1045 Meadow Dr Lancaster, SC 29720
- Apartment buildings
- 2.59 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 1045 Meadow Dr
- Year built
- 1969
- Lot size
- 2.59 lot acres
- Property type
- Apartment buildings
Description
This exceptional value-add multifamily investment opportunity presents a 32-unit apartment building located at 1045 W Meadow Dr, Lancaster, SC 29720, within the rapidly growing Charlotte MSA. The property, built in 1969, comprises five two-story buildings on a 2.59-acre lot, totaling 25,600 net rentable square feet. Currently boasting 97% occupancy (as of October 1, 2024), the property features 32 two-bedroom, one-bathroom units, each offering approximately 800 square feet of living space. Recent capital expenditures exceeding $200,000 have been invested, encompassing renovations to 17 units and various property improvements. The pro-forma NOI is $225,080, resulting in an 8.04% pro-forma cap rate at an asking price of $2,800,000 ($87,500 per unit). Significant value-add potential exists through further rent increases
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Lancaster
- County
- Lancaster
- State
- South Carolina
- Longitude
- -80.7973
- Latitude
- 34.7202
