Beach-Adjacent
For Sale
$895,000
205 5th Ave. S, North Myrtle Beach, SC 29582
Multi-unit property with two beach homes, storage, and an outdoor shower.
Property Size2,572 SF
Price / SF$347.98
Days on Market8
Property Features for 205 5th Ave. S
General Information
Standard status
Active
Size
2,572 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 2BR/2BA
Multifamily Units
3
Additional Details
Furnished
Yes
Amenities
washer/dryer
storage shed
outdoor shower
parking
Building Details
Year Built
1956
Buildings
2
Listing Agency:
Beach & Forest Realty
(843) 712-2721
Listed By:
INNOVATE Real Estate
(843) 438-6959
Source:
Darrenwoodard
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 6:47AM
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 Beach & Forest Realty
Investment Insights
Based on property information with market context.
This 2,572-square-foot triplex, built in 1956, contains three 2-bedroom, 2-bathroom residences. Two of the units are beach homes, and two include dedicated washers and dryers. The property also features an outdoor shower, a storage shed, and on-site parking. Both buildings received new roofs in 2023, while one residence has a newly installed HVAC system.
The property is approximately one block from the beach at 205 5th Ave. S in North Myrtle Beach, South Carolina. There is no HOA, and all furnishings and items are included in the sale. The multi-unit configuration provides three separate residences within a coastal setting.
The property is approximately one block from the beach at 205 5th Ave. S in North Myrtle Beach, South Carolina. There is no HOA, and all furnishings and items are included in the sale. The multi-unit configuration provides three separate residences within a coastal setting.
Key Highlights
- 2,572‑square‑foot triplex with three 2‑bedroom, 2‑bathroom units
- Approximately one block from the beach at 205 5th Ave. S
- Two beach homes included among the three residences
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
$26,271
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
2.94%
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%
$525,420
$525.4K
Cap Rate 7%
$375,300
$375.3K
Cap Rate 9%
$291,900
$291.9K
Market Conditions
NOI Build-Up for 2,572 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
$39.5K $15.36/SF
− Vacancy
−$2.0K −$0.77/SF
EGI
$37.5K $14.59/SF
− OpEx
−$11.3K −$4.38/SF
NOI
$26.3K $10.21/SF
Area
Horry County, SC
Vacancy
5.00%
Lease Rate
$15.36 /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%
$525,420
Cap Rate 7%
$375,300
Cap Rate 9%
$291,900
Alternative Uses
Best Use
Multifamily LT 5
$375.3K
$328.4K – $437.9K
NOI $26,271 @ 7.0% cap · market cap 2.94%
Second Best
Apartment 5plus
$339.2K
$296.8K – $395.7K
NOI $23,743 @ 7.0% cap · market cap 2.65%
Theoretical Best
Office A
$651.8K
$570.4K – $760.5K
NOI $45,629 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
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Business Placement
Demographics for 29582, SC
18,897
Population
27,559
Households
0.7
Avg Household Size
62
Median Age
38%
College-Educated
94%
High-School Grad
21.9 sq mi
ZIP Area
863
Density / Sq Mi
$71,030
Median Household Income
$36,906
Median Earnings
$1,194
Median Rent
$370,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Triplex - Multi-unit property with two beach homes, storage, and an outdoor shower.
Where is this triplex located?
The property is located at 205 5th Ave. S North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 2,572‑square‑foot triplex with three 2‑bedroom, 2‑bathroom units; Approximately one block from the beach at 205 5th Ave. S; Two beach homes included among the three residences
