Updated Two-Unit
For Sale
$535,000
Pending
1505 Edge Dr., North Myrtle Beach, SC 29582
Coastal income property with separate living spaces, private outdoor areas, and a vacation-rental configuration.
Property Size3,354 SF
Days on Market17
Property Features for 1505 Edge Dr.
General Information
Standard status
Pending
Size
3,354 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 4BR/2BA
Multifamily Units
2
Amenities
laundry room
porches
beach gear
Building Details
Year Built
1960
Buildings
1
Listing Agency:
Century 21 Barefoot Realty
(843) 848-3088
Listed By:
Seth June
(843) 848-3088
Source:
Shjune
Added: Aug 15
Changed: Aug 31
Last Checked: Aug 30 at 4:31PM
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 Century 21 Barefoot Realty
Investment Insights
Based on property information with market context.
This duplex contains two separate 4-bedroom, 2-bath residences, each arranged with a living area, full kitchen, bedrooms, bathrooms, and private outdoor space. The property has received substantial recent improvements, including many replacement windows, new siding, rebuilt porches and stairs, exterior painting, and upgraded HVAC systems. Furnishings have also been refreshed while retaining a relaxed coastal character.
Shared features include a laundry room, porches, and beach gear storage. The property is currently configured for vacation rentals, with the residences available to rent individually or together. Public beach access, restaurants, shopping, entertainment, and North Myrtle Beach attractions are located within a short drive. Built in 1960, the property offers a two-residence layout suited to vacation use, long-term leasing, or multigenerational occupancy.
Shared features include a laundry room, porches, and beach gear storage. The property is currently configured for vacation rentals, with the residences available to rent individually or together. Public beach access, restaurants, shopping, entertainment, and North Myrtle Beach attractions are located within a short drive. Built in 1960, the property offers a two-residence layout suited to vacation use, long-term leasing, or multigenerational occupancy.
Key Highlights
- Two 4‑bedroom, 2‑bath units with separate living areas and full kitchens
- Current vacation‑rental configuration with units rentable separately or together
- Recent improvements include replacement windows, siding, porches, stairs, exterior paint, and HVAC systems
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
$34,259
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
6.40%
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%
$685,180
$685.2K
Cap Rate 7%
$489,414
$489.4K
Cap Rate 9%
$380,656
$380.7K
Market Conditions
NOI Build-Up for 3,354 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
$51.5K $15.36/SF
− Vacancy
−$2.6K −$0.77/SF
EGI
$48.9K $14.59/SF
− OpEx
−$14.7K −$4.38/SF
NOI
$34.3K $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%
$685,180
Cap Rate 7%
$489,414
Cap Rate 9%
$380,656
Alternative Uses
Best Use
Multifamily LT 5
$489.4K
$428.2K – $571.0K
NOI $34,259 @ 7.0% cap · market cap 6.40%
Second Best
Apartment 5plus
$442.3K
$387.0K – $516.0K
NOI $30,962 @ 7.0% cap · market cap 5.79%
Theoretical Best
Office A
$850.0K
$743.8K – $991.7K
NOI $59,503 @ 7.0% cap · market cap 11.12%
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
567
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?
Duplex - Coastal income property with separate living spaces, private outdoor areas, and a vacation-rental configuration.
Where is this duplex located?
The property is located at 1505 Edge Dr. North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Two 4‑bedroom, 2‑bath units with separate living areas and full kitchens; Current vacation‑rental configuration with units rentable separately or together; Recent improvements include replacement windows, siding, porches, stairs, exterior paint, and HVAC systems
