Renovated 68-Unit Apartment
For Sale
$6,750,000
2010 S Ocean Blvd., Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size25,011 SF
Lot Size0.70 Acres
Price / SF$269.88
Days on Market233
Property Features for 2010 S Ocean Blvd.
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
Rectangular, East of Bus. 17, Inside City Limits, Second Row Beach
Elementary school
Myrtle Beach Elementary School
Middle school
Myrtle Beach Middle School
High school
Myrtle Beach High School
Subdivision
16G Myrtle Beach Area--Southern Limit to 10TH Ave N
Standard status
Active
Size
25,011 SF
Lot size
0.70 Acres
Utilities
Utilities
Cable Available
Building Details
Year built
1968
Number of units
67
Listing Agency:
Realty ONE Group Dockside
(843) 492-4030
Listed By:
Liat Edri · License #6170
(843) 222-6357
Added: Jan 8
Changed: Aug 19
Last Checked: Aug 29 at 12:06PM
MLS# 2600580
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.
This 68-unit apartment property at 2010 S. Ocean Blvd. includes studio and one-bedroom layouts within approximately 25,011 square feet. The property occupies about 0.70 acres and includes an additional parcel used for parking. A corner position places the building directly on Ocean Boulevard, with the Atlantic Ocean a short distance away.
Renovation work completed during 2023-2024 includes new PEX water lines, a sprinkler system, fire alarm installation, standpipe servicing, interior painting, drywall work, upgraded kitchen cabinets and countertops in most units, and new PTAC AC units. Exterior improvements include painting and stucco, while mechanical updates include elevator repairs and a new 120-gallon boiler. Appliances were upgraded throughout the units, and a new parking lot and landscaping were completed on Cassandra Lane under City of Myrtle Beach-approved plans.
Renovation work completed during 2023-2024 includes new PEX water lines, a sprinkler system, fire alarm installation, standpipe servicing, interior painting, drywall work, upgraded kitchen cabinets and countertops in most units, and new PTAC AC units. Exterior improvements include painting and stucco, while mechanical updates include elevator repairs and a new 120-gallon boiler. Appliances were upgraded throughout the units, and a new parking lot and landscaping were completed on Cassandra Lane under City of Myrtle Beach-approved plans.
Key Highlights
- 68‑unit apartment property with studio and one‑bedroom units
- Approximately 25,011 square feet on about 0.70 acres
- Directly on Ocean Boulevard at 2010 S Ocean Blvd., Myrtle Beach, SC 29577
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
$230,884
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
3.42%
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%
$4,617,680
$4.6M
Cap Rate 7%
$3,298,343
$3.3M
Cap Rate 9%
$2,565,378
$2.6M
Market Conditions
NOI Build-Up for 25,011 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
$438.2K $17.52/SF
− Vacancy
−$18.4K −$0.74/SF
EGI
$419.8K $16.78/SF
− OpEx
−$188.9K −$7.55/SF
NOI
$230.9K $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%
$4,617,680
Cap Rate 7%
$3,298,343
Cap Rate 9%
$2,565,378
Alternative Uses
Best Use
Apartment 5plus
$3.30M
$2.89M – $3.85M
NOI $230,884 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.34M
$5.55M – $7.40M
NOI $443,715 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
68
Residential units
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
486
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Ocean Boulevard apartment property with studio and one-bedroom units, a corner position, and a separate parking parcel.
Where is this apartment building located?
The property is located at 2010 S Ocean Blvd. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: 68‑unit apartment property with studio and one‑bedroom units; Approximately 25,011 square feet on about 0.70 acres; Directly on Ocean Boulevard at 2010 S Ocean Blvd., Myrtle Beach, SC 29577
