10 Kinston Manor Dr - Apartments FOR SALE


Westminster, SC 29693
$11,400,000 USD
910-986-1767
10 Kinston Manor Dr, Westminster, SC for Sale
$11,400,000 USD
Apartments - FOR SALE
1/9
null | Request Cap Rate

10 Kinston Manor Dr
Westminster, SC 29693


HIGHLIGHTS

  • Deep Value-Add Lease-Up: Significantly under-occupied today. Buyer drives NOI from day 1 via Long Term Rental, Short Term Rental, or hybrid execution.
  • 108-Unit Sponsor-Controlled Condo Platform: Day-one supermajority POA control. Buyer sets budget, governance, and rental policy at closing.
  • $3M+ Invested Across Four Renovation Phases: Roofs, HVAC, electrical, plumbing, flooring, kitchens, baths. Capex materially de-risked (see Rent Roll).
  • STR Permitted in the Master Deed: Three Phase I units on Airbnb today. Optionality across LTR, STR, and blended strategies.
  • Lake Hartwell / I-85 Corridor: Minutes to a 56,000-acre USACE reservoir on the Atlanta–Charlotte corridor.

OVERVIEW

Marcus & Millichap is pleased to present Lake Hartwell Villas, a 108-unit single-sponsor-controlled condominium platform in Westminster, South Carolina. Positioned minutes from Lake Hartwell — one of the Southeast's largest recreational reservoirs — and bisected by the I-85 corridor between Atlanta and Charlotte, the property represents a rare governance-controlled lake-access condominium acquisition in a supply-constrained submarket. The offering is a mid-renovation value-add priced at $11,400,000, or ~$105,556 per unit — materially below sponsor cost and regional replacement cost. The seller has invested $3,000,000+ into a unit-by-unit renovation across four phases, replacing roofs, HVAC, electrical, plumbing, water heaters, flooring, kitchens, baths, and exterior envelope. Phase I (13 units) is fully delivered and generating in-place income from long-term residents and an active Airbnb program; Phase II (28 units) is 21% complete with 22 in progress; Phases III and IV (59 units combined) plus eight unassigned-phase units are mid-renovation, with major mechanical systems installed and finish work remaining. Because 108 of the 114 units convey together, the buyer steps into day-one supermajority control of the Lake Hartwell Villas POA — a position rarely available in condo acquisitions. The POA is established under the SC Horizontal Property Act (§27-31-10 et seq.) and governed by a Master Deed recorded April 27, 2023 (Oconee County Book 2934, Page 9). STR is permitted under the Master Deed, and the Phase I Airbnb program proves active lake recreation demand.

FOR SALE DETAILS

PRICE

$11,400,000 USD

PRICE/SF

$91 USD /SF

# OF UNITS

108

PRICE/UNIT

$105,556

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Lake Hartwell Villas

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1982

PARKING SPACES

40

LAND DETAILS

LAND ACRES

32.32 AC

LAND SF

1,407,859 SF

ZONING

R3

APN/PARCEL ID

316-00-01-099

ASK ABOUT THIS PROPERTY

Ryan LipomiMarcus & MillichapMore Info
910-986-1767

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Ryan LipomiMarcus & MillichapMore Info
910-986-1767

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.