Flex Space with Secure
For Sale
$479,000
1008 1st Ave. S, North Myrtle Beach, SC 29582
COMMERCIAL/INDUSTRIAL, North Myrtle Beach, SC
Property Size1,890 SF
Lot Size0.28 Acres
Price / SF$253.44
Days on Market21
Property Features for 1008 1st Ave. S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
R-1
Exterior features
Inside Storage, Living Quarters, Outside Storage
Subdivision
11F North Myrtle Beach Area--between Hwy 17 and waterway
Standard status
Active
Size
1,890 SF
Lot size
0.28 Acres
Amenities
office/one bedroom
shop/garage
full bathroom
indoor storage
Building Details
Floors in Building
1
Number of units
1
Additional Structures
Storage
Listing Agency:
Realty ONE Group DocksideNorth
(843) 663-4030
Listed By:
Alissa Carpenter · License #354143
(843) 742-8700
Added: Aug 7
Changed: Aug 26
Last Checked: Aug 27 at 9:06AM
MLS# 2621135
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 1,890-square-foot flex property at 1008 1st Ave. S combines office or living space with a workshop and garage configuration. The concrete block building includes one bedroom, one full bathroom, and interior storage capacity for vehicles, boats, equipment, materials, or ongoing projects. The current setup is used as a trade shop and car garage.
The 0.28-acre property is fully fenced, adding secured outdoor space for boats, trailers, RVs, vehicles, equipment, and other storage needs. Zoned R-1, the property may support a live/work arrangement, residential conversion, personal workshop, or other permitted uses subject to applicable zoning and local approvals. Its North Myrtle Beach location provides access to the beach and major roads.
The 0.28-acre property is fully fenced, adding secured outdoor space for boats, trailers, RVs, vehicles, equipment, and other storage needs. Zoned R-1, the property may support a live/work arrangement, residential conversion, personal workshop, or other permitted uses subject to applicable zoning and local approvals. Its North Myrtle Beach location provides access to the beach and major roads.
Key Highlights
- 1,890‑square‑foot concrete block building
- 0.28‑acre fully fenced property
- Office or living area with one bedroom and one full bathroom
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
$29,450
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
6.15%
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%
$589,000
$589.0K
Cap Rate 7%
$420,714
$420.7K
Cap Rate 9%
$327,222
$327.2K
Market Conditions
NOI Build-Up for 1,890 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
$36.7K $19.44/SF
− Vacancy
−$2.1K −$1.11/SF
EGI
$34.6K $18.33/SF
− OpEx
−$5.2K −$2.75/SF
NOI
$29.5K $15.58/SF
Area
Horry County, SC
Vacancy
5.70%
Lease Rate
$19.44 /SF/Yr
Expense Ratio
15.00%
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%
$589,000
Cap Rate 7%
$420,714
Cap Rate 9%
$327,222
Alternative Uses
Best Use
Warehouse
$420.7K
$368.1K – $490.8K
NOI $29,450 @ 7.0% cap · market cap 6.15%
Second Best
Retail
$393.6K
$344.4K – $459.2K
NOI $27,553 @ 7.0% cap · market cap 5.75%
Theoretical Best
Office A
$479.0K
$419.1K – $558.8K
NOI $33,530 @ 7.0% cap · market cap 7.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
957
Businesses Nearby
Balanced
Demand for This Use
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Benitos Rolling Oven — 1021 2nd Ave N, North Myrtle Beach, SC 29582
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete block property combines office or living space with a workshop, garage, and fenced outdoor storage area.
Where is this flex space located?
The property is located at 1008 1st Ave. S North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $479,000.
What are key features of this property?
This property features: 1,890‑square‑foot concrete block building; 0.28‑acre fully fenced property; Office or living area with one bedroom and one full bathroom
