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    399 Elizabeth Dr. Murrells Inlet, SC 29576

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    For Sale
    $379,998

    Residential Lot - Murrells Inlet, SC

    Type:Single Family Residence
    Lot size:
    0.23 Acres
    Added:
    Apr 29, 2025
    Days on Market:
    372
    Last Refresh:
    May 5 at 5:06 pm

    Property Features for 399 Elizabeth Dr.

    General Information

    Property type
    Land
    Property subtype
    Single Family Residence
    Zoning
    MSF 10
    Exterior features
    Mobile Home Permitted, Short Term Rental Allowed, Long Term Rental Allowed, Modular Home Permitted, Owner Allowed Motorcycle, Tenant Allowed Motorcycle, Owner Allowed Golf Cart, Tenant Allowed Golf Cart, Owner Allowed Pet
    Standard status
    Active
    Lot size
    0.23 Acres

    Building Details

    Architectural style
    Other
    Additional Structures
    Mobile Home

    We can help!

    Listing Contact
    Radha Herring
    Radha Herring

    Listing agent Radha Herring

    Listing office Watermark Real Estate Group PO Box 956, Murrells Inlet, SC

    Listing date Apr 29, 2025

    MLS# 2510804 Listing URL

    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.

    Overview

    Cleared Residential Lot Near Marsh

    This cleared residential lot is located on the second row to the marsh in Garden City Beach. It is a short golf cart or bike ride away from the beach, Garden City Pier, and the entertainment area of Garden City Beach on Atlantic Avenue. A survey is on file. There is no HOA subdivision, and the buyer can build anytime and choose their custom builder. The property is suitable for a primary residence, second home, or investment property, as short-term rentals are allowed. The Horry County zoning is MSF10 Residential, which allows for site-built, modular, and mobile homes. The lot size is 0.23 acres. The location provides convenient access to Murrells Inlet and Myrtle Beach, including the Murrells Inlet Marsh Walk, Brookgreen Gardens, Huntington State Park, Myrtle Beach State Park, Myrtle Beach International Airport, Broadway At The Beach, Barefoot Landing, The Market Common, Coastal Grande Mall, Tanger Outlets, Coastal Carolina University (CCU), bike trails, fishing piers, marinas, public docks, public landings, restaurants, golf courses, shops, entertainment, and attractions. Charleston, SC is located 90 miles to the south.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Murrells Inlet
    County
    Horry
    State
    South Carolina
    Longitude
    -79.00263
    Latitude
    33.583586

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    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot near the beach, rentals allowed, no HOA.
    Where is this residential land & home lot located?
    The property is located at 399 Elizabeth Dr. Murrells Inlet, SC.
    What is the asking price?
    The asking price for this property is $379,998.
    What are key features of this property?
    This property features: Short‑term rentals allowed, **ideal for investment property**.; No HOA, offering freedom in building and property use.; Cleared residential lot, **ready for immediate building**.
    (843) 424-8811
    We can help!
    Listing Contact
    Radha Herring
    Radha Herring
    Real Estate License ID: 51279
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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