Apartment Building with Six Rented
For Sale
$1,250,000
2201 John Henry Ln., Myrtle Beach, SC 29579
MULTI_FAMILY - Myrtle Beach, SC
Property Size5,250 SF
Price / SF$238.10
Days on Market292
Property Features for 2201 John Henry Ln.
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Waccamaw Trace
Elementary school
River Oaks Elementary
Middle school
Ten Oaks Middle School
High school
Carolina Forest High School
Standard status
Active
Size
5,250 SF
Building Details
Year built
2000
Number of units
6
Listing Agency:
Keller Williams Innovate South · Keller Williams Realty
(843) 443-9400
Listed By:
Pivot Properties Team
(843) 582-8250
Added: Oct 22, 2025
Changed: Aug 1
Last Checked: Aug 9 at 7:06PM
MLS# 2525647
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.
Apartment buildings at 2201 John Henry Ln. in Myrtle Beach, SC offer six fully rented units. The property has a strong rental history with some tenants in place for up to seven years. The building was built in 2000 and totals 5,250 square feet.
Recent improvements include a new roof installed in 2024 with a 30-year lifespan. New HVAC systems were replaced within the last two years, designed to support ongoing maintenance needs.
This turnkey setup is positioned for investors seeking a stabilized, long-term tenant base with documented capital updates.
Recent improvements include a new roof installed in 2024 with a 30-year lifespan. New HVAC systems were replaced within the last two years, designed to support ongoing maintenance needs.
This turnkey setup is positioned for investors seeking a stabilized, long-term tenant base with documented capital updates.
Key Highlights
- Six fully rented units with a strong rental history
- New roof installed in 2024 with a 30‑year lifespan
- HVAC systems replaced within the last two years
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
$48,464
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
3.88%
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%
$969,280
$969.3K
Cap Rate 7%
$692,343
$692.3K
Cap Rate 9%
$538,489
$538.5K
Market Conditions
NOI Build-Up for 5,250 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
$92.0K $17.52/SF
− Vacancy
−$3.9K −$0.74/SF
EGI
$88.1K $16.78/SF
− OpEx
−$39.7K −$7.55/SF
NOI
$48.5K $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%
$969,280
Cap Rate 7%
$692,343
Cap Rate 9%
$538,489
Alternative Uses
Best Use
Apartment 5plus
$692.3K
$605.8K – $807.7K
NOI $48,464 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $93,139 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
89
Businesses Nearby
Explore this area
Business Placement
Demographics for 29579, SC
50,378
Population
24,320
Households
2.1
Avg Household Size
43
Median Age
34%
College-Educated
95%
High-School Grad
53.0 sq mi
ZIP Area
951
Density / Sq Mi
$72,909
Median Household Income
$39,175
Median Earnings
$1,466
Median Rent
$320,400
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 - Apartment building offering six fully rented units with recent roof and HVAC upgrades.
Where is this apartment building located?
The property is located at 2201 John Henry Ln. 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: Six fully rented units with a strong rental history; New roof installed in 2024 with a 30‑year lifespan; HVAC systems replaced within the last two years
