Two-Unit Residential Income
For Sale
$275,999
1356 Glenns Bay Rd., Surfside Beach, SC 29575
Two two-bedroom condos offer open layouts, private balconies, and pond views.
Property Size1,816 SF
Price / SF$151.98
Days on Market35
Property Features for 1356 Glenns Bay Rd.
General Information
Standard status
Active
Size
1,816 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Building Details
Year Built
1986
Listing Agency:
Beachconnection Realty
(843) 405-3515
Listed By:
Greg Harrelson
(843) 405-3515
Source:
Gregharrelson
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 29 at 8:52AM
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 Beachconnection Realty
Investment Insights
Based on property information with market context.
This residential income offering includes two condominium units, each configured with two bedrooms and two bathrooms. The interiors feature open floor plans with defined living and dining areas, while private balconies overlook a pond. Combined property size is 1,816 SF, and the buildings were constructed in 1986.
Located at 1356 Glenns Bay Rd. in Surfside Beach, the community is one mile from the beach and Surfside Beach Fishing Pier. Shopping, dining, and entertainment are accessible by golf cart. Short-term and long-term rentals are permitted. Both units are tenant-occupied, and purchasers must honor the existing leases. Units 205G and 204J may be acquired individually or together.
Located at 1356 Glenns Bay Rd. in Surfside Beach, the community is one mile from the beach and Surfside Beach Fishing Pier. Shopping, dining, and entertainment are accessible by golf cart. Short-term and long-term rentals are permitted. Both units are tenant-occupied, and purchasers must honor the existing leases. Units 205G and 204J may be acquired individually or together.
Key Highlights
- Two 2‑bedroom, 2‑bath condominium units offered individually or together
- Combined property size of 1,816 SF
- Private balconies and pond views
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
$16,764
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
6.07%
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%
$335,280
$335.3K
Cap Rate 7%
$239,486
$239.5K
Cap Rate 9%
$186,267
$186.3K
Market Conditions
NOI Build-Up for 1,816 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
$31.8K $17.52/SF
− Vacancy
−$1.3K −$0.74/SF
EGI
$30.5K $16.78/SF
− OpEx
−$13.7K −$7.55/SF
NOI
$16.8K $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%
$335,280
Cap Rate 7%
$239,486
Cap Rate 9%
$186,267
Alternative Uses
Best Use
Apartment 5plus
$239.5K
$209.6K – $279.4K
NOI $16,764 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$460.2K
$402.7K – $537.0K
NOI $32,217 @ 7.0% cap · market cap 11.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
690
Businesses Nearby
Explore this area
Business Placement
Demographics for 29575, SC
18,135
Population
16,761
Households
1.1
Avg Household Size
57
Median Age
33%
College-Educated
96%
High-School Grad
10.2 sq mi
ZIP Area
1,778
Density / Sq Mi
$72,029
Median Household Income
$38,182
Median Earnings
$1,234
Median Rent
$278,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two two-bedroom condos offer open layouts, private balconies, and pond views.
Where is this residential income property located?
The property is located at 1356 Glenns Bay Rd. Surfside Beach, SC.
What is the asking price?
The asking price for this property is $275,999.
What are key features of this property?
This property features: Two 2‑bedroom, 2‑bath condominium units offered individually or together; Combined property size of 1,816 SF; Private balconies and pond views
