Triplex Near the
New
For Sale
$399,900
3402 Turner St., North Myrtle Beach, SC 29582
MULTI-FAMILY, North Myrtle Beach, SC
Property Size1,500 SF
Price / SF$266.60
Days on Market7
Property Features for 3402 Turner St.
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Lot features
Rectangular, East of Bus. 17, East of Highway 17 Bypass
Elementary school
Ocean Drive Elementary
Middle school
North Myrtle Beach Middle School
High school
North Myrtle Beach High School
Subdivision
11E North Myrtle Beach Area--Windy Hill
Standard status
Active
Size
1,500 SF
Utilities
Utilities
Cable Available
Amenities
covered front porch
Building Details
Year built
1956
Number of units
3
Listing Agency:
Century 21 Barefoot Realty · Century 21 Real Estate
(843) 390-2121
Listed By:
The Mills Group Team · License #17587
(843) 252-0847
Added: Sep 16
Changed: Sep 17
Last Checked: Sep 22 at 11:06PM
MLS# 2622918
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 1,500-square-foot triplex, built in 1956, contains three separate one-bedroom, one-bath units. Each residence has an open-plan interior, an oversized bedroom, real wood paneling, newer appliances, and a combination of tile and LVP flooring. A covered front porch serves the property and adds shared outdoor space.
The building is located in the Windy Hill section of North Myrtle Beach, near the beach as well as restaurants, shopping, golf, and entertainment. Cable is available. Exploring short-term rental use may be possible, subject to applicable local approvals and permitting.
The building is located in the Windy Hill section of North Myrtle Beach, near the beach as well as restaurants, shopping, golf, and entertainment. Cable is available. Exploring short-term rental use may be possible, subject to applicable local approvals and permitting.
Key Highlights
- 1,500‑square‑foot triplex with three separate units
- Three 1‑bedroom, 1‑bath residences
- Built in 1956
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
$15,322
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
3.83%
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%
$306,440
$306.4K
Cap Rate 7%
$218,886
$218.9K
Cap Rate 9%
$170,244
$170.2K
Market Conditions
NOI Build-Up for 1,500 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
$23.0K $15.36/SF
− Vacancy
−$1.2K −$0.77/SF
EGI
$21.9K $14.59/SF
− OpEx
−$6.6K −$4.38/SF
NOI
$15.3K $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%
$306,440
Cap Rate 7%
$218,886
Cap Rate 9%
$170,244
Alternative Uses
Best Use
Multifamily LT 5
$218.9K
$191.5K – $255.4K
NOI $15,322 @ 7.0% cap · market cap 3.83%
Second Best
Apartment 5plus
$197.8K
$173.1K – $230.8K
NOI $13,847 @ 7.0% cap · market cap 3.46%
Theoretical Best
Office A
$380.2K
$332.6K – $443.5K
NOI $26,611 @ 7.0% cap · market cap 6.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
669
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences feature open layouts, refreshed finishes, and access to a covered front porch near the coast.
Where is this triplex located?
The property is located at 3402 Turner St. North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: 1,500‑square‑foot triplex with three separate units; Three 1‑bedroom, 1‑bath residences; Built in 1956
