Coastal Commercial Property Near
For Sale
Contact for pricing
Pending
3612 S Ocean Blvd, North Myrtle Beach, SC 29582
Turnkey commercial property near the ocean in North Myrtle Beach.
Property Size3,600 SF
Days on Market185
Property Features for 3612 S Ocean Blvd
General Information
Standard status
Pending
Size
3,600 SF
Property subtype
Retail
Zoning
GC
Investment Type
Owner/User
Building Details
Stories
1
Units
2
Listing Agency:
Beach & Forest Realty
Listed By:
Chance Leith · License #SC
Source:
Crexi
Added: Feb 13
Changed: Aug 8
Last Checked: Aug 13 at 3:36PM
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 Beach & Forest Realty
Investment Insights
Based on property information with market context.
This approximately 3,600 square foot commercial property is located in the Windy Hill section of North Myrtle Beach, positioned just second row from the Atlantic. The property is equipped for immediate food and beverage or retail use. Currently operating as a pizza parlor, ice cream shop, and general store, the building features a full commercial kitchen, two walk-in coolers/freezers, ample storage, and restrooms. The layout includes two separate entrances, allowing the space to be easily divided into two units. The furniture, fixtures, and equipment (FF&E) are negotiable. The property is currently vacant but positioned to reopen for the spring season.
Key Highlights
- Prime location: Second row from the Atlantic Ocean in the desirable Windy Hill section of North Myrtle Beach.
- Turnkey opportunity: Currently equipped as a pizza parlor, ice cream shop, and general store with a full commercial kitchen and FF&E negotiable.
- High income potential: High‑visibility, high‑traffic coastal asset in a heavily traveled beach corridor.
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
$59,389
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
5.03%
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%
$1,187,780
$1.2M
Cap Rate 7%
$848,414
$848.4K
Cap Rate 9%
$659,878
$659.9K
Market Conditions
NOI Build-Up for 3,600 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
$81.2K $22.56/SF
− Vacancy
−$2.0K −$0.56/SF
EGI
$79.2K $22.00/SF
− OpEx
−$19.8K −$5.50/SF
NOI
$59.4K $16.50/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$1,187,780
Cap Rate 7%
$848,414
Cap Rate 9%
$659,878
Alternative Uses
Best Use
Specialty Retail
$848.4K
$742.4K – $989.8K
NOI $59,389 @ 7.0% cap · market cap 5.03%
Second Best
Retail
$749.7K
$656.0K – $874.7K
NOI $52,482 @ 7.0% cap · market cap 4.45%
Theoretical Best
Office A
$912.4K
$798.3K – $1.06M
NOI $63,867 @ 7.0% cap · market cap 5.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
6k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 50%
Hotels & Casinos 43%
Home Improvements & Furnishings 7%
Best Western Ocean Sands Beach Resort
Hotels & Casinos
2,645 visits/mo
0.5 miles
O'Reilly Auto Parts
Shops & Services
1,812 visits/mo
0.4 miles
Black's Tire & Auto Services
Shops & Services
989 visits/mo
0.5 miles
LL Flooring
Home Improvements & Furnishings
448 visits/mo
0.4 miles
Napa Auto Parts
Shops & Services
324 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Turnkey commercial property near the ocean in North Myrtle Beach.
Where is this grocery and convenience store located?
The property is located at 3612 S Ocean Blvd North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,180,000.
What are key features of this property?
This property features: Prime location: Second row from the Atlantic Ocean in the desirable Windy Hill section of North Myrtle Beach.; Turnkey opportunity: Currently equipped as a pizza parlor, ice cream shop, and general store with a full commercial kitchen and FF&E negotiable.; High income potential: High‑visibility, high‑traffic coastal asset in a heavily traveled beach corridor.
