16-Unit Multifamily Apartment
For Sale
$1,250,000
404 14th Ave. S, Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size6,736 SF
Price / SF$185.57
Days on Market198
Property Features for 404 14th Ave. S
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Assigned
Lot features
Rectangular, 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
16G Myrtle Beach Area--Southern Limit to 10TH Ave N
Standard status
Active
Size
6,736 SF
Utilities
Utilities
Cable Available
Building Details
Year built
1954
Number of units
16
Listing Agency:
Keller Williams The Forturro Group · Keller Williams Realty
(843) 443-9400
Listed By:
Jeff Forman · License #111037
(843) 902-4325
Added: Feb 9
Changed: Aug 19
Last Checked: Aug 26 at 10:06AM
MLS# 2603478
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 16-unit multifamily apartment building offers a unit mix of 9 efficiency units and 7 one-bedroom units, supporting a diversified rental profile. The property totals 6,736 SF and was built in 1954. It includes assigned parking and has cable available.
Located at 404 14th Ave. S in Myrtle Beach, SC (Horry County), the property is described as being just a short walk from the ocean in the heart of Myrtle Beach. The surrounding area includes access to dining, entertainment, and major employment centers.
The building’s configuration and unit count provide an operation that may appeal to investors looking for a stabilized multifamily asset, with opportunities noted for interior renovations, common area modernization, and management improvements, subject to applicable local regulations and approvals.
Located at 404 14th Ave. S in Myrtle Beach, SC (Horry County), the property is described as being just a short walk from the ocean in the heart of Myrtle Beach. The surrounding area includes access to dining, entertainment, and major employment centers.
The building’s configuration and unit count provide an operation that may appeal to investors looking for a stabilized multifamily asset, with opportunities noted for interior renovations, common area modernization, and management improvements, subject to applicable local regulations and approvals.
Key Highlights
- 16 units total, including 9 efficiency units and 7 one‑bedroom units
- 6,736 SF apartment building built in 1954
- Assigned parking
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
$62,182
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
4.97%
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%
$1,243,640
$1.2M
Cap Rate 7%
$888,314
$888.3K
Cap Rate 9%
$690,911
$690.9K
Market Conditions
NOI Build-Up for 6,736 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
$118.0K $17.52/SF
− Vacancy
−$5.0K −$0.74/SF
EGI
$113.1K $16.78/SF
− OpEx
−$50.9K −$7.55/SF
NOI
$62.2K $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%
$1,243,640
Cap Rate 7%
$888,314
Cap Rate 9%
$690,911
Alternative Uses
Best Use
Apartment 5plus
$888.3K
$777.3K – $1.04M
NOI $62,182 @ 7.0% cap · market cap 4.97%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,502 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
651
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 - 16-unit multifamily with a mix of efficiency and one-bedroom units, assigned parking, and cable available, built in 1954.
Where is this apartment building located?
The property is located at 404 14th Ave. S 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: 16 units total, including 9 efficiency units and 7 one‑bedroom units; 6,736 SF apartment building built in 1954; Assigned parking
