Renovated 32-Unit Apartment
For Sale
$2,600,000
1045 W Meadow Dr, Lancaster, SC 29720
Red Rose Apartments is a 32-unit multifamily property with fully renovated two-bedroom, one-bath layouts.
Property Size25,600 SF
Days on Market135
Property Features for 1045 W Meadow Dr
General Information
Standard status
Active
Size
25,600 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
32
Amenities
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: Approximately 40 miles south of Charlotte in the fast-growing Charlotte-Concord-Gastonia MSA.
Lancaster County Employment: Anchored by Nutramax Laboratories, Continental Tire, Movement Mortgage, and Founders Federal Credit Union.
Building Details
Building Size
25,600 SF
Units
32
Listing Agency:
Charleston Office
Listed By:
Ryan Lipomi · License #License(s): SC: 118061, GA: 448949, NC: LC982
(843) 952-2223
Source:
Marcusmillichap
Added: Apr 24
Changed: Sep 4
Last Checked: Sep 5 at 3:58AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Charleston Office
Investment Insights
Based on property information with market context.
Red Rose Apartments is a 32-unit multifamily community featuring two-bedroom, one-bathroom floor plans. The property has completed unit renovations across the community, including cosmetic upgrades and full rehabs with modernized kitchens, updated appliances, and new flooring. Capital improvements totaling approximately $275,000 include crawl space work, electrical and plumbing updates, and minor roof repairs. The roof is estimated to be about 15 years old and reported in good condition.
The heating and cooling systems are split between 16 units with central HVAC and 16 units using window units and baseboard heat, with window units and baseboard heat replaced as needed. Additional capital updates include noted work to reduce near-term items, with future CapEx described as limited aside from a few aging HVAC systems.
The property is presented as stabilized and managed, with opportunities noted in the remarks related to rent roll growth and expense reductions, including water fee implementation and potential tax and flood-zone reassessment items that may affect insurance costs.
The heating and cooling systems are split between 16 units with central HVAC and 16 units using window units and baseboard heat, with window units and baseboard heat replaced as needed. Additional capital updates include noted work to reduce near-term items, with future CapEx described as limited aside from a few aging HVAC systems.
The property is presented as stabilized and managed, with opportunities noted in the remarks related to rent roll growth and expense reductions, including water fee implementation and potential tax and flood-zone reassessment items that may affect insurance costs.
Key Highlights
- 32‑unit multifamily community in Lancaster, SC with all units as 2‑bedroom, 1‑bath floor plans.
- All units renovated, with upgrades including modernized kitchens, updated appliances, and new flooring.
- About $275,000 invested in capital improvements: crawl space work, electrical and plumbing updates, and minor roof repairs.
Property Analytics
Current Use
Lease Details
32
Residential units
Location Intelligence
Trade Area within ½ mile
441
Businesses Nearby
Explore this area
Business Placement
Demographics for 29720, SC
51,198
Population
22,106
Households
2.3
Avg Household Size
43
Median Age
22%
College-Educated
86%
High-School Grad
284.9 sq mi
ZIP Area
180
Density / Sq Mi
$59,039
Median Household Income
$37,020
Median Earnings
$845
Median Rent
$212,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Red Rose Apartments is a 32-unit multifamily property with fully renovated two-bedroom, one-bath layouts.
Where is this apartment building located?
The property is located at 1045 W Meadow Dr Lancaster, SC.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: 32‑unit multifamily community in Lancaster, SC with all units as 2‑bedroom, 1‑bath floor plans.; All units renovated, with upgrades including modernized kitchens, updated appliances, and new flooring.; About $275,000 invested in capital improvements: crawl space work, electrical and plumbing updates, and minor roof repairs.
