42-Unit Apartment
For Sale
$4,500,000
3170 Holmestown Rd., Myrtle Beach, SC 29588
MULTI-FAMILY, Myrtle Beach, SC
Property Size22,772 SF
Lot Size1.63 Acres
Price / SF$197.61
Days on Market497
Property Features for 3170 Holmestown Rd.
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Elementary school
Forestbrook Elementary School
Middle school
Socastee Middle School
High school
Socastee High School
Subdivision
26A Myrtle Beach Area--south of 544 & west of 17 bypass M.I. Horry County
Standard status
Active
Size
22,772 SF
Lot size
1.63 Acres
Amenities
onsite laundry facilities
Building Details
Year built
1997
Number of units
42
Listing Agency:
Own Myrtle Real Estate
(516) 233-0601
Listed By:
Ester Esti Simantov
(843) 457-9780
Added: Apr 22, 2025
Changed: Aug 19
Last Checked: Aug 31 at 8:06PM
MLS# 2510132
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 all-brick apartment complex consists of two buildings and offers 42 units on 1.63 acres. Built in 1997, the property totals 22,772 square feet and includes a paved parking lot for residents and guests. Common exterior and access features include steel frame stairs and balconies.
On-site amenities include laundry facilities, along with an office/manager’s living quarters. The property is described as selling while at 100% occupancy.
The combination of two-building layout, established construction dating to 1997, and on-site laundry and management space may support straightforward, on-premises operations for a multifamily investor or operator.
On-site amenities include laundry facilities, along with an office/manager’s living quarters. The property is described as selling while at 100% occupancy.
The combination of two-building layout, established construction dating to 1997, and on-site laundry and management space may support straightforward, on-premises operations for a multifamily investor or operator.
Key Highlights
- 42 units across two buildings
- All‑brick construction built in 1997
- 1.63‑acre site with paved parking lot
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
$210,215
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
4.67%
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%
$4,204,300
$4.2M
Cap Rate 7%
$3,003,071
$3.0M
Cap Rate 9%
$2,335,722
$2.3M
Market Conditions
NOI Build-Up for 22,772 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
$399.0K $17.52/SF
− Vacancy
−$16.8K −$0.74/SF
EGI
$382.2K $16.78/SF
− OpEx
−$172.0K −$7.55/SF
NOI
$210.2K $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%
$4,204,300
Cap Rate 7%
$3,003,071
Cap Rate 9%
$2,335,722
Alternative Uses
Best Use
Apartment 5plus
$3.00M
$2.63M – $3.50M
NOI $210,215 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.77M
$5.05M – $6.73M
NOI $403,993 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
42
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
160
Businesses Nearby
Explore this area
Business Placement
Demographics for 29588, SC
48,113
Population
22,223
Households
2.2
Avg Household Size
45
Median Age
26%
College-Educated
92%
High-School Grad
42.0 sq mi
ZIP Area
1,146
Density / Sq Mi
$66,854
Median Household Income
$34,518
Median Earnings
$1,220
Median Rent
$241,700
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?
Apartment building - All-brick, two-building 42-unit apartment complex built in 1997 with onsite laundry and an office/manager’s living quarters.
Where is this apartment building located?
The property is located at 3170 Holmestown Rd. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: 42 units across two buildings; All‑brick construction built in 1997; 1.63‑acre site with paved parking lot
