Wachasaw Place 1 Multifamily Properties Offered at $8,585,618 CAD 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.
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.
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.