Brick Duplex Near
For Sale
$500,000
608 22nd Ave. S, North Myrtle Beach, SC 29582
MULTI-FAMILY, North Myrtle Beach, SC
Property Size1,800 SF
Price / SF$277.78
Days on Market201
Property Features for 608 22nd Ave. S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Subdivision
Crescent Beach
Lot features
Rectangular, East of Bus. 17, Inside City Limits
Elementary school
Ocean Drive Elementary
Middle school
North Myrtle Beach Middle School
High school
North Myrtle Beach High School
Standard status
Active
Size
1,800 SF
Utilities
Utilities
Cable Available
Building Details
Year built
1980
Number of units
2
Listing Agency:
CB Sea Coast Advantage MB · Coldwell Banker Real Estate
(843) 449-9494
Listed By:
Dean Nikodemski · License #190821
(704) 904-4767
Added: Feb 2
Changed: Aug 19
Last Checked: Aug 22 at 8:06PM
MLS# 2603069
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 1,800-square-foot brick ranch duplex was built in 1980 and contains two apartments, each with 2 bedrooms and 1 bathroom. Both units include upgraded LVP flooring, while unit A also has an extensively updated kitchen, fresh paint, and ceiling fans. A metal roof, new water heaters, and rear storage rooms add to the property’s functional improvements.
Located at 608 22nd Ave. S in North Myrtle Beach, the property is within walking distance of the ocean and has a slight ocean view from the street. Dining, entertainment, and other North Myrtle Beach amenities are nearby. Both apartments are rented through May, 2027, and cable is available.
Located at 608 22nd Ave. S in North Myrtle Beach, the property is within walking distance of the ocean and has a slight ocean view from the street. Dining, entertainment, and other North Myrtle Beach amenities are nearby. Both apartments are rented through May, 2027, and cable is available.
Key Highlights
- 1,800‑square‑foot duplex with two apartments
- Each unit offers 2 bedrooms and 1 bathroom
- Unit A includes an upgraded kitchen, paint, ceiling fans, and LVP flooring
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
$18,386
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
3.68%
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%
$367,720
$367.7K
Cap Rate 7%
$262,657
$262.7K
Cap Rate 9%
$204,289
$204.3K
Market Conditions
NOI Build-Up for 1,800 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
$27.6K $15.36/SF
− Vacancy
−$1.4K −$0.77/SF
EGI
$26.3K $14.59/SF
− OpEx
−$7.9K −$4.38/SF
NOI
$18.4K $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%
$367,720
Cap Rate 7%
$262,657
Cap Rate 9%
$204,289
Alternative Uses
Best Use
Multifamily LT 5
$262.7K
$229.8K – $306.4K
NOI $18,386 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$237.4K
$207.7K – $276.9K
NOI $16,616 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$456.2K
$399.2K – $532.2K
NOI $31,933 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
553
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two leased apartments feature refreshed interiors, rear storage rooms, and convenient access to coastal dining and entertainment.
Where is this duplex located?
The property is located at 608 22nd Ave. S North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: 1,800‑square‑foot duplex with two apartments; Each unit offers 2 bedrooms and 1 bathroom; Unit A includes an upgraded kitchen, paint, ceiling fans, and LVP flooring
