Two-Story Office
For Sale
$2,150,000
4702 Oleander Dr., Myrtle Beach, SC 29577
COMMERCIAL/INDUSTRIAL, Myrtle Beach, SC
Property Size9,432 SF
Lot Size0.76 Acres
Price / SF$227.95
Days on Market95
Property Features for 4702 Oleander Dr.
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
OPI
Subdivision
10B Myrtle Beach Area--Carolina Forest
Standard status
Active
Size
9,432 SF
Lot size
0.76 Acres
Building Details
Floors in Building
2
Number of units
18
Listing Agency:
Circa Real Estate
(843) 222-3172
Listed By:
Katharine Woodard
(843) 798-3940
Added: May 19
Changed: Aug 19
Last Checked: Aug 21 at 9:06AM
MLS# 2612896
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 two-story brick office property contains approximately 9,432 SF and is configured with 16 upstairs office units and 2 larger suites on the ground floor. Interior amenities include reception and waiting areas, conference rooms, private offices, open work areas, kitchen and break spaces, multiple restrooms, and storage. The building has been extensively updated and professionally maintained, with no deferred maintenance identified in the property information. It is currently 100% occupied and includes 33 parking spaces.
Located in Myrtle Beach, the property offers access to Hwy 17, Grissom Parkway, and Hwy 31, along with convenient reach to Myrtle Beach International Airport, hospitals, business centers, restaurants, and Broadway at the Beach. OPI zoning is listed for the property. The existing layout supports professional and medical office occupancy, as well as legal, financial, insurance, real estate, corporate, and other multi-use commercial applications.
Located in Myrtle Beach, the property offers access to Hwy 17, Grissom Parkway, and Hwy 31, along with convenient reach to Myrtle Beach International Airport, hospitals, business centers, restaurants, and Broadway at the Beach. OPI zoning is listed for the property. The existing layout supports professional and medical office occupancy, as well as legal, financial, insurance, real estate, corporate, and other multi-use commercial applications.
Key Highlights
- Approximately 9,432 SF two‑story office building
- 16 upstairs office units plus 2 large ground‑floor suites
- 100% occupied with 33 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
$115,448
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
5.37%
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%
$2,308,960
$2.3M
Cap Rate 7%
$1,649,257
$1.6M
Cap Rate 9%
$1,282,756
$1.3M
Market Conditions
NOI Build-Up for 9,432 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
$181.1K $19.20/SF
− Vacancy
−$27.2K −$2.88/SF
EGI
$153.9K $16.32/SF
− OpEx
−$38.5K −$4.08/SF
NOI
$115.4K $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%
$2,308,960
Cap Rate 7%
$1,649,257
Cap Rate 9%
$1,282,756
Alternative Uses
Best Use
Office B
$1.65M
$1.44M – $1.92M
NOI $115,448 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.39M
$2.09M – $2.79M
NOI $167,331 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Office units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,149
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 - Fully occupied professional office property with flexible suites, dedicated parking, and updated common areas.
Where is this office building located?
The property is located at 4702 Oleander Dr. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $2,150,000.
What are key features of this property?
This property features: Approximately 9,432 SF two‑story office building; 16 upstairs office units plus 2 large ground‑floor suites; 100% occupied with 33 parking spaces
