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Hillcrest Apartments 113 Mill St 25 Unit Apartment Building $2,089,965 CAD ($83,599 CAD/Unit) 8.06% Cap Rate Chester, SC 29706
Investment Highlights
- Recent Renovation Program: 15-20 units renovated w/ new cabinets, countertops, PTAC HVAC, & white appliances
- Building Systems Investment: Copper electrical throughout with predominantly new PTAC HVAC systems, minimizing near-term systems capex.
- Chester County Employment: Anchored by Giti Tire’s $560M NA HQ (1,700-job target), Poly-America, & 50+ regional manufacturers.
- Value-Add Runway: Remaining unrenovated units offer clear value-add through unit-by-unit renovation at turnover to match completed units.
- Charlotte Spillover on I-77: Charlotte’s residential growth is moving south down I-77 with new housing projects planned across the county.
- Manufacturing Growth Leader: Chester ranked #1 in the Charlotte Region for manufacturing employment growth, up about 70% from 2010 to 2020.
Executive Summary
Marcus & Millichap is pleased to present Hillcrest Apartments, a 25-unit multifamily community located in Chester, South Carolina. The property is comprised entirely of two-bedroom, one-bathroom floorplans, delivering a uniform unit mix and consistent operating profile.
Recent capital investment across the property includes 15 to 20 units fully renovated with new cabinets, countertops, tub trim kits, plumbing, vanities, light fixtures, paint, PTAC HVAC systems, and white appliances. All 25 units feature new flooring throughout and updated bathrooms, with cabinets and white appliances installed as needed on the remaining units. The property is served by copper electrical throughout with predominantly new PTAC HVAC systems.
Chester, South Carolina sits along Interstate 77 as the southernmost county in the Charlotte Region, positioned between the Charlotte and Columbia metros and benefiting from Charlotte’s residential spillover moving south along I-77. Chester County recorded the fastest manufacturing employment growth in the metro Charlotte region, up about 70% from 2010 to 2020, and is now home to more than 50 manufacturers across multiple sectors. The local economy is anchored by Giti Tire’s $560 million North American headquarters (with a targeted 1,700 jobs), joined by Poly-America along the SC-9 corridor and served by the L&C Railway short line, which connects to both Norfolk Southern and CSX for competitive freight access.
Recent capital investment across the property includes 15 to 20 units fully renovated with new cabinets, countertops, tub trim kits, plumbing, vanities, light fixtures, paint, PTAC HVAC systems, and white appliances. All 25 units feature new flooring throughout and updated bathrooms, with cabinets and white appliances installed as needed on the remaining units. The property is served by copper electrical throughout with predominantly new PTAC HVAC systems.
Chester, South Carolina sits along Interstate 77 as the southernmost county in the Charlotte Region, positioned between the Charlotte and Columbia metros and benefiting from Charlotte’s residential spillover moving south along I-77. Chester County recorded the fastest manufacturing employment growth in the metro Charlotte region, up about 70% from 2010 to 2020, and is now home to more than 50 manufacturers across multiple sectors. The local economy is anchored by Giti Tire’s $560 million North American headquarters (with a targeted 1,700 jobs), joined by Poly-America along the SC-9 corridor and served by the L&C Railway short line, which connects to both Norfolk Southern and CSX for competitive freight access.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
Property Facts
| Price | $2,089,965 CAD | Building Class | C |
| Price Per Unit | $83,599 CAD | Lot Size | 2.55 AC |
| Sale Type | Investment | Building Size | 19,497 SF |
| Cap Rate | 8.06% | Average Occupancy | 84% |
| No. Units | 25 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1960/2024 |
| Property Subtype | Apartment | Parking Ratio | 5.12/1,000 SF |
| Apartment Style | Garden | Opportunity Zone |
Yes
|
| Zoning | Commercial | ||
| Price | $2,089,965 CAD |
| Price Per Unit | $83,599 CAD |
| Sale Type | Investment |
| Cap Rate | 8.06% |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.55 AC |
| Building Size | 19,497 SF |
| Average Occupancy | 84% |
| No. Stories | 1 |
| Year Built/Renovated | 1960/2024 |
| Parking Ratio | 5.12/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | Commercial |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Courtyard
- Tenant Controlled HVAC
- Trash Pickup - Curbside
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 25 | - | 700 |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 201-01-15-008-000 | Improvements Assessment | $57,236 CAD |
| Land Assessment | $3,770 CAD | Total Assessment | $61,006 CAD |
Property Taxes
Parcel Number
201-01-15-008-000
Land Assessment
$3,770 CAD
Improvements Assessment
$57,236 CAD
Total Assessment
$61,006 CAD
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Hillcrest Apartments | 113 Mill St
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