Four-Unit Multifamily
For Sale
$879,000
304 1st Ave. N, Myrtle Beach, SC 29577
MULTI_FAMILY - Myrtle Beach, SC
Property Size3,390 SF
Lot Size0.21 Acres
Price / SF$259.29
Days on Market153
Property Features for 304 1st Ave. N
General Information
Property type
Residential Multi Family
Property subtype
Other
Subdivision
Hotel Section
Lot features
Rectangular, East of Bus. 17
Elementary school
Myrtle Beach Elementary School
Middle school
Myrtle Beach Middle School
High school
Myrtle Beach High School
Standard status
Active
Size
3,390 SF
Lot size
0.21 Acres
Utilities
Utilities
Cable Available
Building Details
Year built
1970
Number of units
4
Listing Agency:
Realty ONE Group Dockside
(843) 492-4030
Listed By:
Liat Edri · License #59354
(843) 222-6357
Added: Mar 10
Changed: Aug 4
Last Checked: Aug 9 at 5:06PM
MLS# 2606874
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 multifamily property comprises two duplex buildings with four two-bedroom units totaling approximately 3,390 heated square feet. The front building contains two units totaling approximately 2,100 heated square feet, while the rear building adds two units with approximately 1,290 heated square feet. The front duplex was renovated in 2022, and each of its units includes a private balcony. Built in 1970, the property occupies a 0.21-acre lot and has no HOA fees.
The property is located at 304 1st Ave. N in Myrtle Beach, one block from the Atlantic Ocean and within walking distance of 2nd Avenue Pier, restaurants, entertainment, shopping, and other area attractions. MU H zoning permits both short-term and long-term rentals. Cable is available.
The property is located at 304 1st Ave. N in Myrtle Beach, one block from the Atlantic Ocean and within walking distance of 2nd Avenue Pier, restaurants, entertainment, shopping, and other area attractions. MU H zoning permits both short-term and long-term rentals. Cable is available.
Key Highlights
- Two duplex buildings with four 2‑bedroom units
- Approximately 3,390 heated square feet on a 0.21‑acre lot
- Front duplex renovated in 2022; two units total approximately 2,100 heated square feet
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
$31,294
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
3.56%
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%
$625,880
$625.9K
Cap Rate 7%
$447,057
$447.1K
Cap Rate 9%
$347,711
$347.7K
Market Conditions
NOI Build-Up for 3,390 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
$59.4K $17.52/SF
− Vacancy
−$2.5K −$0.74/SF
EGI
$56.9K $16.78/SF
− OpEx
−$25.6K −$7.55/SF
NOI
$31.3K $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%
$625,880
Cap Rate 7%
$447,057
Cap Rate 9%
$347,711
Alternative Uses
Best Use
Apartment 5plus
$447.1K
$391.2K – $521.6K
NOI $31,294 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$859.2K
$751.8K – $1.00M
NOI $60,141 @ 7.0% cap · market cap 6.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,006
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Two duplex buildings offer residential units with private balconies and short- or long-term rental flexibility.
Where is this multifamily property located?
The property is located at 304 1st Ave. N Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $879,000.
What are key features of this property?
This property features: Two duplex buildings with four 2‑bedroom units; Approximately 3,390 heated square feet on a 0.21‑acre lot; Front duplex renovated in 2022; two units total approximately 2,100 heated square feet
