- Historic Character & Unique Design
- Long-Term Ownership Since 2009
- $385 in Effective Rent Upside via Interior Renovation
- Substantial Other Income Upside of $100k+ Annually
- Add Bedrooms to Large Loft-Style Units
- Prime Location in Central-NW South Carolina
- Seller Financing Available
Historic Character & Unique Design
Originally built in 1925 as Greenwood High School and converted to multifamily in 1984, this property retains its architectural character while offering modern living spaces. The three brick buildings feature stone trim, plaster interior walls, and a solid brick foundation resting on concrete footings. Each building is distinguished by a monumental portico supported by six Tuscan columns. Inside, exposed brick, loft-style units, big arching windows, high ceilings, and wide hallways create a unique and desirable living experience.
Long-Term Ownership Since 2009
With over 15 years of ownership, Greenwood High Apartments has been meticulously maintained and remains in excellent condition. The property is managed by a dedicated on-site team that has been in place for 11 years, providing consistent and knowledgeable service. The community boasts a strong sense of stability with no crime and nearly zero delinquency, reflecting the high quality of its resident base and management team.
$385 in Effective Rent Upside via Interior Renovation
The current effective rent average of just $552 is significantly below market. All the units are in classic condition and have been upgraded as needed. Each unit features hardwood cabinets that were installed in the 80’s and are in excellent condition.
After a programmatic interior renovation, rents can be pushed to $937, representing a whopping $385 or 67% increase! With 100% of the units offering renovation potential, investors can implement this value-add strategy that can further enhance income and asset value.
