Duplex Property with Development
For Sale
$1,395,000
398 Blockade Drive, Pawleys Island, SC 29585
Two residential buildings offer multifamily income with General Residential zoning and identified land for future construction.
Property Size4,900 SF
Lot Size1.40 Acres
Days on Market120
Property Features for 398 Blockade Drive
General Information
Standard status
Active
Size
4,900 SF
Lot size
1.40 Acres
Property subtype
Multifamily
Zoning
General Residential
Net Operating Income
$85,008
Units
Unit Mix
6 x 2BR/2BA
Multifamily Units
6
Building Details
Building Size
4,900 SF
Year Built
1980
Buildings
2
Construction
coastal-modern
Listing Agency:
Tradd Commercial
Listed By:
Adam Hall · License #SC #134696
(803) 316-5040
Source:
Traddcommercial
Added: Jun 17
Changed: Oct 4
Last Checked: Oct 12 at 5:50PM
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 Tradd Commercial
Investment Insights
Based on property information with market context.
This multifamily property, built in 1980, includes two separate buildings configured as one duplex and one quad. The six units are described as 2-bedroom, 2-bath residences, and the building systems and mechanical components have been recently updated. Existing occupancy is supported by one-year lease structures and stabilized rents. The property is not subject to an HOA or short-term rental restrictions.
The 1.4-acre site includes approximately .75 acres identified for future development. The available land could accommodate at least two additional duplex structures, representing 4 total units, subject to applicable approvals. General Residential zoning applies. Beaches and shopping are located less than 1 mile from the property.
The 1.4-acre site includes approximately .75 acres identified for future development. The available land could accommodate at least two additional duplex structures, representing 4 total units, subject to applicable approvals. General Residential zoning applies. Beaches and shopping are located less than 1 mile from the property.
Key Highlights
- Six 2‑bedroom, 2‑bath units across one duplex and one quad
- 1.4‑acre property with approximately .75 acres identified for future development
- Potential for at least two additional duplex structures, or 4 total units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,715
Cap Rate
3.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$914,300
$914.3K
Cap Rate 7%
$653,071
$653.1K
Cap Rate 9%
$507,944
$507.9K
Market Conditions
NOI Build-Up for 4,900 SF
Gross rent
$66.4K $13.56/SF
− Vacancy
−$1.1K −$0.23/SF
EGI
$65.3K $13.33/SF
− OpEx
−$19.6K −$4.00/SF
NOI
$45.7K $9.33/SF
Area
Georgetown County, SC
Vacancy
1.71%
Lease Rate
$13.56 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$914,300
Cap Rate 7%
$653,071
Cap Rate 9%
$507,944
Alternative Uses
Best Use
Multifamily LT 5
$653.1K
$571.4K – $761.9K
NOI $45,715 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$580.7K
$508.1K – $677.5K
NOI $40,650 @ 7.0% cap · market cap 2.91%
Theoretical Best
Office A
$1.34M
$1.18M – $1.57M
NOI $94,080 @ 7.0% cap · market cap 6.74%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
281
Businesses Nearby
Explore this area
Business Placement
Demographics for 29585, SC
16,574
Population
12,061
Households
1.4
Avg Household Size
60
Median Age
50%
College-Educated
96%
High-School Grad
61.8 sq mi
ZIP Area
268
Density / Sq Mi
$83,077
Median Household Income
$42,237
Median Earnings
$1,599
Median Rent
$423,700
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?
Duplex - Two residential buildings offer multifamily income with General Residential zoning and identified land for future construction.
Where is this duplex located?
The property is located at 398 Blockade Drive Pawleys Island, SC.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Six 2‑bedroom, 2‑bath units across one duplex and one quad; 1.4‑acre property with approximately .75 acres identified for future development; Potential for at least two additional duplex structures, or 4 total units
