There’s a real estate development for sale in Myrtle Beach, South Carolina that I’m looking for a Buyer for. Please review the following information and feel free to contact me at 904-635-7549 or via email at jamie.3@comcast.net if you have any questions.

Below is a brief summary of the project for your review:

Project Summary

Project Name: Palmetto Villas

Development Location: 2706 S. Ocean Blvd., Myrtle Beach, SC

Development Summary: Twenty 5 bedroom second row beach houses that are 2250-3000 sq ft. each. Houses will be sold in the $700,000- $800,000 range which is below current market value. Construction will be wood stick built homes with 13 on raised pilings and 7 on slab. The land has had two current MAI appraisals from different firms for $7,000,000 and $7,100,000.

Site Description: The site consists of approximately 1.51 acres directly across from the ocean and consists of 6 individual lots. Four lots sit directly on S. Ocean Blvd. and two lots are behind them. The lots are cleared and environmental study is done with no barriers to development. All required permitting is completed and the project ready for development for the condo project. For the 20 unit single family houses project we are close to having the permits for this option as well. We are also checking into the ability to subdivide the property into 20 lots to have them sold off individually.

Current Zoning: The zoning for 4 of the lots is TA-55 and for the other two is RM-20. The current zoning is correct for the proposed development and has been verified by the architect. It is our understanding that TA-55 allows for daily, weekly, and monthly rentals. RM-20 is for just weekly and monthly rentals.

Architect: Joe Bace, Peagram and Associates (843) 449-5202

Economic Summary:

Costs: Land $ 6,000,000
Construction $ 4,000,000
$ 10,000,000

Sales 20 Beach houses@ $750,000 $ 15,000,000
Net Profit $ 5,000,000

Capital Requirements: $10,000,000


Investment Security: First Mortgage on property and development

Source of Repayment: Sales of beach homes

Investment Highlights: Myrtle Beach continues to have a strong single family home market especially close to the ocean. These houses have been priced below current market values.

Community Highlights: The project is 5 minutes away from Myrtle Beach Airport and Coastal Grand Mall, the largest mall in SC. The entire Myrtle Beach area has seen a boom in development and there are three major developments coming in the next 12 months that will make the area even more desirable: the development of the Air Force Base (over 3000 residences with commercial development as well, The Hard Rock Café Theme Park, and the development of an 11 acre oceanfront parcel in downtown Myrtle Beach by Burroughs and Chapin, Inc. the developers of another premier development, The Grande Dunes.

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Jamie L. Melton
904-635-7549