Harmony Pointe 3170 Holmestown Rd 43 Unit Apartment Building $4,500,000 ($104,651/Unit) 8.40% Cap Rate Myrtle Beach, SC 29588

Offered at $4,500,000, this investment is marketed at an attractive 8.4% cap rate, providing investors with immediate in-place cash flow while offering additional upside through future rent growth. The combination of strong operating performance, recent renovations, minimal capital requirements, and a stabilized tenant base makes this an appealing opportunity for both private and institutional investors seeking dependable returns.
In late 2022, ownership successfully acquired and converted a vacant hotel into a 42-unit multifamily community, transforming an underutilized asset into a stabilized income-producing property. Since completion of the conversion, the property has achieved strong leasing velocity and has maintained approximately 90% occupancy, with the vast majority of residents on long-term leases of 12 months or longer. The transition from hospitality to multifamily has been fully executed, eliminating the risks and uncertainty often associated with conversion projects and allowing a new owner to benefit from a stabilized operation from day one.
Operationally, the asset has demonstrated consistent occupancy, reliable collections, and predictable cash flow. Management has implemented an efficient operating structure that minimizes ownership involvement through the use of an on-site maintenance manager who oversees day-to-day property operations, including maintenance requests, unit turns, preventative maintenance, repairs, common area upkeep, and resident concerns. This on-site presence has allowed ownership to maintain the property at a high standard while keeping repair and maintenance expenses under control.
The property is in excellent physical condition following extensive renovations and improvements completed during and after the conversion process. Significant capital expenditures have already been completed, and ownership is not aware of any deferred maintenance items requiring attention. Most of the units have new Hvac units as well as new flooring. Recent improvements include upgrades to stairwells, walkways, exterior lighting, and other common areas, further enhancing the property's appeal and reducing near-term capital requirements for a new owner.
From a revenue perspective, the property offers an attractive opportunity for continued rent growth. Current average rents are approximately $1,375 per month, while renovated units and comparable properties support rents of up to $1,550 per month. This creates a clear path to increased revenue through natural lease turnover and ongoing rent adjustments, without requiring substantial additional investment.
With stabilized operations, a strong occupancy history, long-term residents, limited management burden, and no anticipated capital expenditures, the property offers investors a turnkey multifamily investment with both immediate cash flow and future upside.