Renovated Six-Unit Apartment
New
For Sale
$1,699,000
412 27th Ave. N, Myrtle Beach, SC 29577
MULTI-FAMILY, Myrtle Beach, SC
Property Size6,244 SF
Price / SF$272.10
Days on Market1
Property Features for 412 27th Ave. N
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Assigned
Subdivision
City Of Myrtle Beach
Lot features
Rectangular, East of Bus. 17, Inside City Limits, East of Highway 17 Bypass
Elementary school
Myrtle Beach Elementary School
Middle school
Myrtle Beach Middle School
High school
Myrtle Beach High School
Standard status
Active
Size
6,244 SF
Utilities
Utilities
Cable Available
Amenities
private fenced backyards
outdoor seating
grills
privacy fencing
Building Details
Year built
1986
Number of units
6
Listing Agency:
Keller Williams The Forturro Group · Keller Williams Realty
(843) 443-9400
Listed By:
Jeff Forman · License #111037
(843) 902-4325
Added: Sep 18
Last Checked: Sep 18 at 5:06PM
MLS# 2623083
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.
This six-unit apartment property comprises townhouse-style residences with a combined 6,244 square feet. Two front units measure approximately 1,030 square feet, while four additional units are roughly 1,047 square feet each. The residences have open layouts, full kitchens with new cabinetry and appliances, furnished interiors, and bedrooms designed for comfortable occupancy. Select units include fenced backyards with seating and grills.
Renovation work addressed plumbing, electrical systems, interior wall configurations, doors, windows, and tile showers with updated fixtures. HVAC equipment was replaced in 2023, and the property also has a new retaining wall and perimeter privacy fencing. Each unit is separately metered for water and electric. The MU-H zoning permits short-term rentals, and some tenants are already in place. Assigned parking and cable availability are also provided.
Renovation work addressed plumbing, electrical systems, interior wall configurations, doors, windows, and tile showers with updated fixtures. HVAC equipment was replaced in 2023, and the property also has a new retaining wall and perimeter privacy fencing. Each unit is separately metered for water and electric. The MU-H zoning permits short-term rentals, and some tenants are already in place. Assigned parking and cable availability are also provided.
Key Highlights
- Six apartment units totaling 6,244 square feet
- Two units at approximately 1,030 square feet and four units at roughly 1,047 square feet each
- MU‑H zoning with short‑term rentals permitted
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
$57,640
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
3.39%
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%
$1,152,800
$1.2M
Cap Rate 7%
$823,429
$823.4K
Cap Rate 9%
$640,444
$640.4K
Market Conditions
NOI Build-Up for 6,244 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
$109.4K $17.52/SF
− Vacancy
−$4.6K −$0.74/SF
EGI
$104.8K $16.78/SF
− OpEx
−$47.2K −$7.55/SF
NOI
$57.6K $9.23/SF
Area
Horry County, SC
Vacancy
4.20%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
45.00%
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%
$1,152,800
Cap Rate 7%
$823,429
Cap Rate 9%
$640,444
Alternative Uses
Best Use
Apartment 5plus
$823.4K
$720.5K – $960.7K
NOI $57,640 @ 7.0% cap · market cap 3.39%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.58M
$1.38M – $1.85M
NOI $110,774 @ 7.0% cap · market cap 6.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
881
Businesses Nearby
Explore this area
Business Placement
Demographics for 29577, SC
34,109
Population
22,630
Households
1.5
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
22.8 sq mi
ZIP Area
1,496
Density / Sq Mi
$48,561
Median Household Income
$33,591
Median Earnings
$1,130
Median Rent
$273,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
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Frequently Asked Questions
What type of property is this?
Apartment building - Furnished townhouse-style residences on MU-H land with short-term rentals permitted and select private fenced outdoor areas.
Where is this apartment building located?
The property is located at 412 27th Ave. N Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Six apartment units totaling 6,244 square feet; Two units at approximately 1,030 square feet and four units at roughly 1,047 square feet each; MU‑H zoning with short‑term rentals permitted
