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    Coastal Senior Housing Opportunity Title is generated by Realmo AI

    11949 Grandhaven Dr., Murrells Inlet, SC 29576

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    For Sale
    $9,000,000

    Apartments - Murrells Inlet, SC

    Property size:
    992 SF
    Price / SF:
    $9,072/SF
    Added:
    Mar 23, 2026
    Days on Market:
    53
    Last Refresh:
    May 14 at 8:06 am

    Property Features for 11949 Grandhaven Dr.

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Parking features
    Assigned
    Security features
    Fire Alarm
    Interior features
    Fire Alarm, Smoke/Heat Detector
    Exterior features
    Smoke/Heat Detector
    Standard status
    Active
    Size
    992 SF

    Building Details

    Year built
    2002
    Number of units
    39
    Architectural style
    Other

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    Listing Contact
    Jeff Forman
    Jeff Forman

    Listing agent Jeff Forman

    Listing office Keller Williams The Forturro Group 1801 N Oak Street, Myrtle Beach, SC

    Listing date Mar 23, 2026

    MLS# 2607484 Listing URL

    Copyright © 2026 Coastal Carolina Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Located in Murrells Inlet, a highly desirable waterfront village near beaches and Myrtle Beach.
    • High‑quality, income‑producing senior independent living community with an all‑inclusive lifestyle.
    • Value‑add opportunity through occupancy growth, with architectural plans completed for a 16‑unit expansion.
    • Apartment homes feature full kitchens and in‑unit washers and dryers.
    • Pet‑friendly policy with no security deposit required, driving consistent leasing demand.
    • Proximity to waterfront dining, golf, beaches, Grand Strand Medical Center, and Tidelands Health.

    Overview

    Garden Manor Village is a 39-unit senior independent living community located in Murrells Inlet, South Carolina, near Garden City Beach and Myrtle Beach. The community provides an all-inclusive lifestyle, with monthly rent covering all utilities, a daily mid-day meal, weekly housekeeping, and a schedule of social activities. Apartment homes are available in one-bedroom, one-and-a-half-bedroom, and two-bedroom floor plans ranging from 575 to 992 square feet, all featuring full kitchens and in-unit washers and dryers. The property is pet-friendly with no security deposit required. Architectural plans are completed for a 16-unit expansion. Murrells Inlet offers waterfront dining, golf, beaches, and proximity to Grand Strand Medical Center and Tidelands Health. The location is in Horry County, which ranks among the top counties in the nation for population growth of people aged 65 and older.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Senior Housing / Retirement ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Home Instead — 11746 Frontage Rd, Murrells Inlet, SC 29576

    Location Insight

    • Map
    • Local Demand
    City
    Murrells Inlet
    County
    Horry
    State
    South Carolina
    Longitude
    -79.0247507
    Latitude
    33.5877016

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    FAQs

    What type of property is this?
    Senior housing / Retirement Home - 39-unit senior independent living community in Murrells Inlet, SC.
    Where is this senior housing / retirement home located?
    The property is located at 11949 Grandhaven Dr. Murrells Inlet, SC.
    What is the asking price?
    The asking price for this property is $9,000,000.
    What are key features of this property?
    This property features: Located in Murrells Inlet, a highly desirable waterfront village near beaches and Myrtle Beach.; High‑quality, income‑producing senior independent living community with an all‑inclusive lifestyle.; Value‑add opportunity through occupancy growth, with architectural plans completed for a 16‑unit expansion.
    (843) 443-9400
    We can help!
    Listing Contact
    Jeff Forman
    Jeff Forman
    Real Estate License ID: 111037
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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