Furnished Quadplex Near Beach
New
For Sale
$1,389,000
1408 Perrin Dr., North Myrtle Beach, SC 29582
MULTI-FAMILY, North Myrtle Beach, SC
Property Size5,000 SF
Price / SF$277.80
Days on Market3
Property Features for 1408 Perrin Dr.
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Crescent Beach
Lot features
Rectangular, East of Bus. 17, East of Highway 17 Bypass, Inside City Limits
Elementary school
Ocean Drive Elementary
Middle school
North Myrtle Beach Middle School
High school
North Myrtle Beach High School
Standard status
Active
Size
5,000 SF
Utilities
Utilities
Cable Available
Building Details
Year built
1985
Number of units
4
Listing Agency:
Keller Williams Innovate South · Keller Williams Realty
(843) 443-9400
Listed By:
The Kingsley Team
(843) 267-5843
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 21 at 7:06PM
MLS# 2620516
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 5,000-square-foot quadplex contains four furnished units with a two-bedroom, two-bath layout in two residences and a three-bedroom, two-bath layout in the two end units. Interior features include granite countertops, LVP flooring, stainless steel appliances, and kitchens equipped for vacation-rental use. Newer AC units and renovations or upgrades to several units add to the property’s current configuration.
The property is located at 1408 Perrin Dr. in North Myrtle Beach, with proximity to the beach and public beach access. It is currently operated as a short-term vacation property and includes cable availability. Built in 1985, the asset offers an established multifamily layout with furnishings and operational features already in place.
The property is located at 1408 Perrin Dr. in North Myrtle Beach, with proximity to the beach and public beach access. It is currently operated as a short-term vacation property and includes cable availability. Built in 1985, the asset offers an established multifamily layout with furnishings and operational features already in place.
Key Highlights
- Four‑unit quadplex with two 2‑bedroom, 2‑bath units and two 3‑bedroom, 2‑bath end units
- 5,000 square feet of property size
- Fully furnished units currently operated as a short‑term vacation property
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
$51,072
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
3.68%
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%
$1,021,440
$1.0M
Cap Rate 7%
$729,600
$729.6K
Cap Rate 9%
$567,467
$567.5K
Market Conditions
NOI Build-Up for 5,000 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
$76.8K $15.36/SF
− Vacancy
−$3.8K −$0.77/SF
EGI
$73.0K $14.59/SF
− OpEx
−$21.9K −$4.38/SF
NOI
$51.1K $10.21/SF
Area
Horry County, SC
Vacancy
5.00%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
30.00%
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%
$1,021,440
Cap Rate 7%
$729,600
Cap Rate 9%
$567,467
Alternative Uses
Best Use
Multifamily LT 5
$729.6K
$638.4K – $851.2K
NOI $51,072 @ 7.0% cap · market cap 3.68%
Second Best
Apartment 5plus
$659.4K
$577.0K – $769.3K
NOI $46,156 @ 7.0% cap · market cap 3.32%
Theoretical Best
Office A
$1.27M
$1.11M – $1.48M
NOI $88,704 @ 7.0% cap · market cap 6.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
538
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four furnished residences configured for short-term vacation rentals, with updated interiors and equipped kitchens.
Where is this quadplex located?
The property is located at 1408 Perrin Dr. North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,389,000.
What are key features of this property?
This property features: Four‑unit quadplex with two 2‑bedroom, 2‑bath units and two 3‑bedroom, 2‑bath end units; 5,000 square feet of property size; Fully furnished units currently operated as a short‑term vacation property
