501 38th Ave N - Apartments FOR SALE


Myrtle Beach, SC 29577- Downtown Myrtle Beach
$3,628,883 USD
803-371-7839
501 38th Ave N, Myrtle Beach, SC for Sale
$3,628,883 USD
Apartments - FOR SALE
1/10
null | 7.14% Cap Rate

501 38th Ave N
Myrtle Beach, SC 29577
Downtown Myrtle Beach


HIGHLIGHTS

  • 34 Units Featuring a Mix of One-, Two-, and Three-Bedroom Floor Plans
  • Myrtle Beach Location Supported by Strong Year-Round Rental Demand
  • Diverse Unit Mix Catering to Workforce, Families, and Long-Term Renters
  • Upside Potential Through Interior Upgrades and Operational Efficiencies
  • Coastal Asset Offering Stable Income and Long-Term Rent Growth Potential

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$3,628,883 USD

PRICE/SF

$74 USD /SF

# OF UNITS

34

PRICE/UNIT

$106,732

CAP RATE

7.14%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Chicora Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1963

PARKING SPACES

60

LAND DETAILS

LAND ACRES

1.89 AC

LAND SF

82,328 SF

ZONING

-

APN/PARCEL ID

42405010088

ASK ABOUT THIS PROPERTY

William GravesMarcus & MillichapMore Info
803-371-7839

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William GravesMarcus & MillichapMore Info
803-371-7839

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.