Wachasaw Place 1 Multifamily Properties Offered at $6,265,000 in Murrells Inlet, SC

Wachasaw Place represents a value-add investment opportunity to acquire a strategic foothold in the highly sought-after Murrells Inlet/Grand Strand multi-family market of the South Carolina Lowcountry. With a total of seven (7) buildings and twenty-eight (28) units surrounding a private community pool, the well-located property offers a chance to add value through leveraging rental increases to market rates in the significantly under-rented property. Each building contains four (4) total units, with two (2) 2-bed/1.5 bath 992 sq. ft. units, and two (2) 3-bed/2.5 bath 1,488 sq. ft. units. The total RSF is 34,720 and the total GBA is 40,320 SF, including the screened porches. All units have in-unit laundry. There is an adjacent site available for purchase to construct an additional building listed for $159,000.00 (MLS#2605932; Georgetown County, SC Tax Map#41-0119-029-33-00).
The current gross monthly rental income is approximately only $28,472 ($341,664 annually). The taxes are approximately $5,000 per building annually ($34,570 total). The total insurance figure is currently $35,921 annually ($2,993 per month). The HOA bills $396 quarterly for a 2-bedroom and $471 quarterly for a 3-bedroom, which covers cable and trash services. All utilities are metered separately and covered by tenants.
The current average rent for a 2-bedroom unit is approximately only $1,002. The current average rent for a 3-bedroom is approximately only $1,074. Most units are leased month-to-month. Market rental comps suggest rents of $1,650 for a 2-bedroom and $2,000 for a 3-bedroom, representing a stabilized total monthly rental figure upwards of $51,100 ($613,200 per annum). The potential $613,200 stabilized gross annual rental income figure represents an unlevered 8.7% Cap Rate return. Additionally, appraisals are available upon request for each unit type for condominium conversion.
Please review attached rent roll, rental comps, survey, and unit floorplans and contact Gordon McLeod @ 504.717.3648 or gordon@jwsre.com with any questions.