Coastal Income Property: 24
For Sale
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208 2nd Ave S, North Myrtle Beach, SC 29582
Two buildings, 24 units, walking distance to the ocean.
Property Size22,643 SF
Price / SF$209.78
Days on Market158
Property Features for 208 2nd Ave S
General Information
Standard status
Active
Size
22,643 SF
Property subtype
Multifamily
Building Details
Year Built
2002
Units
24
Listing Agency:
Baldwin Oak Realty
Listed By:
George Baldwin · License #136142
Source:
Crexi
Added: Mar 18
Changed: Aug 15
Last Checked: Aug 20 at 9:19PM
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 Baldwin Oak Realty
Investment Insights
Based on property information with market context.
This offering features a single parcel investment property with two income-producing buildings located in North Myrtle Beach, SC. The property consists of approximately 15,200 square feet across two buildings, zoned Resort Commercial, and within walking distance of the ocean. One building, the Ocean Surf Club (built 2002), has demonstrated a strong operating history. The property features a new roof and boiler. The recently acquired and renovated adjacent building expands the total rentable footprint and provides immediate revenue growth potential as it stabilizes under unified operations. The property size is 22,643 square feet and contains 24 units.
Key Highlights
- Two income‑producing buildings on a single parcel in North Myrtle Beach, SC.
- Walking distance to the ocean.
- Proven revenue history with Ocean Surf Club averaging approximately $*,000 annually.
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
$209,024
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
4.40%
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%
$4,180,480
$4.2M
Cap Rate 7%
$2,986,057
$3.0M
Cap Rate 9%
$2,322,489
$2.3M
Market Conditions
NOI Build-Up for 22,643 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
$396.7K $17.52/SF
− Vacancy
−$16.7K −$0.74/SF
EGI
$380.0K $16.78/SF
− OpEx
−$171.0K −$7.55/SF
NOI
$209.0K $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%
$4,180,480
Cap Rate 7%
$2,986,057
Cap Rate 9%
$2,322,489
Alternative Uses
Best Use
Apartment 5plus
$2.99M
$2.61M – $3.48M
NOI $209,024 @ 7.0% cap · market cap 4.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.74M
$5.02M – $6.70M
NOI $401,705 @ 7.0% cap · market cap 8.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
801
Businesses Nearby
Explore this area
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
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 - Two buildings, 24 units, walking distance to the ocean.
Where is this apartment building located?
The property is located at 208 2nd Ave S North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Two income‑producing buildings on a single parcel in North Myrtle Beach, SC.; Walking distance to the ocean.; Proven revenue history with Ocean Surf Club averaging approximately $***,000 annually.
