|Price/Rent PSF||$ 10,690,000.00|
|SQ. FT. Available||70,031|
South Carolina, known as the Palmetto State, is the 23rd most populous U.S. state. According to the US Census Bureau, South Carolina population estimate is 4.9 million. Thanks to South Carolina’s warm climate, beautiful beaches, and numerous golf courses, this growth spurt has taken off without any hindrances.
The state has also become a retirement mecca, attracting retirees and second-home owners with its relative affordability. Manufacturing also contributes significantly to South Carolina’s economy, as the state is home to more than 100 aerospace and aviation companies, including Boeing, who produces its Dreamliner here, as well as over 250 automotive companies.
Little River, South Carolina is one of the oldest and most unique towns along the greater Grand Strand. The city was named after the Little River that flows into the Atlantic Ocean at the border between North and South Carolina. Known for its fresh seafood, fishing charters, annual blue crab festival, and historic, centuries-old live oak trees, Little River is one of the last communities where a slower pace of life still exists.
A short distance from Little River is the tourist-acclaimed city of Myrtle Beach. Ranked as the second fastest-growing metropolitan area in the country per 2018 census estimates, Myrtle Beach is one of many significant centers of tourism in South Carolina and the US because of the city’s warm subtropical climate and extensive beaches. Furthermore, the city’s economy is primarily dominated by the tourist industry including hotels, motels, resorts, restaurants, attractions and retail developments. Mirroring this tourist-based economy, Myrtle Beach attracts an estimated 14 million visitors each year.
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Located in the North Myrtle Beach area of Little River, South Carolina, Hidden Cove offers an investor the opportunity to acquire 48 new single-family rental homes. This Build for Rent community is being developed by an experienced local developer and being built by a very experienced and capable local builder. The first phase of 12 homes is expected to start in October 2018 and be completed by February 2019. The remaining three phases are anticipated to be finished approximately every two months unless a quicker timeline is desired. The community is in the path of growth of the second fastest growing metro area in the county. It is also close to 60 miles of uninterrupted beaches known as the Grand Strand.
Myrtle Beach has been the second fastest growing metro area for the last three years. Some of the primary drivers of this growth are lower home prices than other regional coastal areas and the steady influx of tourists who become residents. The area attracts approximately 18 million visitors every year to enjoy the beaches, weather, golf, and family attractions. All of the visitors, influx of workers, and people moving to the area has created a tight housing market in both the for sale and for rent markets. This has created an opportunity for an investor to rent this group of homes for top dollar.
Hidden Cove offers six-floor plans, ranging in size from 1,329 to 1,717 square feet. The homes offer a mix of 3 and 4-bedrooms and 2 or 3-bathrooms. The community is minutes from Myrtle Beach and all the amenities it has to offer, and because the community is located near major arterial roads, it will be easy for residents to access anywhere in the area and beyond. Being a Build for Rent project, capital expenditures will be minimal for several years, allowing increased returns.