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Chicora Apartments 501 38th Ave N 34 Unit Apartment Building $3,628,883 ($106,732/Unit) 7.14% Cap Rate Myrtle Beach, SC 29577
INVESTMENT HIGHLIGHTS
- 34 Units Featuring a Mix of One-, Two-, and Three-Bedroom Floor Plans
- Diverse Unit Mix Catering to Workforce, Families, and Long-Term Renters
- Coastal Asset Offering Stable Income and Long-Term Rent Growth Potential
- Myrtle Beach Location Supported by Strong Year-Round Rental Demand
- Upside Potential Through Interior Upgrades and Operational Efficiencies
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present Chicora Apartments, a 34-unit multifamily community located in Myrtle Beach, South Carolina. Built in 1963, the property features a mix of one-, two-, and three-bedroom units, providing a diverse and highly marketable unit mix that appeals to a broad tenant base, including workforce housing, service-sector employees, families, and long-term renters. This variety of floor plans enhances leasing flexibility while supporting stable occupancy and consistent rental demand.
Chicora Apartments is situated within the Myrtle Beach MSA, a market supported by a diverse economic base driven by tourism, healthcare, retail, and expanding yearround employment. Myrtle Beach continues to experience population growth and sustained rental demand, fueled by in-migration, a relatively affordable cost of living, and limited new supply of smaller-format multifamily properties. The area’s strong employment fundamentals, combined with its coastal lifestyle and regional accessibility, contribute to stable occupancy levels and long-term rent growth.
The property offers investors an opportunity to acquire a well-located coastal asset with durable cash flow and future upside. Value can be realized through continued operational efficiencies and targeted interior improvements, while the mix of unit sizes allows for strategic rent optimization across different tenant profiles. Chicora Apartments is well suited for investors seeking a manageable-scale multifamily asset in one of South Carolina’s most active and resilient coastal markets.
Chicora Apartments is situated within the Myrtle Beach MSA, a market supported by a diverse economic base driven by tourism, healthcare, retail, and expanding yearround employment. Myrtle Beach continues to experience population growth and sustained rental demand, fueled by in-migration, a relatively affordable cost of living, and limited new supply of smaller-format multifamily properties. The area’s strong employment fundamentals, combined with its coastal lifestyle and regional accessibility, contribute to stable occupancy levels and long-term rent growth.
The property offers investors an opportunity to acquire a well-located coastal asset with durable cash flow and future upside. Value can be realized through continued operational efficiencies and targeted interior improvements, while the mix of unit sizes allows for strategic rent optimization across different tenant profiles. Chicora Apartments is well suited for investors seeking a manageable-scale multifamily asset in one of South Carolina’s most active and resilient coastal markets.
PROPERTY FACTS
| Price | $3,628,883 | Apartment Style | Low-Rise |
| Price Per Unit | $106,732 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.89 AC |
| Cap Rate | 7.14% | Building Size | 48,896 SF |
| No. Units | 34 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.23/1,000 SF |
| Price | $3,628,883 |
| Price Per Unit | $106,732 |
| Sale Type | Investment |
| Cap Rate | 7.14% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.89 AC |
| Building Size | 48,896 SF |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.23/1,000 SF |
AMENITIES
UNIT AMENITIES
- Dishwasher
- Microwave
- Washer/Dryer
- Ice Maker
- Refrigerator
- Range
- Freezer
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | 600 |
| 2+1 | 20 | - | 1,000 |
| 3+1 | 4 | - | 1,250 |
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PROPERTY TAXES
| Parcel Number | 42405010088 | Improvements Assessment | $183,687 |
| Land Assessment | $118,553 | Total Assessment | $302,240 |
PROPERTY TAXES
Parcel Number
42405010088
Land Assessment
$118,553
Improvements Assessment
$183,687
Total Assessment
$302,240
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Chicora Apartments | 501 38th Ave N
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