Apartment Community with Resort-Style
For Sale
$5,450,000
1500 S Ocean Blvd., Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size27,594 SF
Price / SF$197.51
Days on Market59
Property Features for 1500 S Ocean Blvd.
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Lot features
Rectangular, Inside City Limits
Elementary school
Myrtle Beach Elementary School
Middle school
Myrtle Beach Intermediate School
High school
North Myrtle Beach High School
Subdivision
16G Myrtle Beach Area--Southern Limit to 10TH Ave N
Standard status
Active
Size
27,594 SF
Utilities
Utilities
Cable Available
Building Details
Year built
1962
Number of units
41
Listing Agency:
RE/MAX Southern Shores · RE/MAX International
(843) 839-0200
Listed By:
Richard Singleton · License #26622
(843) 267-3585
Added: Jul 2
Changed: Aug 19
Last Checked: Aug 29 at 3:06PM
MLS# 2616995
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.
Investment Insights
Based on property information with market context.
Originally built in 1962 as the Waikiki Village beachside hotel, The Edge Apartments has been reimagined and renovated in 2025 as a mid-century modern apartment community. The property features 41 apartment units with full kitchens, including oven/stove, dishwasher, microwave, and refrigerator/freezer combinations, along with high-speed WiFi throughout the property. Interiors and common areas were designed by Tim McLendon, and residents also have access to a lounge and coworking areas.
The Edge is located steps from the ocean at 1500 S Ocean Blvd. Community amenities include a resort-style pool, a courtyard grilling oasis, and landscaped grounds with over 50 palm trees, plus convenient on-site parking.
The Edge is located steps from the ocean at 1500 S Ocean Blvd. Community amenities include a resort-style pool, a courtyard grilling oasis, and landscaped grounds with over 50 palm trees, plus convenient on-site parking.
Key Highlights
- 41 apartment units in a 1962‑built property reimagined as a mid‑century modern apartment community
- Fully renovated interiors and common areas with professionally designed spaces
- In‑unit kitchens include oven/stove, dishwasher, microwave, and refrigerator/freezer combinations
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$254,728
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,094,560
$5.1M
Cap Rate 7%
$3,638,971
$3.6M
Cap Rate 9%
$2,830,311
$2.8M
Market Conditions
NOI Build-Up for 27,594 SF
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.
Gross rent
$483.4K $17.52/SF
− Vacancy
−$20.3K −$0.74/SF
EGI
$463.1K $16.78/SF
− OpEx
−$208.4K −$7.55/SF
NOI
$254.7K $9.23/SF
Area
Horry County, SC
Vacancy
4.20%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,094,560
Cap Rate 7%
$3,638,971
Cap Rate 9%
$2,830,311
Alternative Uses
Best Use
Apartment 5plus
$3.64M
$3.18M – $4.25M
NOI $254,728 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.99M
$6.12M – $8.16M
NOI $489,540 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
41
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
602
Businesses Nearby
Explore this area
Business Placement
Demographics for 29577, SC
34,109
Population
22,630
Households
1.5
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
22.8 sq mi
ZIP Area
1,496
Density / Sq Mi
$48,561
Median Household Income
$33,591
Median Earnings
$1,130
Median Rent
$273,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Fully renovated 41-unit apartment community with in-unit kitchens and on-site parking.
Where is this apartment building located?
The property is located at 1500 S Ocean Blvd. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $5,450,000.
What are key features of this property?
This property features: 41 apartment units in a 1962‑built property reimagined as a mid‑century modern apartment community; Fully renovated interiors and common areas with professionally designed spaces; In‑unit kitchens include oven/stove, dishwasher, microwave, and refrigerator/freezer combinations
