| CREOP

This property stands out in the market for its robust cash flow and minimal recurring expenses. Over the past 12 months, it has generated a net operating income of $1,034,921. The current expenses, amounting to $447,612, present potential for further reduction through efficient management.
Constructed in 2005, this property was originally designed as a hotel. It underwent a significant transformation in 2021 when the new owner converted the hotel accommodations into studio apartments. Each unit is now outfitted with a full bathroom and a kitchenette, complete with a refrigerator, microwave, small stovetop, and a kitchen sink, offering a compact yet functional living space.
In the course of this property's conversion, there was a discrepancy in the engineering plans regarding the unit count. Initially, the plans were submitted for 103 units, but the actual construction resulted in 119 units. The city is aware of this discrepancy and have not raised any objections or required any rectification for this variance.

The South Horry County Submarket in Myrtle Beach, known for having the largest apartment inventory and structurally higher rents than other areas, is experiencing a shift. An increase in new apartments and changing demand trends are causing a competitive environment.
Despite the addition of over 2,200 units in the past three years, South Horry County maintains a lower vacancy rate than the broader Myrtle Beach market. The region, popular among developers, has witnessed sustained demand and high rental rates, averaging around $1,570/month. Current market trends indicate a steady interest from investors, reflecting the area's continued appeal.

Located next to Carolina Forest, a burgeoning area in Horry County, South Carolina, offers an ideal blend of residential living with ample shopping and dining experiences. Located between Myrtle Beach and Conway, this master-planned community is known for its conservation efforts, preserving nearly half of its 25-square-mile area. It boasts attractions like the Tanger Outlets on Highway 501, several golf courses, and family-friendly dining spots like Sneaky Beagle and Sol Y Luna. Additionally, it's close to unique experiences like Wheels of Yesteryear and Medieval Times Dinner & Tournament, enhancing its appeal as a diverse and vibrant community.