Renovated Duplex with Separate
For Sale
$299,900
2402 Highway 15, Myrtle Beach, SC 29577
Two updated units include private laundry and dedicated concrete parking areas.
Property Size1,820 SF
Price / SF$164.78
Days on Market24
Property Features for 2402 Highway 15
General Information
Standard status
Active
Size
1,820 SF
Total Parking Spaces
3
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
private laundry
Building Details
Year Built
1968
Listing Agency:
Coastal Tides Realty
(843) 417-0095
Listed By:
The Dream Haven Group
(843) 417-0095
Source:
Dreamhavengroupmb
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 31 at 3:20PM
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 Coastal Tides Realty
Investment Insights
Based on property information with market context.
This 1,820-square-foot duplex, built in 1968, contains two independent residences, each with 2 bedrooms, 1 bathroom, a kitchen, living room, and private laundry room. Separate water and electric meters serve the units, while recent improvements include shaker-style cabinetry, quartz countertops, stainless steel appliances, LVP flooring, updated lighting, fresh paint, and new baseboards throughout. The roof was replaced within the last two years. HVAC upgrades include a new system with ductwork and condenser in the left unit and a rebuilt system in the right, with energy-saving thermostats serving both sides. New PEX water lines, plumbing fixtures, and concrete parking pads further update the property.
The property is located at 2402 Highway 15 in Myrtle Beach, approximately half a mile from Myrtle Beach International Airport, roughly a mile from Coastal Grand Mall, and approximately 2.5 miles from the beach. Parking includes a one-car pad and walkway for the left unit and a two-car pad for the right unit.
The property is located at 2402 Highway 15 in Myrtle Beach, approximately half a mile from Myrtle Beach International Airport, roughly a mile from Coastal Grand Mall, and approximately 2.5 miles from the beach. Parking includes a one-car pad and walkway for the left unit and a two-car pad for the right unit.
Key Highlights
- 1,820‑square‑foot duplex at 2402 Highway 15, Myrtle Beach, SC 29577
- Two 2‑bedroom, 1‑bathroom units, each with a kitchen, living room, and private laundry
- Separate water and electric meters for each unit
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
$18,590
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
6.20%
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%
$371,800
$371.8K
Cap Rate 7%
$265,571
$265.6K
Cap Rate 9%
$206,556
$206.6K
Market Conditions
NOI Build-Up for 1,820 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
$28.0K $15.36/SF
− Vacancy
−$1.4K −$0.77/SF
EGI
$26.6K $14.59/SF
− OpEx
−$8.0K −$4.38/SF
NOI
$18.6K $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%
$371,800
Cap Rate 7%
$265,571
Cap Rate 9%
$206,556
Alternative Uses
Best Use
Multifamily LT 5
$265.6K
$232.4K – $309.8K
NOI $18,590 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$240.0K
$210.0K – $280.0K
NOI $16,801 @ 7.0% cap · market cap 5.60%
Theoretical Best
Office A
$461.3K
$403.6K – $538.1K
NOI $32,288 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
183
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?
Duplex - Two updated units include private laundry and dedicated concrete parking areas.
Where is this duplex located?
The property is located at 2402 Highway 15 Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,820‑square‑foot duplex at 2402 Highway 15, Myrtle Beach, SC 29577; Two 2‑bedroom, 1‑bathroom units, each with a kitchen, living room, and private laundry; Separate water and electric meters for each unit
