Nine-Unit Multifamily
For Sale
$1,399,000
703 Collins St., Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size7,592 SF
Lot Size0.56 Acres
Price / SF$184.27
Days on Market70
Property Features for 703 Collins St.
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Elementary school
Myrtle Beach Primary 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
7,592 SF
Lot size
0.56 Acres
Building Details
Year built
1976
Number of units
9
Listing Agency:
Own Myrtle Real Estate
(516) 233-0601
Listed By:
Ester Esti Simantov
(843) 457-9780
Added: Jul 1
Changed: Aug 19
Last Checked: Sep 8 at 10:06AM
MLS# 2616567
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 multifamily property contains nine rental units on two adjacent parcels totaling approximately 0.56 acres. The 7592-square-foot configuration includes one three-bedroom, one-bathroom single-family residence; two duplexes with two bedrooms and one bathroom per unit; and a quadplex with four two-bedroom, one-bathroom units. The improvements date to 1976.
The property is positioned near shopping, dining, major roadways, and area attractions in Myrtle Beach. The combination of multiple residential structures, established tenancy, and varied unit sizes creates a consolidated rental asset with a defined unit mix.
The property is positioned near shopping, dining, major roadways, and area attractions in Myrtle Beach. The combination of multiple residential structures, established tenancy, and varied unit sizes creates a consolidated rental asset with a defined unit mix.
Key Highlights
- Nine rental units across two adjacent parcels
- Approximately 0.56 acres
- 7592 square feet of property size
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
$77,548
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
5.54%
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%
$1,550,960
$1.6M
Cap Rate 7%
$1,107,829
$1.1M
Cap Rate 9%
$861,644
$861.6K
Market Conditions
NOI Build-Up for 7,592 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
$116.6K $15.36/SF
− Vacancy
−$5.8K −$0.77/SF
EGI
$110.8K $14.59/SF
− OpEx
−$33.2K −$4.38/SF
NOI
$77.5K $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%
$1,550,960
Cap Rate 7%
$1,107,829
Cap Rate 9%
$861,644
Alternative Uses
Best Use
Multifamily LT 5
$1.11M
$969.4K – $1.29M
NOI $77,548 @ 7.0% cap · market cap 5.54%
Second Best
Apartment 5plus
$1.00M
$876.1K – $1.17M
NOI $70,084 @ 7.0% cap · market cap 5.01%
Theoretical Best
Office A
$1.92M
$1.68M – $2.24M
NOI $134,688 @ 7.0% cap · market cap 9.63%
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
1,177
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?
Multifamily property - Multiple residential buildings offer varied unit layouts and an established tenant base.
Where is this multifamily property located?
The property is located at 703 Collins St. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: Nine rental units across two adjacent parcels; Approximately 0.56 acres; 7592 square feet of property size
