113 Mill St
- Current rents of $827 vs. $895 market rents provide ~$68/unit in immediate upside with minimal additional capital required. With 8 units still left to renovate, buyer has the opportunity to bring lowest rents to market.
- 2024 renovations reduce near-term capital needs and position the property competitively within the submarket.
- 100% 2-bedroom layout allows for efficient management and leasing
- In-place cost basis (~$64K/unit) offers downside protection relative to replacement cost
Property Description
Executive Summary Aline Capital is pleased to present the Hillcrest Apartments, a 25-unit multifamily community located at 113 Mill Street in Chester, South Carolina. Originally built in 1960 and recently renovated between 2024-25, the property consists entirely of 2-bedroom, 1-bath units averaging approximately 700 square feet. The asset has already seen recent renovations, allowing a new owner to focus primarily on rent growth rather than additional capital improvements. With 8 units left to renovate, the buyer has the opportunity to bring lowest rents to market. Current average rents sit at $827, while market rents are being achieved at approximately $895, representing a clear and executable path to increased NOI. Chester’s economy continues to benefit from steady industrial and logistics-driven growth, supported by its proximity to I-77 and access to the Charlotte MSA. Major employers including UNFI, MUSC Health, Giti Tire, Guardian Industries, Boise Cascade, Carolina Poly, ATI Industrial Automation, and Boral provide a stable employment base that drives consistent workforce housing demand. Chester County is seeing meaningful industrial investment, highlighted by Albemarle’s $1.3 billion lithium processing facility and recent commitments from manufacturers such as IKO and Officine Maccaferri. Additional projects, including Luck Companies’ industrial park development, continue to expand the county’s employment base and support long-term job growth. These investments are reinforcing Chester’s position as a manufacturing-driven market benefiting from its proximity to both Charlotte and Columbia.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,600,000 |
| No. of Units: | 25 |
| Year Built: | 1960 |
| Lot Size: | 2.52 Acres |
| Opportunity Zone: | No |
| Price per unit: | $64,000 |
| Property Website | Click Here |
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