Commercial Multifamily Apartment
For Sale
$799,900
311 3rd Ave. N, Myrtle Beach, SC 29577
COMMERCIAL/INDUSTRIAL, Myrtle Beach, SC
Property Size4,122 SF
Lot Size0.18 Acres
Price / SF$194.06
Days on Market67
Property Features for 311 3rd Ave. N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
commercial
Subdivision
16G Myrtle Beach Area--Southern Limit to 10TH Ave N
Standard status
Active
Size
4,122 SF
Lot size
0.18 Acres
Building Details
Floors in Building
2
Number of units
6
Listing Agency:
Sloan Realty Group
(843) 213-1346
Listed By:
Blake Sloan
(843) 222-9265
Added: Jul 1
Changed: Aug 19
Last Checked: Sep 5 at 5:06PM
MLS# 2616683
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 for-sale multifamily apartment building is positioned as a residential income property, categorized as an apartment building/other apartment buildings. The listing identifies commercial zoning, supporting a mixed-use approach to ownership and operation. Property metrics provided include a total building size of 4,122 square feet and a lot size of 0.18 acres, reflecting a compact development scale.
The property is located at 311 3rd Ave. N in Myrtle Beach, South Carolina 29577, in Horry County. The asset’s address and municipal setting make it suitable for buyers looking at in-town, smaller-scale multifamily opportunities where land footprint matters.
From an ownership standpoint, this building may fit investors or owner-operators seeking a manageable multifamily asset within commercial zoning parameters. With the information provided, the most practical way to evaluate fit is to review the existing building layout and current or planned operating plan for the intended apartment use, alongside any zoning-related compliance for the specific tenant and operations model.
The property is located at 311 3rd Ave. N in Myrtle Beach, South Carolina 29577, in Horry County. The asset’s address and municipal setting make it suitable for buyers looking at in-town, smaller-scale multifamily opportunities where land footprint matters.
From an ownership standpoint, this building may fit investors or owner-operators seeking a manageable multifamily asset within commercial zoning parameters. With the information provided, the most practical way to evaluate fit is to review the existing building layout and current or planned operating plan for the intended apartment use, alongside any zoning-related compliance for the specific tenant and operations model.
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
$38,051
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
4.76%
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%
$761,020
$761.0K
Cap Rate 7%
$543,586
$543.6K
Cap Rate 9%
$422,789
$422.8K
Market Conditions
NOI Build-Up for 4,122 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
$72.2K $17.52/SF
− Vacancy
−$3.0K −$0.74/SF
EGI
$69.2K $16.78/SF
− OpEx
−$31.1K −$7.55/SF
NOI
$38.1K $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%
$761,020
Cap Rate 7%
$543,586
Cap Rate 9%
$422,789
Alternative Uses
Best Use
Apartment 5plus
$543.6K
$475.6K – $634.2K
NOI $38,051 @ 7.0% cap · market cap 4.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.04M
$914.1K – $1.22M
NOI $73,128 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,380
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 - For-sale apartment income property with commercial zoning at a compact Myrtle Beach site.
Where is this apartment building located?
The property is located at 311 3rd Ave. N Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $799,900.
