Updated Duplex with Expansive
For Sale
Contact for pricing
Pending
3007 North Ocean Boulevard, North Myrtle Beach, SC 29582
Spacious duplex offering two identical 3-bedroom, 2-bath units with open-concept interiors and front and rear balconies.
Property Size2,828 SF
Days on Market127
Property Features for 3007 North Ocean Boulevard
General Information
Standard status
Pending
Size
2,828 SF
Property subtype
Multifamily
Zoning
RES
Additional Details
Multifamily Units
2
Building Details
Year Built
1981
Units
4
Listing Agency:
CENTURY 21 Broadhurst
Listed By:
Jamie Broadhurst · License #83054
(843) 424-0340
Source:
Crexi
Added: May 5
Changed: Aug 24
Last Checked: Aug 23 at 12:39PM
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 spacious duplex has been beautifully updated throughout and features two identical units, each with three bedrooms and two bathrooms. The layout includes open-concept living areas, modern kitchens, and updated bathrooms with fresh coastal finishes. Both units offer expansive front and rear balconies, creating additional outdoor space for daily living. The ground level also includes a versatile owner's closet that functions as a fully equipped studio with a full bath and kitchen, which may support a variety of configuration options.
Located in the Cherry Grove section of North Myrtle Beach, the property is about one block from the beach. Cherry Grove is described as a highly desirable coastal destination with easy access to Cherry Grove Pier and nearby dining, shopping, golf, and entertainment.
Overall, the duplex provides two matching residential income units with balcony space, plus an on-site studio-style area on the ground floor for flexible use based on the buyer’s plans.
Located in the Cherry Grove section of North Myrtle Beach, the property is about one block from the beach. Cherry Grove is described as a highly desirable coastal destination with easy access to Cherry Grove Pier and nearby dining, shopping, golf, and entertainment.
Overall, the duplex provides two matching residential income units with balcony space, plus an on-site studio-style area on the ground floor for flexible use based on the buyer’s plans.
Key Highlights
- Duplex built in 1981 featuring two identical units, each with 3 bedrooms and 2 bathrooms.
- Open‑concept interiors with modern kitchens and updated styling throughout both units.
- Expansive front and rear balconies on both levels for guest and owner outdoor space.
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
$28,886
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
3.52%
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%
$577,720
$577.7K
Cap Rate 7%
$412,657
$412.7K
Cap Rate 9%
$320,956
$321.0K
Market Conditions
NOI Build-Up for 2,828 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
$43.4K $15.36/SF
− Vacancy
−$2.2K −$0.77/SF
EGI
$41.3K $14.59/SF
− OpEx
−$12.4K −$4.38/SF
NOI
$28.9K $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%
$577,720
Cap Rate 7%
$412,657
Cap Rate 9%
$320,956
Alternative Uses
Best Use
Multifamily LT 5
$412.7K
$361.1K – $481.4K
NOI $28,886 @ 7.0% cap · market cap 3.52%
Second Best
Apartment 5plus
$372.9K
$326.3K – $435.1K
NOI $26,106 @ 7.0% cap · market cap 3.18%
Theoretical Best
Office A
$716.7K
$627.1K – $836.2K
NOI $50,171 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
426
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?
Duplex - Spacious duplex offering two identical 3-bedroom, 2-bath units with open-concept interiors and front and rear balconies.
Where is this duplex located?
The property is located at 3007 North Ocean Boulevard North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $820,000.
What are key features of this property?
This property features: Duplex built in 1981 featuring two identical units, each with 3 bedrooms and 2 bathrooms.; Open‑concept interiors with modern kitchens and updated styling throughout both units.; Expansive front and rear balconies on both levels for guest and owner outdoor space.
