Two-Building Apartment
For Sale
$4,500,000
3170 Holmestown Rd., Myrtle Beach, SC 29588
All-brick multifamily community with balconies, onsite laundry, and paved parking suitable for income-oriented ownership.
Property Size22,772 SF
Lot Size1.63 Acres
Price / SF$197.61
Days on Market55
Property Features for 3170 Holmestown Rd.
General Information
Standard status
Active
Size
22,772 SF
Lot size
1.63 Acres
Property subtype
Commercial
Occupancy
100%
Additional Details
Multifamily Units
42
Building Details
Year Built
1997
Listing Agency:
Own Myrtle Real Estate
(888) 874-2121
Listed By:
Ester Esti Simantov (Cell
Source:
C21theharrelsongroup
Added: Jun 15
Changed: Jul 10
Last Checked: Aug 7 at 2:34AM
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 Own Myrtle Real Estate
Investment Insights
Based on property information with market context.
Built in 1997, this 42-unit apartment community features all-brick construction and consists of two buildings. The property includes steel-frame stairs and balconies, an onsite laundry facility, and an office/manager’s living quarters. A paved parking lot supports daily tenant access and operations.
The community is offered for sale on 1.63 acres, with parking provided on-site. The public remarks indicate the property is being sold while at 100% occupancy, reflecting current lease status at the time of offering.
This asset may appeal to buyers seeking a stabilized multifamily purchase with operational components in place, including onsite laundry and dedicated on-site manager space. The two-building setup can support straightforward day-to-day management, while the unit configuration and common-site amenities are designed to serve resident needs within the property.
The community is offered for sale on 1.63 acres, with parking provided on-site. The public remarks indicate the property is being sold while at 100% occupancy, reflecting current lease status at the time of offering.
This asset may appeal to buyers seeking a stabilized multifamily purchase with operational components in place, including onsite laundry and dedicated on-site manager space. The two-building setup can support straightforward day-to-day management, while the unit configuration and common-site amenities are designed to serve resident needs within the property.
Key Highlights
- 42‑unit multifamily property built in 1997
- All‑brick construction on 1.63 acres with two buildings
- Paved parking lot for residents
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
$210,215
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
4.67%
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%
$4,204,300
$4.2M
Cap Rate 7%
$3,003,071
$3.0M
Cap Rate 9%
$2,335,722
$2.3M
Market Conditions
NOI Build-Up for 22,772 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
$399.0K $17.52/SF
− Vacancy
−$16.8K −$0.74/SF
EGI
$382.2K $16.78/SF
− OpEx
−$172.0K −$7.55/SF
NOI
$210.2K $9.23/SF
Area
Horry County, SC
Vacancy
4.20%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
45.00%
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%
$4,204,300
Cap Rate 7%
$3,003,071
Cap Rate 9%
$2,335,722
Alternative Uses
Best Use
Apartment 5plus
$3.00M
$2.63M – $3.50M
NOI $210,215 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.77M
$5.05M – $6.73M
NOI $403,993 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
42
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 29588, SC
48,113
Population
22,223
Households
2.2
Avg Household Size
45
Median Age
26%
College-Educated
92%
High-School Grad
42.0 sq mi
ZIP Area
1,146
Density / Sq Mi
$66,854
Median Household Income
$34,518
Median Earnings
$1,220
Median Rent
$241,700
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?
Apartment building - All-brick multifamily community with balconies, onsite laundry, and paved parking suitable for income-oriented ownership.
Where is this apartment building located?
The property is located at 3170 Holmestown Rd. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 42‑unit multifamily property built in 1997; All‑brick construction on 1.63 acres with two buildings; Paved parking lot for residents
