Investment Overview

Marcus and Millichap are pleased to present the Pace Village Apartments located at 220 Whitty Drive, Myrtle Beach, SC 29579. The property was converted in 2022 from a Hotel to Apartments with long term leases. Built in 2005, the subject property consists of 119 one-bedroom fully furnished units, averaging 269 SQFT per unit. The property is currently being operated with long term leases with average rents of $1,117. The market rent for units in this area are $1,400 which is 20% above current rents. a new investor can convert units into short term rentals. The average income if converted in this area is $2,200 a month which will increase the income of some or all units by 52%. The subject property is located on Hwy 501 which is the main entrance to Myrtle Beach. The property is neighbored by the Tanager Outlets which includes 77 Retailers. Also, tenants will have the benefit of being across the street from a Chili’s, Buffalo Wild Wings, and Planet Fitness. This is a great location for someone who enjoys walking or biking. Being only 6 minutes from Coastal Carolina University, this property serves as ideal housing for students and faculty. With the units being fully furnished this type of for rent product has been very popular with travel nurses and contractors that will only be in the area for a short period. Pace Village is 7 miles to Myrtle Beach Boardwalk and 7 miles to Broadway at the Beach which is the most popular tourist destination in the Myrtle Beach area. Broadway at the Beach is the Largest Entertainment venue of its kind in the state. 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. 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.