Multifamily Investment Opportunity
Price
$14,050,000
Introducing a Remarkable Off-Market Opportunity:
🏢 220 Whitty Dr., Myrtle Beach, SC 29579
🌟 119-Unit Apartment Complex
🏢 Class B - Value-Add Asset
📅 Vintage/Renovated: 2005, 2022
💰 Financial Overview:
Gross Income: $1,426,079.33
Expenses: $419,527.85
Net Operating Income (NOI): $1,006,551.48
Current Cap Rate: 7.16%
Pro Forma NOI (1st Year): $1,129,608
Pro Forma Cap Rate: 8.30%
Occupancy: 97%
🏠 Property Features:
Previously a hotel converted into multifamily in 2022
Fully furnished for convenience
Operated with long-term leases; average rents of $1,117
Market rents in the area command $1,400, which is 20% above current rents
A new investor can explore the potential for short-term rentals
Average income, if converted, in this area is $2,200 per month, a potential 52% income boost
Approximately 62 Section 8 tenants, providing stable income
Boasting a prime location with a population of 100,614 within a 5-mile radius
💲 Investment Opportunity:
Asking Price: $14,050,000
Price Per Door: $114,285
Buyer Service Fee: + 3%
🌆 Investment Highlights: This 119-unit apartment complex at 220 Whitty Dr. in Myrtle Beach presents a unique opportunity for value-driven investors. Originally a hotel, the property was expertly converted into a multifamily complex in 2022, offering an array of exciting features and significant income potential.
Currently, the property is fully furnished and operated with long-term leases, with average rents of $1,117. The market rent for units in this area is $1,400, representing a 20% potential rental increase. Furthermore, visionary investors have the option to convert units into short-term rentals, with the average income potentially reaching $2,200 per month – a remarkable 52% income boost.
With approximately 62 Section 8 tenants, income stability is a given. Moreover, the property's prime location in Myrtle Beach is supported by a sizable population of 100,614 within a 5-mile radius.
Don't miss out on this exclusive off-market listing. For more information, to schedule a viewing, or to discuss this opportunity in detail, please contact us today. Seize the chance to add value and maximize returns on this incredible investment.
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"YOUR #1 SOURCE FOR OFF MARKET INVESTMENT PROPERTIES, NATIONWIDE"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*