Renovated 65-Unit Oceanfront
For Sale
$6,750,000
2010 S Ocean Blvd., Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size25,011 SF
Lot Size0.70 Acres
Price / SF$269.88
Days on Market52
Property Features for 2010 S Ocean Blvd.
General Information
Property type
Residential Multi Family
Property subtype
Other
Lot features
Rectangular, East of Bus. 17, Inside City Limits, Second Row Beach
Elementary school
Myrtle Beach Elementary School
Middle school
Myrtle Beach Middle School
High school
Myrtle Beach High School
Subdivision
16G Myrtle Beach Area--Southern Limit to 10TH Ave N
Standard status
Active
Size
25,011 SF
Lot size
0.70 Acres
Utilities
Utilities
Cable Available
Building Details
Year built
1968
Number of units
65
Listing Agency:
Realty ONE Group Dockside
(843) 492-4030
Listed By:
Liat Edri · License #6170
(843) 222-6357
Added: Jul 9
Changed: Aug 19
Last Checked: Aug 29 at 2:06PM
MLS# 2617369
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 fully renovated multifamily property offers 65 units with a mix of one-bedroom and studio floorplans. Recent improvements completed in 2023–2024 include new PEX plumbing throughout the building, installation of a new sprinkler system and fire alarm, and servicing of standpipes through AAA Fire Protection. Interior upgrades include drywall and interior painting, replacement of kitchen cabinets and countertops in most units, and new PTAC AC units. Exterior work includes exterior painting and stucco, along with upgraded appliances throughout the units. Additional capital items include elevator repairs by Calvinder Elevator company and installation of a new 120-gallon boiler.
The building is situated on Ocean Boulevard and occupies a prominent corner lot. An additional parcel currently used as a parking lot is included in the offering, and a new parking lot was developed on Cassandra Lane with landscaping completed per City of Myrtle Beach approved plans.
Detailed financial documents, including Profit & Loss statements, Capital Expenditure reports, and rent rolls, are available and can be shared with qualified buyers upon request. Measurements and square footage are not guaranteed; buyer or buyer’s agent to verify all information.
The building is situated on Ocean Boulevard and occupies a prominent corner lot. An additional parcel currently used as a parking lot is included in the offering, and a new parking lot was developed on Cassandra Lane with landscaping completed per City of Myrtle Beach approved plans.
Detailed financial documents, including Profit & Loss statements, Capital Expenditure reports, and rent rolls, are available and can be shared with qualified buyers upon request. Measurements and square footage are not guaranteed; buyer or buyer’s agent to verify all information.
Key Highlights
- 65‑unit multifamily property on Ocean Boulevard at a corner lot in Myrtle Beach, SC 29577—steps from the Atlantic Ocean.
- Unit mix includes One‑bedroom and Studio units.
- Comprehensive renovations completed in 2023‑2024, including new PEX water lines and new sprinkler system with fire alarm installation.
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
$230,884
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
3.42%
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%
$4,617,680
$4.6M
Cap Rate 7%
$3,298,343
$3.3M
Cap Rate 9%
$2,565,378
$2.6M
Market Conditions
NOI Build-Up for 25,011 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
$438.2K $17.52/SF
− Vacancy
−$18.4K −$0.74/SF
EGI
$419.8K $16.78/SF
− OpEx
−$188.9K −$7.55/SF
NOI
$230.9K $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%
$4,617,680
Cap Rate 7%
$3,298,343
Cap Rate 9%
$2,565,378
Alternative Uses
Best Use
Apartment 5plus
$3.30M
$2.89M – $3.85M
NOI $230,884 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.34M
$5.55M – $7.40M
NOI $443,715 @ 7.0% cap · market cap 6.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
65
Residential units
Yes
Sprinkler system
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Turnkey 65-unit apartment property with one-bedroom and studio units, fully renovated in 2023–2024.
Where is this apartment building located?
The property is located at 2010 S Ocean Blvd. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: 65‑unit multifamily property on Ocean Boulevard at a corner lot in Myrtle Beach, SC 29577—steps from the Atlantic Ocean.; Unit mix includes One‑bedroom and Studio units.; Comprehensive renovations completed in 2023‑2024, including new PEX water lines and new sprinkler system with fire alarm installation.
