Multifamily Property with Guest
For Sale
$640,000
1850 Pitch Landing Rd., Conway, SC 29527
MULTI-FAMILY, Conway, SC
Property Size4,176 SF
Lot Size5.00 Acres
Price / SF$153.26
Days on Market200
Property Features for 1850 Pitch Landing Rd.
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Garage
Lot features
Irregular, Outside City Limits
Elementary school
South Conway Elementary School
Middle school
Whittemore Park Middle School
High school
Conway High School
Subdivision
22A Conway Area--Southwest side of Conway between 378 and 701
Standard status
Active
Size
4,176 SF
Lot size
5.00 Acres
Amenities
in-ground swimming pool
Building Details
Year built
2005
Number of units
2
Listing Agency:
CB Sea Coast Advantage CF · Coldwell Banker Real Estate
(843) 903-4400
Listed By:
Asbury Coastal Group
(540) 239-2436
Added: Feb 16
Changed: Sep 3
Last Checked: Sep 4 at 7:06PM
MLS# 2604135
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 4,176-square-foot multifamily property occupies 5 acres and includes a primary farmhouse, a detached two-bedroom, two-bath guest house, an in-ground swimming pool, and a 1,500-square-foot workshop. The farmhouse features three bedrooms, an en-suite primary bedroom, open living areas, a first-floor office, a wraparound deck, and an upstairs loft with a full bath. The workshop contains separate shop and garage areas, along with an upper storage level.
The property is located 3 miles from the Waccamaw River and 5 miles from downtown Conway. Multiple homesites and the acreage provide a broad residential compound configuration, while the separate guest residence adds flexibility for extended household use or rental occupancy.
The property is located 3 miles from the Waccamaw River and 5 miles from downtown Conway. Multiple homesites and the acreage provide a broad residential compound configuration, while the separate guest residence adds flexibility for extended household use or rental occupancy.
Key Highlights
- 5‑acre multifamily property with multiple homesites
- 4,176 square feet of total property size
- Primary farmhouse with 3 bedrooms and wraparound deck
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
$38,550
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
6.02%
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%
$771,000
$771.0K
Cap Rate 7%
$550,714
$550.7K
Cap Rate 9%
$428,333
$428.3K
Market Conditions
NOI Build-Up for 4,176 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
$73.2K $17.52/SF
− Vacancy
−$3.1K −$0.74/SF
EGI
$70.1K $16.78/SF
− OpEx
−$31.5K −$7.55/SF
NOI
$38.5K $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%
$771,000
Cap Rate 7%
$550,714
Cap Rate 9%
$428,333
Alternative Uses
Best Use
Apartment 5plus
$550.7K
$481.9K – $642.5K
NOI $38,550 @ 7.0% cap · market cap 6.02%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$926.1K – $1.23M
NOI $74,086 @ 7.0% cap · market cap 11.58%
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
16
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Multifamily property - Five-acre residential compound with multiple homesites, a workshop, pool, and separate guest accommodations.
Where is this multifamily property located?
The property is located at 1850 Pitch Landing Rd. Conway, SC.
What is the asking price?
The asking price for this property is $640,000.
What are key features of this property?
This property features: 5‑acre multifamily property with multiple homesites; 4,176 square feet of total property size; Primary farmhouse with 3 bedrooms and wraparound deck
