Drive-Through Restaurant
For Sale
$1,200,000
1204 Kings Highway, Myrtle Beach, SC 29577
Former restaurant property includes multiple cooking hoods, walk-in refrigeration, and dedicated drive-through access.
Property Size2,741 SF
Lot Size0.68 Acres
Price / SF$437.80
Days on Market208
Property Features for 1204 Kings Highway
General Information
Standard status
Active
Size
2,741 SF
Total Parking Spaces
43
Lot size
0.68 Acres
Property subtype
General Commercial
Site & Location
Drive-Thru
Yes
Traffic Count
21,700 vehicles/day
Road Access
Yes
Additional Details
Commercial Hood
Yes
Amenities
Central Air
3
43 Parking Spaces.
130 x 233 x 130 x233
Building Details
Buildings
1
Stories
1
Listing Agency:
Kristi Martin Realty
(903) 213-5776
Listed By:
Kristi Martin
(903) 213-5776
Source:
Xome
Added: Jan 15
Changed: Aug 9
Last Checked: Aug 10 at 3:05AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Kristi Martin Realty
Investment Insights
Based on property information with market context.
The former Captain D’s restaurant contains approximately 2,741 SF on a 0.68-acre site. Improvements include a walk-in cooler, walk-in freezer, three cooking hoods measuring 48 inches, 60 inches, and 72 inches, a drive-through, road signage, and 43 parking spaces. Two curb cuts serve the property from Kings Highway.
The site is near Coastal Grande Mall, The Market Common, Myrtle Beach National Airport, 2nd Avenue Pier, Myrtle Beach State Park, and the Boardwalk on Ocean Boulevard. The Atlantic Ocean is approximately 1,000 feet away, and Highway 501 is one mile from the property. Average daily traffic is 21,700, according to SCDOT for 2024.
The site is near Coastal Grande Mall, The Market Common, Myrtle Beach National Airport, 2nd Avenue Pier, Myrtle Beach State Park, and the Boardwalk on Ocean Boulevard. The Atlantic Ocean is approximately 1,000 feet away, and Highway 501 is one mile from the property. Average daily traffic is 21,700, according to SCDOT for 2024.
Key Highlights
- Approximately 2,741 SF former restaurant building on 0.68 acres
- Drive‑through, road signage, two curb cuts, and 43 parking spaces
- Walk‑in cooler and walk‑in freezer included
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
$45,218
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
3.77%
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%
$904,360
$904.4K
Cap Rate 7%
$645,971
$646.0K
Cap Rate 9%
$502,422
$502.4K
Market Conditions
NOI Build-Up for 2,741 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
$61.8K $22.56/SF
− Vacancy
−$1.5K −$0.56/SF
EGI
$60.3K $22.00/SF
− OpEx
−$15.1K −$5.50/SF
NOI
$45.2K $16.50/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$22.56 /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%
$904,360
Cap Rate 7%
$645,971
Cap Rate 9%
$502,422
Alternative Uses
Best Use
Specialty Retail
$646.0K
$565.2K – $753.6K
NOI $45,218 @ 7.0% cap · market cap 3.77%
Second Best
Industrial
$502.5K
$439.7K – $586.2K
NOI $35,173 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$694.7K
$607.9K – $810.5K
NOI $48,628 @ 7.0% cap · market cap 4.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
21,700 VPD
Traffic count
Yes
Paved road access
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
200
Businesses Nearby
31k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 61%
Shops & Services 37%
Dining 3%
Food Lion Grocery Store
Groceries
18,764 visits/mo
0.1 miles
Shell
Shops & Services
11,304 visits/mo
0.5 miles
China King
Dining
815 visits/mo
0.1 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Former restaurant property includes multiple cooking hoods, walk-in refrigeration, and dedicated drive-through access.
Where is this drive through restaurant located?
The property is located at 1204 Kings Highway Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Approximately 2,741 SF former restaurant building on 0.68 acres; Drive‑through, road signage, two curb cuts, and 43 parking spaces; Walk‑in cooler and walk‑in freezer included
