Income Condominium
For Sale
$581,166
4711 Cobblestone Dr., Myrtle Beach, SC 29577
Portfolio of five income-producing condominium units in the established Cobblestone community.
Property Size2,685 SF
Price / SF$216.45
Days on Market165
Property Features for 4711 Cobblestone Dr.
General Information
Standard status
Active
Size
2,685 SF
Additional Details
Multifamily Units
5
Listing Agency:
Golden Peak Management Realty
(843) 548-7208
Listed By:
Bradley Lloyd · License #117005
(803) 463-6636
Source:
Edgarwilson
Added: Mar 28
Changed: Sep 4
Last Checked: Sep 8 at 8:57AM
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 Golden Peak Management Realty
Investment Insights
Based on property information with market context.
This for-sale residential investment portfolio includes five income-producing condominium units within the established Cobblestone community in Myrtle Beach. The units are described as well-maintained and in updated condition, offering an investor a turnkey ownership structure with rental income already in place.
The properties are positioned within the Cobblestone community and are noted as being a short drive from Myrtle Beach’s coastline. The homeowners’ association provides exterior maintenance, common area upkeep, and structural oversight, which is intended to support predictable operating expenses and reduce management complexity.
The offering is presented as a single transaction opportunity to acquire multiple residential units in one portfolio.
The properties are positioned within the Cobblestone community and are noted as being a short drive from Myrtle Beach’s coastline. The homeowners’ association provides exterior maintenance, common area upkeep, and structural oversight, which is intended to support predictable operating expenses and reduce management complexity.
The offering is presented as a single transaction opportunity to acquire multiple residential units in one portfolio.
Key Highlights
- Residential investment portfolio with five income‑producing condominium units within the established Cobblestone community in Myrtle Beach
- Year built: 1984
- Condominium HOA provides exterior maintenance, common area upkeep, and structural oversight
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
$24,786
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
4.26%
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%
$495,720
$495.7K
Cap Rate 7%
$354,086
$354.1K
Cap Rate 9%
$275,400
$275.4K
Market Conditions
NOI Build-Up for 2,685 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
$47.0K $17.52/SF
− Vacancy
−$2.0K −$0.74/SF
EGI
$45.1K $16.78/SF
− OpEx
−$20.3K −$7.55/SF
NOI
$24.8K $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%
$495,720
Cap Rate 7%
$354,086
Cap Rate 9%
$275,400
Alternative Uses
Best Use
Apartment 5plus
$354.1K
$309.8K – $413.1K
NOI $24,786 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$680.5K
$595.4K – $793.9K
NOI $47,634 @ 7.0% cap · market cap 8.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
1,136
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 Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Portfolio of five income-producing condominium units in the established Cobblestone community.
Where is this apartment building located?
The property is located at 4711 Cobblestone Dr. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $581,166.
What are key features of this property?
This property features: Residential investment portfolio with five income‑producing condominium units within the established Cobblestone community in Myrtle Beach; Year built: 1984; Condominium HOA provides exterior maintenance, common area upkeep, and structural oversight
