Side-by-Side Beach
New
For Sale
$400,000
401 28th Ave. S, North Myrtle Beach, SC 29582
MULTI-FAMILY, North Myrtle Beach, SC
Property Size1,600 SF
Price / SF$250
Days on Market3
Property Features for 401 28th Ave. S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Parking features
Assigned
Lot features
Rectangular, East of Bus. 17, Inside City Limits, Second Row Beach, East of Highway 17 Bypass
Elementary school
Ocean Drive Elementary
Middle school
North Myrtle Beach Middle School
High school
North Myrtle Beach High School
Subdivision
11C North Myrtle Beach Area--Crescent Beach
Standard status
Active
Size
1,600 SF
Utilities
Utilities
Cable Available
Amenities
private front porches
ocean views
assigned off-street parking
separate washers and dryers
private decks
Building Details
Year built
1977
Number of units
2
Listing Agency:
Century 21 Barefoot Realty · Century 21 Real Estate
(843) 390-2121
Listed By:
The Mills Group Team · License #327646
(843) 252-0847
Added: Sep 11
Last Checked: Sep 13 at 10:06PM
MLS# 2622510
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 1977, this 1,600-square-foot duplex contains two separate residences with a total of four bedrooms. One unit includes two bedrooms and one bathroom; the other offers two bedrooms and one-and-a-half bathrooms. Both residences are furnished and feature front porches, ocean views, and individual washers and dryers. Rear access leads to smaller private decks, while assigned off-street parking serves guests.
The property is located at 401 28th Ave. S in North Myrtle Beach’s Crescent Beach area, approximately one block from the beach. There is no HOA, and cable is available. The configuration supports separate occupancy, rental use, or personal beach use, subject to applicable requirements.
The property is located at 401 28th Ave. S in North Myrtle Beach’s Crescent Beach area, approximately one block from the beach. There is no HOA, and cable is available. The configuration supports separate occupancy, rental use, or personal beach use, subject to applicable requirements.
Key Highlights
- 1,600‑square‑foot duplex built in 1977
- Two residences: one with 2 bedrooms and 1 bathroom, the other with 2 bedrooms and 1.5 bathrooms
- Approximately one block from the beach in Crescent Beach
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
$16,343
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
4.09%
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%
$326,860
$326.9K
Cap Rate 7%
$233,471
$233.5K
Cap Rate 9%
$181,589
$181.6K
Market Conditions
NOI Build-Up for 1,600 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
$24.6K $15.36/SF
− Vacancy
−$1.2K −$0.77/SF
EGI
$23.3K $14.59/SF
− OpEx
−$7.0K −$4.38/SF
NOI
$16.3K $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%
$326,860
Cap Rate 7%
$233,471
Cap Rate 9%
$181,589
Alternative Uses
Best Use
Multifamily LT 5
$233.5K
$204.3K – $272.4K
NOI $16,343 @ 7.0% cap · market cap 4.09%
Second Best
Apartment 5plus
$211.0K
$184.6K – $246.2K
NOI $14,770 @ 7.0% cap · market cap 3.69%
Theoretical Best
Office A
$405.5K
$354.8K – $473.1K
NOI $28,385 @ 7.0% cap · market cap 7.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
549
Businesses Nearby
Explore this area
Business Placement
Demographics for 29582, SC
18,897
Population
27,559
Households
0.7
Avg Household Size
62
Median Age
38%
College-Educated
94%
High-School Grad
21.9 sq mi
ZIP Area
863
Density / Sq Mi
$71,030
Median Household Income
$36,906
Median Earnings
$1,194
Median Rent
$370,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Furnished two-unit property with ocean views, porches, private decks, and assigned off-street parking near the beach.
Where is this duplex located?
The property is located at 401 28th Ave. S North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 1,600‑square‑foot duplex built in 1977; Two residences: one with 2 bedrooms and 1 bathroom, the other with 2 bedrooms and 1.5 bathrooms; Approximately one block from the beach in Crescent Beach
