Office and Retail Space
For Sale
Contact for pricing
2003 N Oak St, Myrtle Beach, SC 29577
15,792 SqFt office and retail space for sale.
Property Size15,792 SF
Price / SF$392.60
Days on Market163
Property Features for 2003 N Oak St
General Information
Standard status
Active
Size
15,792 SF
Class
B
Property subtype
Office, Retail
Occupancy
50%
Lease Type
NNN
Building Details
Year Built
1994
Buildings
1
Stories
2
Listing Agency:
Oswald Cooke & Associates
(843) 343-1351
Listed By:
Samuel Brown · License #SC1378143
Source:
Crexi
Added: Mar 20
Changed: Aug 26
Last Checked: Aug 26 at 8:16AM
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 Oswald Cooke & Associates
Investment Insights
Based on property information with market context.
This commercial real estate property offers 15,792 square feet of space suitable for office and retail use. Located in Myrtle Beach, South Carolina, the property is available for sale.
Key Highlights
- Office property available.
- 15,792 SqFt of space.
- Built in 1994.
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
$230,219
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
3.71%
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%
$4,604,380
$4.6M
Cap Rate 7%
$3,288,843
$3.3M
Cap Rate 9%
$2,557,989
$2.6M
Market Conditions
NOI Build-Up for 15,792 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
$337.3K $21.36/SF
− Vacancy
−$8.4K −$0.53/SF
EGI
$328.9K $20.83/SF
− OpEx
−$98.7K −$6.25/SF
NOI
$230.2K $14.58/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$21.36 /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%
$4,604,380
Cap Rate 7%
$3,288,843
Cap Rate 9%
$2,557,989
Alternative Uses
Best Use
Retail
$3.29M
$2.88M – $3.84M
NOI $230,219 @ 7.0% cap · market cap 3.71%
Second Best
Office B
$2.76M
$2.42M – $3.22M
NOI $193,294 @ 7.0% cap · market cap 3.12%
Theoretical Best
Office A
$4.00M
$3.50M – $4.67M
NOI $280,163 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,399
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 29577, SC
34,109
Population
22,630
Households
1.5
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
22.8 sq mi
ZIP Area
1,496
Density / Sq Mi
$48,561
Median Household Income
$33,591
Median Earnings
$1,130
Median Rent
$273,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office space - 15,792 SqFt office and retail space for sale.
Where is this office space located?
The property is located at 2003 N Oak St Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $6,200,000.
What are key features of this property?
This property features: Office property available.; 15,792 SqFt of space.; Built in 1994.
