Four-Unit Quadplex with Ocean
For Sale
$1,075,000
1511 Holly Dr., North Myrtle Beach, SC 29582
MULTI-FAMILY, North Myrtle Beach, SC
Property Size5,088 SF
Price / SF$211.28
Days on Market52
Property Features for 1511 Holly Dr.
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Carport
Lot features
East of Bus. 17, Inside City Limits, Oceanview, East of Highway 17 Bypass
Elementary school
Ocean Drive Elementary
Middle school
North Myrtle Beach Middle School
High school
North Myrtle Beach High School
Subdivision
11C North Myrtle Beach Area--Crescent Beach
Standard status
Active
Size
5,088 SF
Utilities
Utilities
Cable Available
Amenities
storage units
Building Details
Year built
1991
Number of units
4
Listing Agency:
Sloan Realty Group
(843) 213-1346
Listed By:
Barron Calvert · License #103055
(843) 421-5197
Added: Jul 7
Changed: Aug 27
Last Checked: Aug 27 at 9:06AM
MLS# 2617109
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 5,088-square-foot quadplex, built in 1991, contains four separate residences. Three units feature two bedrooms and two bathrooms, while the private top-floor residence includes three bedrooms and two bathrooms with ocean views. The property is fully occupied and includes a carport, cable availability, and extensive storage capacity.
Six large storage units serve the property, including one assigned to each residence, an additional space for Unit 1, and a separate area for the owner. Three HVAC systems were replaced within the last 6 years, and an HVAC maintenance contract conveys to the new owner. The building is located less than two blocks from the ocean and within walking distance of North Myrtle Beach’s Ocean Drive district, with restaurants, shopping, live music, and entertainment nearby.
Six large storage units serve the property, including one assigned to each residence, an additional space for Unit 1, and a separate area for the owner. Three HVAC systems were replaced within the last 6 years, and an HVAC maintenance contract conveys to the new owner. The building is located less than two blocks from the ocean and within walking distance of North Myrtle Beach’s Ocean Drive district, with restaurants, shopping, live music, and entertainment nearby.
Key Highlights
- 5,088‑square‑foot quadplex with four individual units
- Three 2‑bedroom, 2‑bath units plus a private top‑floor 3‑bedroom, 2‑bath unit
- Private top‑floor residence includes ocean 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
$51,971
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
4.83%
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%
$1,039,420
$1.0M
Cap Rate 7%
$742,443
$742.4K
Cap Rate 9%
$577,456
$577.5K
Market Conditions
NOI Build-Up for 5,088 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
$78.2K $15.36/SF
− Vacancy
−$3.9K −$0.77/SF
EGI
$74.2K $14.59/SF
− OpEx
−$22.3K −$4.38/SF
NOI
$52.0K $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%
$1,039,420
Cap Rate 7%
$742,443
Cap Rate 9%
$577,456
Alternative Uses
Best Use
Multifamily LT 5
$742.4K
$649.6K – $866.2K
NOI $51,971 @ 7.0% cap · market cap 4.83%
Second Best
Apartment 5plus
$671.0K
$587.1K – $782.8K
NOI $46,969 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$1.29M
$1.13M – $1.50M
NOI $90,265 @ 7.0% cap · market cap 8.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
543
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 - Fully occupied coastal property with varied unit layouts, private storage, and a carport less than two blocks from the ocean.
Where is this quadplex located?
The property is located at 1511 Holly Dr. North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: 5,088‑square‑foot quadplex with four individual units; Three 2‑bedroom, 2‑bath units plus a private top‑floor 3‑bedroom, 2‑bath unit; Private top‑floor residence includes ocean views
