Mixed-Use Property with Theater
New
For Sale
$2,400,000
408 North Main Street, Conway, SC 29526
Two downtown buildings combine Main Street frontage with a former theater property.
Property Size13,320 SF
Days on Market2
Property Features for 408 North Main Street
General Information
Standard status
Active
Size
13,320 SF
Property subtype
Retail
Building Details
Building Size
13,320 SF
Year Built
1936
Buildings
2
Listing Agency:
Tradd Commercial | Myrtle Beach
Listed By:
Adam Cates, CCIM, SIOR · License #60056
(843) 333-4190
Source:
Traddcommercial
Added: Sep 7
Last Checked: Sep 8 at 5:33AM
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 | Myrtle Beach
Investment Insights
Based on property information with market context.
This offering combines 408 Main Street with the former Carolina Theater in Downtown Conway, South Carolina. The Main Street building contains 4,800 square feet across 4 units and is identified as a mixed-use property with frontage along Main Street. A second building measures 8,520 square feet and is associated with the former theater property.
The assets are located within Conway’s Central Business District. The property information reports 2.9 million visitors since August 2025, providing documented visitor activity for the downtown setting. The principal structures date to 1936.
The assets are located within Conway’s Central Business District. The property information reports 2.9 million visitors since August 2025, providing documented visitor activity for the downtown setting. The principal structures date to 1936.
Key Highlights
- 4,800 SF, 4‑unit mixed‑use building
- 8,520 SF building included in the offering
- Former Carolina Theater included
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
$194,182
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
8.09%
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%
$3,883,640
$3.9M
Cap Rate 7%
$2,774,029
$2.8M
Cap Rate 9%
$2,157,578
$2.2M
Market Conditions
NOI Build-Up for 13,320 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
$284.5K $21.36/SF
− Vacancy
−$7.1K −$0.53/SF
EGI
$277.4K $20.83/SF
− OpEx
−$83.2K −$6.25/SF
NOI
$194.2K $14.58/SF
Area
Horry County, SC
Vacancy
2.50%
Lease Rate
$21.36 /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%
$3,883,640
Cap Rate 7%
$2,774,029
Cap Rate 9%
$2,157,578
Alternative Uses
Best Use
Retail
$2.77M
$2.43M – $3.24M
NOI $194,182 @ 7.0% cap · market cap 8.09%
Second Best
Mixed Use
$2.41M
$2.11M – $2.82M
NOI $169,031 @ 7.0% cap · market cap 7.04%
Theoretical Best
Office A
$3.38M
$2.95M – $3.94M
NOI $236,307 @ 7.0% cap · market cap 9.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
966
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
South State Bank
Shops & Services
5,419 visits/mo
0.1 miles
Wells Fargo
Shops & Services
4,538 visits/mo
0.4 miles
Napa Auto Parts
Shops & Services
3,164 visits/mo
0.5 miles
Demographics for 29526, SC
51,403
Population
20,301
Households
2.5
Avg Household Size
40
Median Age
23%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
294
Density / Sq Mi
$66,490
Median Household Income
$28,341
Median Earnings
$943
Median Rent
$232,100
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?
Mixed-use property - Two downtown buildings combine Main Street frontage with a former theater property.
Where is this mixed-use property located?
The property is located at 408 North Main Street Conway, SC.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 4,800 SF, 4‑unit mixed‑use building; 8,520 SF building included in the offering; Former Carolina Theater included
