Myrtle Beach Office Building
For Sale
$1,249,900
4605 Oleander Dr, Myrtle Beach, SC 29577
Well-maintained, fully leased office building in prime Myrtle Beach location.
Property Size4,400 SF
Price / SF$284.07
Days on Market204
Property Features for 4605 Oleander Dr
General Information
Standard status
Active
Size
4,400 SF
Listing Agency:
Century 21 The Harrelson Group
(843) 457-7816
Listed By:
Greg Harrelson Sales Team
(843) 457-7816
Source:
Exprealty
Added: Feb 6
Changed: Aug 27
Last Checked: Aug 28 at 12:23PM
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 Century 21 The Harrelson Group
Investment Insights
Based on property information with market context.
Located at 4605 Oleander Dr in Myrtle Beach, this well-maintained office building presents a prime investment opportunity. Constructed in 2010, the property features a brick exterior and high-end interior finishes. The building contains two floors, each equipped with a reception area, kitchen, conference room, and private restrooms. The first floor includes five private offices and a large storage room. The second floor offers six offices and two storage rooms. Elevator and staircase service are available from the common entrance. The property is fully leased with tenant-paid utilities, generating approximately 94,000 in gross annual income. Ample on-site parking is available. The property is situated in a central Myrtle Beach location with visibility and access, making it suitable for investors seeking stabilized income. The building provides a functional and professional environment for multiple users, with a total property size of 4400 square feet.
Key Highlights
- Fully leased office building generating approximately $94,000 in gross annual income.
- Prime central Myrtle Beach location with excellent visibility and access.
- Tenant‑paid utilities.
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
$53,856
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
4.31%
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%
$1,077,120
$1.1M
Cap Rate 7%
$769,371
$769.4K
Cap Rate 9%
$598,400
$598.4K
Market Conditions
NOI Build-Up for 4,400 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
$84.5K $19.20/SF
− Vacancy
−$12.7K −$2.88/SF
EGI
$71.8K $16.32/SF
− OpEx
−$18.0K −$4.08/SF
NOI
$53.9K $12.24/SF
Area
Horry County, SC
Vacancy
15.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
25.00%
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%
$1,077,120
Cap Rate 7%
$769,371
Cap Rate 9%
$598,400
Alternative Uses
Best Use
Office B
$769.4K
$673.2K – $897.6K
NOI $53,856 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.12M
$975.8K – $1.30M
NOI $78,060 @ 7.0% cap · market cap 6.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,152
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained, fully leased office building in prime Myrtle Beach location.
Where is this office building located?
The property is located at 4605 Oleander Dr Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $1,249,900.
What are key features of this property?
This property features: Fully leased office building generating approximately $94,000 in gross annual income.; Prime central Myrtle Beach location with excellent visibility and access.; Tenant‑paid utilities.
