Two-Story Four-Suite Office
For Sale
$450,000
2408 Madison Dr, North Myrtle Beach, SC 29582
Highway Commercial zoning accompanies separately secured office suites with dedicated HVAC systems.
Property Size3,225 SF
Days on Market17
Property Features for 2408 Madison Dr
General Information
Standard status
Active
Size
3,225 SF
Property subtype
Office - General Office
Occupancy
100%
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
4
Building Details
Building Size
3,225 SF
Year Built
1996
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Coldwell Banker Commercial Sea Coast Advantage
(843) 272-8700
Listed By:
John Draughn · License #8683
Source:
Commercialcafe
Added: Aug 15
Changed: Aug 30
Last Checked: Aug 25 at 4:32AM
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 Sea Coast Advantage
Investment Insights
Based on property information with market context.
Built in 1996, this two-story office property is configured as four suites. Each suite contains three offices and one bathroom, along with its own security-system zone and separate HVAC equipment. The building is fully rented, providing an existing multi-suite office configuration for continued occupancy.
The property is located at 2408 Madison Drive in North Myrtle Beach’s Crescent Beach area, on the east side of Highway 17 and one block from the highway. The ocean is five blocks away. Highway Commercial zoning applies to the property, adding a defined commercial-use designation to the existing office improvements.
The property is located at 2408 Madison Drive in North Myrtle Beach’s Crescent Beach area, on the east side of Highway 17 and one block from the highway. The ocean is five blocks away. Highway Commercial zoning applies to the property, adding a defined commercial-use designation to the existing office improvements.
Key Highlights
- Fully rented two‑story office building constructed in 1996
- Four suites, each with 3 offices and a bathroom
- Separate HVAC systems and security‑system zones for each suite
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
$39,474
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
8.77%
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%
$789,480
$789.5K
Cap Rate 7%
$563,914
$563.9K
Cap Rate 9%
$438,600
$438.6K
Market Conditions
NOI Build-Up for 3,225 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
$61.9K $19.20/SF
− Vacancy
−$9.3K −$2.88/SF
EGI
$52.6K $16.32/SF
− OpEx
−$13.2K −$4.08/SF
NOI
$39.5K $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%
$789,480
Cap Rate 7%
$563,914
Cap Rate 9%
$438,600
Alternative Uses
Best Use
Office B
$563.9K
$493.4K – $657.9K
NOI $39,474 @ 7.0% cap · market cap 8.77%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$817.3K
$715.2K – $953.6K
NOI $57,214 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
578
Businesses Nearby
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.
Frequently Asked Questions
What type of property is this?
Office building - Highway Commercial zoning accompanies separately secured office suites with dedicated HVAC systems.
Where is this office building located?
The property is located at 2408 Madison Dr North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Fully rented two‑story office building constructed in 1996; Four suites, each with 3 offices and a bathroom; Separate HVAC systems and security‑system zones for each suite
