Two-Unit Coastal
For Sale
$1,949,000
400 Hillside Dr. S, North Myrtle Beach, SC 29582
MULTI_FAMILY - North Myrtle Beach, SC
Property Size7,896 SF
Price / SF$246.83
Days on Market95
Property Features for 400 Hillside Dr. S
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Lot features
Rectangular, East of Bus. 17, Inside City Limits, Oceanview, Second Row Other
Elementary school
Ocean Drive Elementary
Middle school
North Myrtle Beach Middle School
High school
North Myrtle Beach High School
Subdivision
11B North Myrtle Beach Area--Ocean Drive
Standard status
Active
Size
7,896 SF
Utilities
Utilities
Cable Available
Amenities
private elevator
private pool
grilling area
balconies
Building Details
Year built
2006
Number of units
2
Listing Agency:
Realty ONE Group Dockside
(843) 492-4030
Listed By:
Liat Edri · License #59354
(843) 222-6357
Added: May 7
Changed: Jul 27
Last Checked: Aug 9 at 7:06PM
MLS# 2611944
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.
Built in 2006, this duplex at 400 Hillside Dr. S includes two separate units, each with 8 bedrooms and 7 bathrooms, for a combined 16 bedrooms and 14 bathrooms. The first two floors contain the bedrooms, while the upper level provides shared living areas, game rooms, open kitchens, laundry rooms, and an additional full bathroom in each unit. Each residence has a private elevator, and the property includes a pool, six large balconies, a grilling area, parking spaces, new furniture, and new LVP flooring.
The property is located one block from the Atlantic Ocean and four blocks from Main Street in North Myrtle Beach. Short-term and long-term rentals are allowed, and the property has no HOA. Recent improvements include a new roof completed in 2023 and six new HVAC units. Shopping, dining, entertainment, recreation, and medical services are located in the surrounding North Myrtle Beach area.
The property is located one block from the Atlantic Ocean and four blocks from Main Street in North Myrtle Beach. Short-term and long-term rentals are allowed, and the property has no HOA. Recent improvements include a new roof completed in 2023 and six new HVAC units. Shopping, dining, entertainment, recreation, and medical services are located in the surrounding North Myrtle Beach area.
Key Highlights
- Two‑unit duplex with 16 bedrooms and 14 bathrooms total
- Each unit includes 8 bedrooms, 7 bathrooms, and a private elevator
- New roof installed in 2023; all 6 HVAC units are new
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
$80,653
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
4.14%
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%
$1,613,060
$1.6M
Cap Rate 7%
$1,152,186
$1.2M
Cap Rate 9%
$896,144
$896.1K
Market Conditions
NOI Build-Up for 7,896 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
$121.3K $15.36/SF
− Vacancy
−$6.1K −$0.77/SF
EGI
$115.2K $14.59/SF
− OpEx
−$34.6K −$4.38/SF
NOI
$80.7K $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%
$1,613,060
Cap Rate 7%
$1,152,186
Cap Rate 9%
$896,144
Alternative Uses
Best Use
Multifamily LT 5
$1.15M
$1.01M – $1.34M
NOI $80,653 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$1.04M
$911.1K – $1.21M
NOI $72,890 @ 7.0% cap · market cap 3.74%
Theoretical Best
Office A
$2.00M
$1.75M – $2.33M
NOI $140,081 @ 7.0% cap · market cap 7.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
553
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
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Frequently Asked Questions
What type of property is this?
Duplex - Large-format duplex with private elevators, a pool, balconies, and permitted short- and long-term rental use.
Where is this duplex located?
The property is located at 400 Hillside Dr. S North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,949,000.
What are key features of this property?
This property features: Two‑unit duplex with 16 bedrooms and 14 bathrooms total; Each unit includes 8 bedrooms, 7 bathrooms, and a private elevator; New roof installed in 2023; all 6 HVAC units are new
