Description
North Gate Apartments represents a rare opportunity to acquire a stabilized, well-maintained multifamily community in the rapidly growing Upstate South Carolina market. Built in 1981 and family-owned for decades, this 52-unit property offers investors consistent occupancy, strong tenant demand, and value-add potential through modest renovations and operational improvements.
Property Summary
Units: 52 two-bedroom, one-bathroom apartments (~1,000 sq. ft. each)
Total NRA: ~52,000 sq. ft.
Buildings: Garden-style layout with pool and common areas
Construction: Brick veneer with pitched roofs
Years Built: 1979-1981
Rent Roll & Operations
Current Rents: $990-$1,255 per unit, depending on floor level
Lease Term: Standard 12-month leases
Occupancy: Historically strong with low turnover due to desirable location and management practices
Income Requirement: Tenants must earn 3x rent with background, credit, and rental history screening--supporting strong tenant quality and reducing delinquency
Amenities & Features
Community: Swimming pool, courtyard, picnic & grilling areas, ample parking
In-Unit: Washer/dryer hookups, fully equipped kitchens, walk-in closets, cable & internet ready
Utilities: Trash pickup included, tenants responsible for other utilities
Location Advantages
North Gate Apartments sits just off Liberty Highway with immediate access to I-85, connecting Anderson to Greenville, Clemson, and Atlanta. The property is minutes from Anderson's main retail corridors, grocery stores, dining, and medical services.
Employment Drivers: Anderson University, AnMed Health Medical Center, Michelin, Bosch, and Electrolux all provide strong regional employment bases.
Education: Zoned to desirable Anderson District 5 schools (North Pointe Elementary, McCants Middle, T.L. Hanna High).
Higher Education: Anderson University (5 miles), Tri-County Tech (9 miles), Clemson University (14 miles).
Market Strength
Anderson is part of the Greenville-Spartanburg-Anderson CSA, one of the fastest-growing regions in the Southeast. Multifamily fundamentals remain robust with continued in-migration, limited new supply in Anderson proper, and strong rent growth relative to household income. North Gate is positioned as a quality, affordable option within a market where new construction often prices above $1,400+ for similar two-bedroom units.
Investment Highlights
Stabilized Asset: 52-unit property with consistent occupancy and cash flow.
Affordable Rents: Below-market rents with immediate room for incremental increases.
Value-Add Potential: Light renovations (interior updates, amenity upgrades, RUBS program) could enhance NOI.
Strong Location: Minutes from I-85, retail, employment, and schools.
Institutional Fundamentals: Solid construction, proven tenant demand, long-term ownership history.
Conclusion
North Gate Apartments offers investors a well-located, cash-flowing multifamily property in the heart of Anderson, SC. With below-market rents, stable operations, and clear value-add levers, this asset is well positioned to deliver both steady income and long-term appreciation in one of the Southeast's most dynamic growth corridors.
