These Myrtle Beach high rises are for sale. Asking prices are in the millions.
A trio of high rise of buildings on Myrtle Beach’s ocean front are hitting the market, where they’re expected to sell for millions.
Commercial real estate site Ten-X lists auction dates of between Aug. 21 and Aug. 23 for Pace View I and II and The Yachtsman, with opening bids of $1.25 million and $4.4 million respectively.
Initially listed in February, The Yachtsman Resort at 1304 and 1404 N. Ocean Boulevard was put up for sale after its timeshare agreement was terminated.
“Due to the termination of the previous timeshare agreement, 153 units are now available for purchase, including the land itself,” according to a site description.
“Given that the property hasn’t received any capital expenditures since the last decade, a comprehensive guest-room focused overhaul will allow it to better compete against its competitive set and the market.”
Agents are marketing the property for potential use as a hotel in the hands of a new buyer.
The Myrtle Beach area’s 21% lodging recovery rate between 2019 and 2021 along with the city’s 32 percent growth spurt over the last decade.
Municipal zoning codes would also allow for multi-family housing — an area of need for the city, which is running about 400 units behind its annual needs to keep up with growth.
Meanwhile, Pace View I and II are being offered as short term rental or hotel investments. Both have asking prices of $1.25 million.
The 136 apartments that comprise Pace View were vacated last spring due a business licensing issue between city officials and an ownership team that purchased the properties in November 2021.