The Belvedere Apartments | 404 14th Ave S
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The Belvedere Apartments 404 14th Ave S
16 Unit Apartment Building $1,500,000 ($93,750/Unit) 7.63% Cap Rate Myrtle Beach, SC 29577
Investment Highlights
- Opportunity to convert to short-term rentals to increase revenue potential
- Prime location just two blocks from the beach
- Located in a thriving submarket with a high demand and consistent growth due to revitalization of the area
Executive Summary
Welcome to The Belvedere, an exceptional 16-unit multi-family apartment complex in the heart of Myrtle Beach, offering both short-term rental potential and long-term tenant stability. This rare investment opportunity boasts an ideal location just two blocks from the beach in the heart of downtown Myrtle Beach, this asset offers investors exceptional flexibility and growth potential. Significant value-add opportunity with upside in converting the units into short-term vacation rental units. Each unit, a mix of efficiency and 1-bedroom layouts, is thoughtfully designed for optimal comfort and functionality, catering perfectly to both long-term and short-term tenants. Situated in a short-term rental approved zone, The Belvedere offers a unique chance to maximize revenue through short-term rentals—a rare find in this highly sought-after area. With monthly rental tenants currently in place, the property already generates steady income, providing the savvy investor with a solid foundation. Myrtle Beach's popularity as a top tourist destination ensures high demand for rental properties, promising strong cash flow and appreciation, making The Belvedere an outstanding investment opportunity for any investors portfolio.
Financial Summary (Actual - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $1,500,000 | Apartment Style | Low Rise |
| Price Per Unit | $93,750 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.47 AC |
| Cap Rate | 7.63% | Building Size | 8,800 SF |
| No. Units | 16 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1985/2023 |
| Property Subtype | Apartment | Parking Ratio | 2.84/1,000 SF |
| Price | $1,500,000 |
| Price Per Unit | $93,750 |
| Sale Type | Investment |
| Cap Rate | 7.63% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.47 AC |
| Building Size | 8,800 SF |
| No. Stories | 1 |
| Year Built/Renovated | 1985/2023 |
| Parking Ratio | 2.84/1,000 SF |
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| Studios | 9 | - | - |
Walk Score ®
Very Walkable (71)
PROPERTY TAXES
| Parcel Number | 44311040072 | Total Assessment | $60,000 |
| Land Assessment | $30,006 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $29,994 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
44311040072
Land Assessment
$30,006
Improvements Assessment
$29,994
Total Assessment
$60,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2023
zoning
| Zoning Code | TA-40 (WITHERS HTS EXT; LTS 3 & 4 BL 11) |
| TA-40 (WITHERS HTS EXT; LTS 3 & 4 BL 11) |
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Russell Auth -
Palms Realty
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The Belvedere Apartments | 404 14th Ave S
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