Renovated 9-Unit Apartment
For Sale
$1,495,000
404 22nd Ave. N, Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size6,063 SF
Price / SF$246.58
Days on Market162
Property Features for 404 22nd Ave. N
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Carport, Assigned
Subdivision
East Chester
Lot features
Rectangular, East of Bus. 17, East of Highway 17 Bypass
Elementary school
Myrtle Beach Elementary School
Middle school
Myrtle Beach Middle School
High school
Myrtle Beach High School
Standard status
Active
Size
6,063 SF
Utilities
Utilities
Cable Available
Amenities
private balcony
on-site laundry
smart lock systems
property-wide WiFi
Building Details
Year built
1985
Number of units
9
Listing Agency:
Century 21 Barefoot Realty · Century 21 Real Estate
(843) 390-2121
Listed By:
The Mills Group Team · License #17587
(843) 252-0847
Added: Mar 23
Changed: Aug 28
Last Checked: Aug 31 at 7:06PM
MLS# 2607498
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 9-unit apartment property contains eight 1-bedroom units and one 2-bedroom unit within 6,063 square feet. Built in 1985, the property has undergone extensive renovation, including a new commercial roof, updated kitchens and bathrooms, furnishings, smart-lock systems, and property-wide WiFi. Each unit includes a private balcony oriented toward the ocean, while on-site laundry supports resident or guest convenience.
The property is located one block from the beach in Myrtle Beach, with golf courses, dining, shopping, and area attractions nearby. Assigned parking and carport spaces are included. The existing configuration supports continued short-term rental use, with the source information also identifying potential flexibility for a boutique hospitality or bed-and-breakfast concept.
The property is located one block from the beach in Myrtle Beach, with golf courses, dining, shopping, and area attractions nearby. Assigned parking and carport spaces are included. The existing configuration supports continued short-term rental use, with the source information also identifying potential flexibility for a boutique hospitality or bed-and-breakfast concept.
Key Highlights
- 9 units with eight 1‑bedroom units and one 2‑bedroom unit
- 6,063 square feet; built in 1985
- Private ocean‑facing balcony for every unit
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
$55,969
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
3.74%
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%
$1,119,380
$1.1M
Cap Rate 7%
$799,557
$799.6K
Cap Rate 9%
$621,878
$621.9K
Market Conditions
NOI Build-Up for 6,063 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
$106.2K $17.52/SF
− Vacancy
−$4.5K −$0.74/SF
EGI
$101.8K $16.78/SF
− OpEx
−$45.8K −$7.55/SF
NOI
$56.0K $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%
$1,119,380
Cap Rate 7%
$799,557
Cap Rate 9%
$621,878
Alternative Uses
Best Use
Apartment 5plus
$799.6K
$699.6K – $932.8K
NOI $55,969 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.54M
$1.34M – $1.79M
NOI $107,562 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,361
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 - Renovated coastal apartment property with private ocean-facing balconies, on-site laundry, and assigned carport parking.
Where is this apartment building located?
The property is located at 404 22nd Ave. N Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: 9 units with eight 1‑bedroom units and one 2‑bedroom unit; 6,063 square feet; built in 1985; Private ocean‑facing balcony for every unit
