Investment Overview

Marcus and Millichap are pleased to present Pace view I & II located in Myrtle Beach, SC at 2010 & 2200 S Ocean Blvd. In the past this property was operated as a hotel and fully converted into an apartment complex in 2022. The subject property includes 135 one-bedroom units averaging 280 SF sitting on one acre. The property is currently being operated with long term leases with average rents at $1,161. The market rent for units in this area are $1,250 which is 7% above current rents. New investor has the opportunity convert units into short term rentals. The average income if converted units in this area is $2,200 a month which increase the income of some or all units by 52%. There is no other apartment complex with this location, luxury interiors and area amenities in Myrtle Beach. Investors have the option to rent units short term during the vacation season and long term during the off season. Tenants can walk across the street to the beach and also have easy access to over 100 restaurants and shops. The subject property is only 3 miles from the Boardwalk where the city has made plans to do a major redevelopment to Downtown Myrtle Beach. The City has already purchased over 18 million in properties that will be renovated or repurposed along Broadway St. and 9th Ave N. This area is home to the Carolina Country Music Festival which attracts over 35,000 attendees at the begin of June. This festival is held for three days on 18 acres in downtown Myrtle Beach. This property is only steps from the Beach, 4.6 miles to Broadway at the Beach, and 3 miles to the Boardwalk. Myrtle Beach is the fastest-growing city in the United States, according to a list by U.S. News and World Report. The list ranks cities by net migration for each metro area, measured by growth or decline in population over the last five years. Tripadvisor rated Myrtle Beach as the 3rd most popular summer destination and GolfPass ranked Myrtle Beach as the world’s 13th best golf destination. Investors will be able to take advantage of all the demand generators Myrtle Beach has to offer.