-043.02 | Improvements Assessment | $6,767 |
| Land Assessment | $8,689 | Total Assessment | $15,456 |
PROPERTY TAXES
Parcel Number
6-17-00-043.02
Land Assessment
$8,689
Improvements Assessment
$6,767
Total Assessment
$15,456
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Arcadia Station Lofts | 1875 Hayne St
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