Four-Unit Townhome
For Sale
$1,156,000
2309 Withers Dr., Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size4,184 SF
Price / SF$276.29
Days on Market153
Property Features for 2309 Withers Dr.
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
East of Bus. 17, Inside City Limits, East of Highway 17 Bypass
Elementary school
Myrtle Beach Elementary School
Middle school
Myrtle Beach Middle School
High school
Myrtle Beach High School
Subdivision
16F Myrtle Beach Area--10th Ave N to 29th Ave N
Standard status
Active
Size
4,184 SF
Utilities
Utilities
Cable Available
Building Details
Year built
1982
Number of units
4
Listing Agency:
CENTURY 21 Broadhurst · Century 21 Real Estate
(843) 448-7169
Listed By:
Houser & Co. Team · License #125995
(843) 999-5933
Added: Mar 23
Changed: Aug 19
Last Checked: Aug 22 at 7:06AM
MLS# 2607493
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.
Built in 1982, this 4,184-square-foot multifamily property contains four two-bedroom townhomes with a combination of 1.5- and 2-bathroom layouts. Each unit includes a functional floor plan and outdoor living area, while the property is not subject to an HOA. Two residences have received interior updates including LVP flooring, countertops, carpeting, and fresh paint; the other two provide additional renovation flexibility.
All four units received new roofs in 2024. HVAC replacements were completed between 2019 and 2024, varying by unit. Located at 2309 Withers Dr. in Myrtle Beach, the property sits one block from the beach and near dining, shopping, entertainment, and beach access. Cable is available, and the configuration supports short-term rentals, long-term rentals, or seasonal occupancy as described in the property information.
All four units received new roofs in 2024. HVAC replacements were completed between 2019 and 2024, varying by unit. Located at 2309 Withers Dr. in Myrtle Beach, the property sits one block from the beach and near dining, shopping, entertainment, and beach access. Cable is available, and the configuration supports short-term rentals, long-term rentals, or seasonal occupancy as described in the property information.
Key Highlights
- Four 2‑bedroom townhomes totaling 4,184 square feet
- Unit layouts include 1.5 and 2 bathrooms
- New roofs installed across all units in 2024
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
$42,737
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
3.70%
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%
$854,740
$854.7K
Cap Rate 7%
$610,529
$610.5K
Cap Rate 9%
$474,856
$474.9K
Market Conditions
NOI Build-Up for 4,184 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
$64.3K $15.36/SF
− Vacancy
−$3.2K −$0.77/SF
EGI
$61.1K $14.59/SF
− OpEx
−$18.3K −$4.38/SF
NOI
$42.7K $10.21/SF
Area
Horry County, SC
Vacancy
5.00%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$854,740
Cap Rate 7%
$610,529
Cap Rate 9%
$474,856
Alternative Uses
Best Use
Multifamily LT 5
$610.5K
$534.2K – $712.3K
NOI $42,737 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$551.8K
$482.8K – $643.7K
NOI $38,624 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$1.06M
$927.9K – $1.24M
NOI $74,228 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,190
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?
Quadplex - Coastal multifamily property with flexible rental and seasonal-use options near beach access and area dining, shopping, and entertainment.
Where is this quadplex located?
The property is located at 2309 Withers Dr. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,156,000.
What are key features of this property?
This property features: Four 2‑bedroom townhomes totaling 4,184 square feet; Unit layouts include 1.5 and 2 bathrooms; New roofs installed across all units in 2024
