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Brand New Observation Tower & Public Pay Parking Lot

$ 21,000,000
Myrtle Beach, South Carolina
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Newly Listed

Address: 1406 Withers Dr, Myrtle Beach, South Carolina, United States 29577

Type: Net Lease Parking Lot and Amusement Park

Cap Rate: 5.00%

Lease Type: Triple-Net (NNN)

Annual Rent: $1,050,000

Net Operating Income: $1,050,000

Lease Term Remaining: 30 years

Rental Increases: 2.00% Annual

Year Built: 2020

Lot Size: +/- 2.19 Acres

Myrtle Beach, SC continues to rank as one of the fastest-growing family and vacation destinations in the nation, attracting roughly 19 million visitors annually. Given the accessibility and multitude of attractions for families, the Myrtle Beach area received several new accolades in 2018 including being ranked by Google as the “Third Most Searched Travel Destination in the World”, one of the Travel Channel’s “Best East Coast Beaches” and a “Top 10 Beach Town with the Highest Quality of Life” by Coastal Living.

A new 55,000-square-foot complex along the Myrtle Beach Boardwalk at 14th Avenue North called THEBlvd was completed in October 2018. The new beach club brings several new restaurants, retail stores, an arcade and a live music venue.New hotel featuring 330 luxury oceanfront units reaching 27 stories high. Now under construction with a projected completion date in the summer of 2019.

305,964-square-foot hotel will be 17 stories high and include its own parking structure and pool.

The development is proposed to include 1,600 units of homes and apartments as well as 370,000 square-feet of space for retail and dining. The development would include event space, docks for boats, boat rentals and tours. Plans approved in Spring 2018.

14 oceanfront properties and nearly 4,000 accommodation units, recently completed extensive renovation.A new oceanfront resort property, South Bay Inn & Suites, recently opened in Myrtle Beach along the boardwalk. The resort totals 237,000-square-feet, is 19-stories high and includes 242 guest rooms.

A new Topgolf opened in early 2019 in Myrtle Beach.

20M, Four-story, 75,000-square-foot complex that will house over 40 visitor condos and a bottom floor filled with restaurants, fitness and retail.

 

Broker of Record: Benjamin Yelm License #86628

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Glen Kunofsky

President, Founder
(212) 430-5115

Judson Kauffman

Senior Managing Director, Investments
(212) 430-5204

Garreth Kaplan

Associate
(646) 805-1487