Building Details

Building Size 21,050 SF

Year Built 1994

Buildings 1

Tenancy Multi

Listing Agency: Tradd Commercial

Listed By: Heyes Goldfinch, CCIM · License #SC #98422 Show Phone

Source: Traddcommercial

Added: Sep 4 Changed: Oct 13 Last Checked: Oct 20 at 7:13PM

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Investment Insights

Based on property information with market context.

Located at 1717 4th Avenue in Conway, South Carolina, this 21,050 SF flex space building contains 9 units and was constructed in 1994. The property is zoned for Highway Commercial use and includes abundant parking along with new signage. Its current occupancy is 92%, and the offering includes a sale-leaseback arrangement with the current owner.

The building is positioned within the Grand Strand MSA area and provides a multi-unit format for industrial and flex-space operations. A 7.5% cap rate is associated with the offering.

Key Highlights

• 21,050 SF flex space property with 9 units
• Constructed in 1994
• 92% current occupancy

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$328,004

Cap Rate

8.86%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,560,080 $6.6M

Cap Rate 7%

$4,685,771 $4.7M

Cap Rate 9%

$3,644,489 $3.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 21,050 SF

Gross rent

$409.2K $19.44/SF

− Vacancy

−$23.3K −$1.11/SF

EGI

$385.9K $18.33/SF

− OpEx

−$57.9K −$2.75/SF

NOI

$328.0K $15.58/SF

Area

Horry County, SC

Vacancy

5.70%

Lease Rate

$19.44 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$6,560,080

Cap Rate 7%

$4,685,771

Cap Rate 9%

$3,644,489

Alternative Uses

Best Use

Warehouse

$4.69M

$4.10M – $5.47M (±1% cap)

NOI $328,004 @ 7.0% cap · market cap 8.86%

Second Best

Industrial

$3.86M

$3.38M – $4.50M (±1% cap)

NOI $270,121 @ 7.0% cap · market cap 7.30%

Theoretical Best

Office A

$5.33M

$4.67M – $6.22M (±1% cap)

NOI $373,444 @ 7.0% cap · market cap 10.09%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Rytech Restoration of Myrtle ... Hardware & Home Improvement Horry-Georgetown County YAP Social Service Agency Jimmy Edwards Construction ... Construction Company Bad Armory Gun Shop Waccamaw Floor Covering Carpet & Flooring Store

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Parking Lot & Garage Skin Care Clinic Gym & Fitness Center Veterinary Clinic

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

92%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

458

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 29527, SC

26,343

Population

11,447

Households

2.3

Avg Household Size

42

Median Age

14%

College-Educated

86%

High-School Grad

155.1 sq mi

ZIP Area

170

Density / Sq Mi

$53,078

Median Household Income

$32,294

Median Earnings

$962

Median Rent

$197,000

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Highway Commercial-zoned property with parking, signage, and a sale-leaseback arrangement with the current owner.

Where is this flex space located?

The property is located at 1717 4th Avenue Conway, SC.

What is the asking price?

The asking price for this property is $3,700,000.

What are key features of this property?

This property features: 21,050 SF flex space property with 9 units; Constructed in 1994; 92% current occupancy