Beach-Adjacent Duplex with
For Sale
$1,949,000
400 Hillside Dr Unit A & B, North Myrtle Beach, SC 29582
Two expansive rental units offer private elevators, multiple balconies, updated systems, and access to short-term and long-term rental use.
Property Size7,896 SF
Price / SF$246.83
Days on Market128
Property Features for 400 Hillside Dr Unit A & B
General Information
Standard status
Active
Size
7,896 SF
Elevators
Yes
Property subtype
Multi-Family
Units
Unit Mix
2 x 8BR/7BA
Multifamily Units
2
Amenities
private pool
balconies
grilling area
game rooms
living rooms
open kitchens
laundry rooms
Building Details
Year Built
2006
Buildings
1
Listing Agency:
Realty ONE Group Dockside
(843) 222-6357
Listed By:
Liat Edri · License #6170
Source:
Findahomecharleston
Added: Apr 24
Changed: Aug 28
Last Checked: Aug 29 at 10:39AM
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 Realty ONE Group Dockside
Investment Insights
Based on property information with market context.
This duplex, completed in 2006, contains two substantial units with a combined configuration of 16 bedrooms and 14 bathrooms. Each residence includes 8 bedrooms, 7 bathrooms, a private elevator, open kitchen and living areas, game rooms, laundry space, and large balconies. A private pool, grilling area, parking spaces, new furniture, and new LVP flooring add to the property’s existing amenities.
The property is located one block from the Atlantic Ocean and four blocks from Main Street in North Myrtle Beach. Shopping, dining, entertainment, recreational facilities, and medical services are located in the surrounding area. Short-term and long-term rentals are allowed, and the property has no HOA.
Recent improvements include a new roof installed in 2023 and six new HVAC units. Each unit’s bedroom areas occupy the first two floors, while the top floor contains the common spaces and an additional full bathroom.
The property is located one block from the Atlantic Ocean and four blocks from Main Street in North Myrtle Beach. Shopping, dining, entertainment, recreational facilities, and medical services are located in the surrounding area. Short-term and long-term rentals are allowed, and the property has no HOA.
Recent improvements include a new roof installed in 2023 and six new HVAC units. Each unit’s bedroom areas occupy the first two floors, while the top floor contains the common spaces and an additional full bathroom.
Key Highlights
- Two‑unit property with 16 bedrooms and 14 bathrooms total
- Each unit includes 8 bedrooms, 7 bathrooms, and a private elevator
- Private pool, six large balconies, grilling area, and parking spaces
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
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
561
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 - Two expansive rental units offer private elevators, multiple balconies, updated systems, and access to short-term and long-term rental use.
Where is this duplex located?
The property is located at 400 Hillside Dr Unit A & B 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 property with 16 bedrooms and 14 bathrooms total; Each unit includes 8 bedrooms, 7 bathrooms, and a private elevator; Private pool, six large balconies, grilling area, and parking spaces
