Two-Unit Multifamily
For Sale
$275,999
1356 Glenns Bay Rd., Surfside Beach, SC 29575
MULTI-FAMILY, Surfside Beach, SC
Property Size1,816 SF
Price / SF$151.98
Days on Market47
Property Features for 1356 Glenns Bay Rd.
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Subdivision
Retreat at Glenns Bay
Elementary school
Saint James Elementary School
Middle school
Saint James Middle School
High school
Saint James High School
Standard status
Active
Size
1,816 SF
Amenities
private balconies
Building Details
Year built
1986
Number of units
2
Listing Agency:
Own Myrtle Real Estate
(516) 233-0601
Listed By:
Ester Esti Simantov
(843) 457-9780
Added: Jul 24
Changed: Aug 19
Last Checked: Sep 8 at 3:06AM
MLS# 2618452
Copyright © 2026 Coastal Carolina Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multifamily offering includes Units 205G and 204J at The Retreat at Glenns Bay. Each condominium features two bedrooms, two bathrooms, an open layout, defined living and dining areas, a private balcony, and views toward a pond. The property was built in 1986 and totals 1,816 square feet.
Both residences are currently leased, and purchasers must honor the existing leases. Short-term and long-term rental use is permitted. The units may be acquired separately or together. The community is located at 1356 Glenns Bay Rd. in Surfside Beach, approximately one mile from the beach and Surfside Beach Fishing Pier, with golf cart-friendly access to shopping, dining, and entertainment.
Both residences are currently leased, and purchasers must honor the existing leases. Short-term and long-term rental use is permitted. The units may be acquired separately or together. The community is located at 1356 Glenns Bay Rd. in Surfside Beach, approximately one mile from the beach and Surfside Beach Fishing Pier, with golf cart-friendly access to shopping, dining, and entertainment.
Key Highlights
- Two 2‑bedroom, 2‑bath condominium units included
- 1,816 square feet in total property size
- Both units are currently tenant‑occupied with existing leases
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
Location Intelligence
Trade Area within ½ mile
732
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
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Frequently Asked Questions
What type of property is this?
Multifamily property - Includes two tenant-occupied condos with two bedrooms, two baths, private balconies, and permitted short- and long-term rentals.
Where is this multifamily 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 included; 1,816 square feet in total property size; Both units are currently tenant‑occupied with existing leases
