15
Claypond Project
Claypond Project
Executive SummarySOUTH CAROLINA
2
New construction Multi-Family project of five building apartment complex, located in a central location in Myrle Beach.
The project has a Prospective Market Value of - $5,700,000 (At Stabilization).
The project will have 60 apartments with a market value of $95,000 per apartment.
Estimate market value for 6.0% Cap Rate – $6,623,933
Average occupancy rates is 93%.
Myrtle Beach Metro Area
4
Myrtle Beach Leads East Coast Population Growth as U.S. Prices Soar 6.2% in January
S o u r c e
S o u r c e
S o u r c e
Source
Demographic Growth
#1 - Best Places People Are Moving to in 2018
Myrtle Beach area classified as second fastest growing metro area in U.S.
Conway Hospital 1,500
Horry County School District 5,650
Horry County School District 2,700
Horry County School District 2,300
Horry County School District 2,269
Full list of major employers
Major Employers
Source
Myrtle Beach Metro Area
5
Among the 23 cheapest Places to retire
#10 - Most Affordable Cities to Retire
S o u r c e
S o u r c e
SC - #9 States where Americans pay the least in taxes S o u r c e
S o u r c eSC - #7 States With the Best Weather All Year Round
Cost Of Living
1%
#5
Below National Average FORBES.COM
Cost Of Doing Business FORBES.COM
Weather & Life-Style New Construction Projects
“Myrtle Beach is booming:” City sees growth with over $400 million in new construction
“Ride III - Improvement & Development roads projects - over $500 million
Horry County finishing of International Drive - $15.5 million project
S o u r c e
S o u r c e
S o u r c e
The Project
The project – Land appraisal
5
Estimated value - $250,000
Market Value “As Is” – 3.13± Acres
The project – Comps land sales
5
Property Identification
Record ID 2428 Property Type Multi-family Land Address Claypond Road, Myrtle Beach, Horry County, SC 29588 Tax ID 172-00-05-284
Sale Price $200,000
Land Sale No. 1 Land Sale No. 2
Property Identification
Record ID 2425 Property Type Vacant Residential Land Address Murrells Inlet Rd, Murrells Inlet, Georgetown County, SC 29576 Tax ID 41-0113-010-00-00
Sale Price $680,000
Land Sale No. 3
Property Identification
Record ID 2276 Property Type Vacant Land Address Greens Boulevard, Myrtle Beach, Horry County, South Carolina Location Myrtle Beach Tax ID 173-14-01-114
Sale Price $190,000
Land Sale No. 4
Property Identification
Record ID 2241 Property Type Vacant Commercial Land Property Name 1.00 Acre along Forestbrook Road Location Forestbrook Tax ID 179-00-03-183
Sale Price $80,000
The project – Cost Approach
5
Value indication by cost - $5,005,000
The project – Cost Approach
5
Value indication by income - $5,890,000
The project – Rents Comps + Cap Rate
5
The project – Comps sales
5
Sale on 10/03/2018 for $48,200,000 $158,300/unit
Sale on 1/3/2018 for $18,734,604 $108,922/unit
Sale on 7/13/2017 for $26,400,000 $122,222/unit
Sale on 5/31/2017 for $7,800,000 $76,471/unit
The project – Comps sales
5
Sale on 12/7/2016 for $27,200,000 $94,444/unit
Sale on 9/16/2016 for $35,300,000 $133,712/unit
Sale on 5/8/2015 for $13,200,000 $70,213/unit
The project – Photos from inspection
5
Claypond Project
