Ground-Floor Income
For Sale
$164,500
1890 Auburn Lane 31-f, Myrtle Beach, SC 29575
Two-bedroom condo with direct patio access to a community pool, plus nearby tennis courts and outdoor gathering areas.
Property Size1,000 SF
Price / SF$164.50
Days on Market35
Property Features for 1890 Auburn Lane 31-f
General Information
Standard status
Active
Size
1,000 SF
Property subtype
Multi-Family
Building Details
Year Built
1988
Listing Agency:
Faith Funderburke Realty LLC
Listed By:
Faith Funderburke · License #78126
(803) 493-4480
Source:
Highperformancerea
Added: Aug 5
Changed: Aug 29
Last Checked: Sep 8 at 12:09PM
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 Faith Funderburke Realty LLC
Investment Insights
Based on property information with market context.
This ground-level condominium in Golf Colony IX offers 1,000 square feet with two bedrooms and two bathrooms. Built in 1988, the residence features an open floor plan and patio access, with the community pool, grilling area, and picnic space nearby. Tennis courts are located across the street.
The property is in Myrtle Beach’s Deerfield area, with shopping, restaurants, golf courses, entertainment, and Grand Strand beaches within the surrounding area. Its residential layout and community amenities support use as an income property, second home, or full-time residence, as identified for the property.
The property is in Myrtle Beach’s Deerfield area, with shopping, restaurants, golf courses, entertainment, and Grand Strand beaches within the surrounding area. Its residential layout and community amenities support use as an income property, second home, or full-time residence, as identified for the property.
Key Highlights
- 1,000‑square‑foot ground‑floor condo in Golf Colony IX
- Two bedrooms and two bathrooms
- Built in 1988 with an open floor plan
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
$9,231
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
5.61%
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%
$184,620
$184.6K
Cap Rate 7%
$131,871
$131.9K
Cap Rate 9%
$102,567
$102.6K
Market Conditions
NOI Build-Up for 1,000 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
$17.5K $17.52/SF
− Vacancy
−$736 −$0.74/SF
EGI
$16.8K $16.78/SF
− OpEx
−$7.6K −$7.55/SF
NOI
$9.2K $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%
$184,620
Cap Rate 7%
$131,871
Cap Rate 9%
$102,567
Alternative Uses
Best Use
Apartment 5plus
$131.9K
$115.4K – $153.9K
NOI $9,231 @ 7.0% cap · market cap 5.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$253.4K
$221.8K – $295.7K
NOI $17,741 @ 7.0% cap · market cap 10.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Explore this area
Business Placement
Demographics for 29575, SC
18,135
Population
16,761
Households
1.1
Avg Household Size
57
Median Age
33%
College-Educated
96%
High-School Grad
10.2 sq mi
ZIP Area
1,778
Density / Sq Mi
$72,029
Median Household Income
$38,182
Median Earnings
$1,234
Median Rent
$278,800
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with direct patio access to a community pool, plus nearby tennis courts and outdoor gathering areas.
Where is this residential income property located?
The property is located at 1890 Auburn Lane 31-f Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $164,500.
What are key features of this property?
This property features: 1,000‑square‑foot ground‑floor condo in Golf Colony IX; Two bedrooms and two bathrooms; Built in 1988 with an open floor plan
