Myrtle Beach Office Building For
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1293 Professional Dr, Myrtle Beach, SC
Two-story office building in Myrtle Beach's Oleander Dr Office/Professional District.
Property Size10,280 SF
Lot Size0.61 Acres
Price / SF$335.60
Days on Market864
Property Features for 1293 Professional Dr
General Information
Standard status
Active
Size
10,280 SF
Lot size
0.61 Acres
Property subtype
RETAIL
Listing Agency:
Coldwell Banker Commercial Chicora
(843) 272-8700
Listed By:
John Draughn · License #8683
(843) 455-0444
Source:
Moodyscre
Added: May 3, 2024
Changed: Sep 9
Last Checked: Sep 13 at 7:47AM
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 Coldwell Banker Commercial Chicora
Investment Insights
Based on property information with market context.
Located in the Oleander Dr Office/Professional District, this two-story office building offers 10,040 square feet of space. The property is situated outside of Myrtle Beach city limits, falling under Horry County jurisdiction, and is zoned OPI. Suites A, B, and D are currently leased as executive office suites on short-term leases. Suite C, a 2,400-square-foot traditional office space on the ground floor, features a reception area, seven offices, a conference room, a kitchenette, a storage room, multiple storage closets, and three restrooms. The property is easily accessible via Hwy 17 Bypass or Grissom Pkwy and is close to medical, professional, retail, and high-density residential areas. The Myrtle Beach MSA is one of the fastest-growing areas in the US, with a permanent population of 68,122 within a 5-mile radius.
Key Highlights
- Premier office location in the heart of the Oleander Dr Office/Professional District.
- Located outside of Myrtle Beach city limits (Horry County jurisdiction).
- Suite C: Offers 2,400 SF of traditional office space with reception area, 7 offices, conference room, kitchenette, storage room, multiple storage closets, and 3 restrooms.
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
$125,827
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
3.65%
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%
$2,516,540
$2.5M
Cap Rate 7%
$1,797,529
$1.8M
Cap Rate 9%
$1,398,078
$1.4M
Market Conditions
NOI Build-Up for 10,280 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
$197.4K $19.20/SF
− Vacancy
−$29.6K −$2.88/SF
EGI
$167.8K $16.32/SF
− OpEx
−$41.9K −$4.08/SF
NOI
$125.8K $12.24/SF
Area
Horry County, SC
Vacancy
15.00%
Lease Rate
$19.20 /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%
$2,516,540
Cap Rate 7%
$1,797,529
Cap Rate 9%
$1,398,078
Alternative Uses
Best Use
Office B
$1.80M
$1.57M – $2.10M
NOI $125,827 @ 7.0% cap · market cap 3.65%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.28M – $3.04M
NOI $182,375 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,149
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - Two-story office building in Myrtle Beach's Oleander Dr Office/Professional District.
Where is this office building located?
The property is located at 1293 Professional Dr Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: Premier office location in the heart of the Oleander Dr Office/Professional District.; Located outside of Myrtle Beach city limits (Horry County jurisdiction).; Suite C: Offers **2,400 SF of traditional office space** with reception area, 7 offices, conference room, kitchenette, storage room, multiple storage closets, and 3 restrooms.
