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    Multifamily Property with 12 Units Title is generated by Realmo AI

    1308 Dunbar St., Myrtle Beach, SC 29577

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    For Sale
    $1,250,000

    MULTI_FAMILY - Myrtle Beach, SC

    Type:Apartment
    Property size:
    9,999 SF
    Price / SF:
    $125/SF
    Added:
    Jan 5, 2026
    Days on Market:
    149
    Last Refresh:
    Jun 3 at 2:06 pm

    Property Features for 1308 Dunbar St.

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Standard status
    Active
    Size
    9,999 SF

    Building Details

    Year built
    1972
    Number of units
    12

    We can help!

    Listing Contact
    Jeff Forman
    Jeff Forman

    Listing agent Jeff Forman License #111037

    Listing office Keller Williams The Forturro Group Myrtle Beach, SC

    Listing date Jan 5, 2026

    MLS# 2600318 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

    • Twelve 2‑bedroom units in three buildings.
    • Located in the heart of Myrtle Beach.
    • East of 17 bypass.
    • Designated Opportunity Zone.
    • Priced to sell.
    • Upside potential with cosmetic upgrades, exterior repairs, and interior updates.

    Overview

    This multifamily offering consists of 12 units distributed across three separate buildings. All units are two-bedroom layouts, providing a consistent configuration for prospective tenants and a clear approach for anyone looking to refresh the property. The buildings present an opportunity for value-add through cosmetic upgrades, exterior repairs, and interior updates.

    Located in the heart of Myrtle Beach, the property is listed east of the 17 Bypass. The area context and the Opportunity Zone designation support the appeal of taking on improvements to help strengthen future rent performance.

    For buyers or operators seeking a practical value-add strategy, this asset is positioned for upside through targeted renovations rather than a need for major operational redesign. With a straightforward unit mix and three-building setup, the property can be managed cohesively while allowing for phased improvements. If your underwriting includes renovation and rent lift, this twelve-unit configuration offers a solid starting point in a highly rental-oriented beach market.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    Vacancy
    income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
    EGI (Effective Gross Income)
    gross rent minus vacancy losses — the realistic income before paying operating costs.
    OpEx (Operating Expenses)
    recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
    NOI (Net Operating Income)
    income a property generates after operating costs but before financing and taxes.

    Component $ $/SF
    Gross rent $175.2k $17.52
    − Vacancy −$7.4k −$0.74
    EGI $167.8k $16.78
    − OpEx −$75.5k −$7.55
    NOI $92.3k $9.23
    9,999 SF · lease $17.52/SF/yr · vacancy 4.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.32M
    $1.15M – $1.54M (±1% cap)
    NOI $92,304 @ 7.0% cap · market cap 7.38%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $2.53M
    $2.22M – $2.96M (±1% cap)
    NOI $177,390 @ 7.0% cap · market cap 14.19%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Dental Office Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Restaurant Pharmacy Skin Care Clinic Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.87957
    Latitude
    33.703732

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    FAQs

    What type of property is this?
    Apartment building - Twelve two-bedroom units across three buildings offer renovation potential in an Opportunity Zone setting.
    Where is this apartment building located?
    The property is located at 1308 Dunbar St. Myrtle Beach, SC.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Twelve 2‑bedroom units in three buildings.; Located in the heart of Myrtle Beach.; East of 17 bypass.
    (843) 902-4325
    We can help!
    Listing Contact
    Jeff Forman
    Jeff Forman
    Real Estate License ID: 111037
    Request Owner's contact information
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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.

    More about this property
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