100 Highland Forest Dr - Apartments FOR SALE


Greenwood, SC 29646
$2,100,000 USD
843-952-2265
100 Highland Forest Dr, Greenwood, SC for Sale
$2,100,000 USD
Apartments - FOR SALE
1/8
null | 7.18% Cap Rate

100 Highland Forest Dr
Greenwood, SC 29646


HIGHLIGHTS

  • Water Billback Upside: Opportunity to implement utility billbacks, reducing inflated water expenses and improving operational efficiency.
  • Fully Renovated Interiors: All 33 units renovated within the past two years, including $45K in new flooring and $75K in apartment upgrades.
  • Recent Capital Investment: Over $160K in recent capex spanning unit renovations, HVAC, water heaters, and flooring across the property.
  • Updated Mechanical Systems: $30K HVAC replacement and $10K in new water heater tanks, reducing near-term capital needs for a new owner.
  • Strong Roof Life Remaining: 10-year-old roof with substantial useful life remaining, minimizing immediate exterior capital exposure.
  • Greenwood, SC Location: Positioned in a stable Upstate South Carolina market with consistent demand from local workforce and renters.

OVERVIEW

Marcus & Millichap is pleased to present Highlander Apartments, a 33-unit multifamily community situated on approximately 2.51 acres in Greenwood, South Carolina. Originally built in 1980 and substantially renovated beginning in 2022, the property offers a stabilized rent roll, modernized interiors, and limited deferred maintenance. Approximately $160,000 in recent capital improvements have been completed across the property, including $75,000 in unit-level renovations, $45,000 in new flooring, $30,000 in HVAC replacements, and $10,000 in new water heater tanks. All 33 units have been renovated within the past two years, and the existing roof carries an estimated 10-year remaining useful life, further reducing near-term capital exposure for a new owner. Highlander Apartments presents a compelling value-add opportunity driven by an inflated water expense line that can be materially reduced through implementation of a tenant utility billback program. A new owner can capture immediate operational savings while benefiting from a fully renovated unit base, stable Upstate South Carolina demand fundamentals, and minimal near-term capex requirements. Greenwood, South Carolina anchors a diversified Upstate economy spanning advanced manufacturing, healthcare, and life sciences, with major employers including Lonza, the Greenwood Genetic Center, Teijin Carbon America, Eaton, Self Regional Healthcare, and Cardinal Health. The presence of Lander University and Piedmont Technical College supports a steady pipeline of workforce renters, and Greenwood’s central position among Atlanta, Charlotte, Greenville, Columbia, and Augusta continues to drive consistent rental demand.

FOR SALE DETAILS

PRICE

$2,100,000 USD

PRICE/SF

$69 USD /SF

# OF UNITS

33

PRICE/UNIT

$63,636

CAP RATE

7.18%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Highlander Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1980

PARKING SPACES

10

LAND DETAILS

LAND ACRES

2.51 AC

LAND SF

109,336 SF

ZONING

-

APN/PARCEL ID

6854-664-426-000

ASK ABOUT THIS PROPERTY

Carson FordMarcus & MillichapMore Info
843-952-2265

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Carson FordMarcus & MillichapMore Info
843-952-2265

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