Myrtle Beach Multi-Unit Investment
For Sale
$879,000
304 1st Avenue North, Myrtle Beach, SC 29577
Four-unit property near the beach with strong rental income potential.
Property Size3,590 SF
Lot Size0.21 Acres
Price / SF$244.85
Days on Market192
Property Features for 304 1st Avenue North
General Information
Standard status
Active
Size
3,590 SF
Lot size
0.21 Acres
Property subtype
Residential / Quadruplex
Zoning
MU-H
Amenities
Yes, CentralAir
Central, Electric, Yes
3390.0
PublicRecords
Crawlspace, Slab
Building Details
Year Built
1970
Listing Agency:
Dargan Real Estate
(843) 922-1818
Listed By:
Moshe Ben-Ezra · License #100596
(843) 922-1818
Source:
Compass
Added: Feb 16
Changed: Aug 27
Last Checked: Aug 26 at 1:42PM
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 Dargan Real Estate
Investment Insights
Based on property information with market context.
Located one block from the Atlantic Ocean in Myrtle Beach, this property at 304 1st Avenue features two duplex buildings with four spacious 2-bedroom units. Situated on a 0.21-acre lot, the property offers a total of approximately 3,390 heated square feet. The front duplex, renovated in 2022, includes two 2-bedroom units totaling approximately 2,100 heated square feet, each with a large private balcony. The rear duplex provides two additional 2-bedroom units totaling approximately 1,290 heated square feet. Positioned in the MU H zoning district, the property allows for both short-term and long-term rentals, presenting a versatile income-producing asset. There are no HOA fees. The property is located steps from the beach and 2nd Avenue Pier, within walking distance of popular attractions, restaurants, entertainment, and shopping. This multi-unit property is located in a sought-after location.
Key Highlights
- Prime location: One block from the Atlantic Ocean in the heart of Myrtle Beach.
- Strong income potential: Four spacious 2‑bedroom units with short‑term and long‑term rental flexibility.
- No HOA fees: Maximizes owner flexibility and minimizes overhead costs.
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
$36,670
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
4.17%
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%
$733,400
$733.4K
Cap Rate 7%
$523,857
$523.9K
Cap Rate 9%
$407,444
$407.4K
Market Conditions
NOI Build-Up for 3,590 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
$55.1K $15.36/SF
− Vacancy
−$2.8K −$0.77/SF
EGI
$52.4K $14.59/SF
− OpEx
−$15.7K −$4.38/SF
NOI
$36.7K $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%
$733,400
Cap Rate 7%
$523,857
Cap Rate 9%
$407,444
Alternative Uses
Best Use
Multifamily LT 5
$523.9K
$458.4K – $611.2K
NOI $36,670 @ 7.0% cap · market cap 4.17%
Second Best
Apartment 5plus
$473.4K
$414.3K – $552.3K
NOI $33,140 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$909.8K
$796.1K – $1.06M
NOI $63,689 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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?
Duplex - Four-unit property near the beach with strong rental income potential.
Where is this duplex located?
The property is located at 304 1st Avenue North 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: Prime location: One block from the Atlantic Ocean in the heart of Myrtle Beach.; Strong income potential: Four spacious 2‑bedroom units with short‑term and long‑term rental flexibility.; No HOA fees: Maximizes owner flexibility and minimizes overhead costs.
