Eight-Unit Apartment
For Sale
$875,000
300 21st Ave. S, North Myrtle Beach, SC 29582
MULTI-FAMILY, North Myrtle Beach, SC
Property Size4,560 SF
Price / SF$191.89
Days on Market93
Property Features for 300 21st Ave. S
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Parking features
Carport
Lot features
Irregular, East of Bus. 17, Inside City Limits
Elementary school
Ocean Drive Elementary
Middle school
Myrtle Beach Middle School
High school
Myrtle Beach High School
Subdivision
11C North Myrtle Beach Area--Crescent Beach
Standard status
Active
Size
4,560 SF
Utilities
Utilities
Cable Available
Building Details
Year built
1950
Number of units
8
Listing Agency:
Keller Williams The Forturro Group · Keller Williams Realty
(843) 443-9400
Listed By:
Dominic Siciliano · License #131626
(843) 353-1589
Added: Jun 15
Changed: Aug 19
Last Checked: Sep 15 at 12:06AM
MLS# 2615227
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 apartment property includes three separate buildings on one parcel: two duplexes and one four-unit building. The eight-unit mix comprises five 2-bedroom, 1-bath residences and three 1-bedroom, 1-bath residences. The improvements contain 4,560 square feet and date to 1950. Several units have long-term tenants in place, and the property includes carport parking and cable availability.
The property is located at 300 21st Ave. S in North Myrtle Beach’s Crescent Beach section, one block from the ocean. The beach, restaurants, shopping, and entertainment are within walking distance, placing the residences in a coastal setting with nearby recreational and commercial amenities.
The property is located at 300 21st Ave. S in North Myrtle Beach’s Crescent Beach section, one block from the ocean. The beach, restaurants, shopping, and entertainment are within walking distance, placing the residences in a coastal setting with nearby recreational and commercial amenities.
Key Highlights
- Eight rental units across three buildings on one parcel
- Unit mix includes five 2‑bedroom, 1‑bath units and three 1‑bedroom, 1‑bath units
- Two duplexes plus one four‑unit building
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
$46,578
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
5.32%
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%
$931,560
$931.6K
Cap Rate 7%
$665,400
$665.4K
Cap Rate 9%
$517,533
$517.5K
Market Conditions
NOI Build-Up for 4,560 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
$70.0K $15.36/SF
− Vacancy
−$3.5K −$0.77/SF
EGI
$66.5K $14.59/SF
− OpEx
−$20.0K −$4.38/SF
NOI
$46.6K $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%
$931,560
Cap Rate 7%
$665,400
Cap Rate 9%
$517,533
Alternative Uses
Best Use
Multifamily LT 5
$665.4K
$582.2K – $776.3K
NOI $46,578 @ 7.0% cap · market cap 5.32%
Second Best
Apartment 5plus
$601.4K
$526.2K – $701.6K
NOI $42,095 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$1.16M
$1.01M – $1.35M
NOI $80,898 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
8
Residential units
Location Intelligence
Trade Area within ½ mile
444
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
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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?
Apartment building - Three buildings offer a mix of duplex and four-unit configurations near the beach, with carport parking and established tenancy.
Where is this apartment building located?
The property is located at 300 21st Ave. S North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Eight rental units across three buildings on one parcel; Unit mix includes five 2‑bedroom, 1‑bath units and three 1‑bedroom, 1‑bath units; Two duplexes plus one four‑unit building
