Four-Unit Townhome
For Sale
Contact for pricing
2309 WITHERS DR, Myrtle Beach, SC 29577
Four 2-bedroom townhomes near the beach with outdoor space, recent updates, and new 2024 roofs plus replacement HVAC.
Property Size4,184 SF
Price / SF$276.29
Days on Market103
Property Features for 2309 WITHERS DR
General Information
Standard status
Active
Size
4,184 SF
Property subtype
Multifamily
Zoning
Residential
Additional Details
Multifamily Units
4
Building Details
Year Built
1982
Stories
2
Tenancy
Multi
Listing Agency:
CENTURY 21 Broadhurst
Listed By:
Casey Houser · License #SC
(843) 999-5933
Source:
Crexi
Added: May 29
Changed: Aug 26
Last Checked: Sep 8 at 7:17AM
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 CENTURY 21 Broadhurst
Investment Insights
Based on property information with market context.
This for-sale four-unit townhome portfolio consists of four 2-bedroom residences with a mix of 1.5 and 2-bath layouts. Each unit includes functional interior space and outdoor living space, supporting multiple lifestyle and tenant uses. Two of the units have recently been updated with durable LVP flooring, spacious countertops, new carpeting, and fresh interior paint.
The property is located at 2309 Withers Drive in Myrtle Beach, South Carolina, about one block from the beach. It is also outside the confines of an HOA, offering flexibility without HOA fees. Major building improvements include new roofs installed in 2024 across all units, while HVAC systems were replaced between 2019 and 2024 depending on the unit. The broader area is described as close to beach access, dining, shopping, and entertainment.
Designed for operators and owners seeking a small multifamily package, this portfolio can fit short-term rental, long-term rental, or seasonal occupancy models based on the unit mix and outdoor space. With the roof work already completed and multiple HVAC replacements addressed in recent years, the property presents a practical way to acquire a cohesive four-home investment.
The property is located at 2309 Withers Drive in Myrtle Beach, South Carolina, about one block from the beach. It is also outside the confines of an HOA, offering flexibility without HOA fees. Major building improvements include new roofs installed in 2024 across all units, while HVAC systems were replaced between 2019 and 2024 depending on the unit. The broader area is described as close to beach access, dining, shopping, and entertainment.
Designed for operators and owners seeking a small multifamily package, this portfolio can fit short-term rental, long-term rental, or seasonal occupancy models based on the unit mix and outdoor space. With the roof work already completed and multiple HVAC replacements addressed in recent years, the property presents a practical way to acquire a cohesive four-home investment.
Key Highlights
- 4‑unit townhome portfolio at 2309 Withers Drive (Myrtle Beach), built in 1982
- Four 2‑bedroom townhomes with a mix of 1.5 and 2 bathrooms
- New roofs installed in 2024 across all units
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
$42,737
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
3.70%
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%
$854,740
$854.7K
Cap Rate 7%
$610,529
$610.5K
Cap Rate 9%
$474,856
$474.9K
Market Conditions
NOI Build-Up for 4,184 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
$64.3K $15.36/SF
− Vacancy
−$3.2K −$0.77/SF
EGI
$61.1K $14.59/SF
− OpEx
−$18.3K −$4.38/SF
NOI
$42.7K $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%
$854,740
Cap Rate 7%
$610,529
Cap Rate 9%
$474,856
Alternative Uses
Best Use
Multifamily LT 5
$610.5K
$534.2K – $712.3K
NOI $42,737 @ 7.0% cap · market cap 3.70%
Second Best
Apartment 5plus
$551.8K
$482.8K – $643.7K
NOI $38,624 @ 7.0% cap · market cap 3.34%
Theoretical Best
Office A
$1.06M
$927.9K – $1.24M
NOI $74,228 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,190
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?
Quadplex - Four 2-bedroom townhomes near the beach with outdoor space, recent updates, and new 2024 roofs plus replacement HVAC.
Where is this quadplex located?
The property is located at 2309 WITHERS DR Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,156,000.
What are key features of this property?
This property features: 4‑unit townhome portfolio at 2309 Withers Drive (Myrtle Beach), built in 1982; Four 2‑bedroom townhomes with a mix of 1.5 and 2 bathrooms; New roofs installed in 2024 across all units
