Two-Story Office
For Sale
$1,249,900
4605 Oleander Dr., Myrtle Beach, SC 29577
COMMERCIAL - Myrtle Beach, SC
Property Size4,400 SF
Lot Size0.14 Acres
Price / SF$284.07
Days on Market191
Property Features for 4605 Oleander Dr.
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OPI
Security features
Security System
Exterior features
Elevator-Passenger, Fire Alarm, Inside Storage, Kitchen Facility, Office(s), Reception Area, Restrooms - Private, Security System
Accessibility
Accessible Elevator Installed
Subdivision
16E Myrtle Beach Area--29th Ave N to 48th Ave N
Standard status
Active
Size
4,400 SF
Lot size
0.14 Acres
Amenities
reception area
kitchen
conference room
private restrooms
Building Details
Floors in Building
2
Number of units
2
Additional Structures
Storage
Listing Agency:
Century 21 The Harrelson Group · Century 21 Real Estate
(843) 903-3550
Listed By:
Greg Harrelson Sales Team
(843) 457-7816
Added: Feb 6
Changed: Aug 13
Last Checked: Aug 16 at 9:06PM
MLS# 2603269
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 4,400-square-foot office building at 4605 Oleander Dr. includes two fully leased units arranged across two floors. Each level has a separate reception area, kitchen, conference room, and private restrooms. The first floor contains five private offices and a large storage room, while the second floor provides six offices and two storage rooms. Elevator and stair access connect both levels from the common entrance, and the property includes an accessible passenger elevator.
Constructed in 2010, the building has a brick exterior, on-site parking, fire alarm, security system, and high-end interior finishes. The property is situated in Myrtle Beach, SC, within the OPI zoning designation, and occupies 0.14 acres.
Constructed in 2010, the building has a brick exterior, on-site parking, fire alarm, security system, and high-end interior finishes. The property is situated in Myrtle Beach, SC, within the OPI zoning designation, and occupies 0.14 acres.
Key Highlights
- 4,400‑square‑foot office building on 0.14 acres
- Two fully leased office units across two floors
- First floor includes 5 private offices and a large storage room
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
$53,856
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
4.31%
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%
$1,077,120
$1.1M
Cap Rate 7%
$769,371
$769.4K
Cap Rate 9%
$598,400
$598.4K
Market Conditions
NOI Build-Up for 4,400 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
$84.5K $19.20/SF
− Vacancy
−$12.7K −$2.88/SF
EGI
$71.8K $16.32/SF
− OpEx
−$18.0K −$4.08/SF
NOI
$53.9K $12.24/SF
Area
Horry County, SC
Vacancy
15.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$1,077,120
Cap Rate 7%
$769,371
Cap Rate 9%
$598,400
Alternative Uses
Best Use
Office B
$769.4K
$673.2K – $897.6K
NOI $53,856 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$975.8K – $1.30M
NOI $78,060 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
727
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two leased office units provide reception areas, kitchens, conference rooms, private restrooms, and dedicated storage across both floors.
Where is this office building located?
The property is located at 4605 Oleander Dr. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: 4,400‑square‑foot office building on 0.14 acres; Two fully leased office units across two floors; First floor includes 5 private offices and a large storage room
