Triplex with Private
For Sale
$719,500
509 Hillside Dr. S, North Myrtle Beach, SC 29582
MULTI-FAMILY, North Myrtle Beach, SC
Property Size3,034 SF
Price / SF$237.15
Days on Market95
Property Features for 509 Hillside Dr. S
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Elementary school
Ocean Drive Elementary
Middle school
North Myrtle Beach Middle School
High school
North Myrtle Beach High School
Subdivision
11D North Myrtle Beach Area--Atlantic Beach
Standard status
Active
Size
3,034 SF
Amenities
fountain
swing
outdoor bar
outdoor shower
Building Details
Year built
1955
Number of units
3
Listing Agency:
Beycome Brokerage Realty LLC
(844) 239-2663
Listed By:
Steven Koleno · License #3469487
(804) 656-5007
Added: May 21
Changed: Aug 19
Last Checked: Aug 23 at 6:06AM
MLS# 2613120
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.
Cabin-style triplex featuring three private units, each with its own entrance. The property is arranged as two separate structures connected by a private courtyard. Unit A is a 2-bedroom, 1-bath layout; Unit B is a 2-bedroom, 1-bath layout; and Unit C offers 2 bedrooms and 2 bathrooms. The triplex is remodeled and offered fully furnished, currently operating as a licensed Airbnb rental.
The owner is an Airbnb Superhost. Recent upgrades include a new roof, a recently installed HVAC system, updated electrical and plumbing, and full crawlspace encapsulation. Outdoor amenities within the private courtyard include a fountain, swing, outdoor bar, and outdoor shower.
Located in North Myrtle Beach, the property is described as being a short walk to the beach. The triplex was built in 1955.
The owner is an Airbnb Superhost. Recent upgrades include a new roof, a recently installed HVAC system, updated electrical and plumbing, and full crawlspace encapsulation. Outdoor amenities within the private courtyard include a fountain, swing, outdoor bar, and outdoor shower.
Located in North Myrtle Beach, the property is described as being a short walk to the beach. The triplex was built in 1955.
Key Highlights
- Two structures with three private units, each with its own entrance
- Remodeled triplex offered fully furnished and operating as a licensed Airbnb rental
- Owner holds Airbnb Superhost status
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
$30,990
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%
$619,800
$619.8K
Cap Rate 7%
$442,714
$442.7K
Cap Rate 9%
$344,333
$344.3K
Market Conditions
NOI Build-Up for 3,034 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
$46.6K $15.36/SF
− Vacancy
−$2.3K −$0.77/SF
EGI
$44.3K $14.59/SF
− OpEx
−$13.3K −$4.38/SF
NOI
$31.0K $10.21/SF
Area
Horry County, SC
Vacancy
5.00%
Lease Rate
$15.36 /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%
$619,800
Cap Rate 7%
$442,714
Cap Rate 9%
$344,333
Alternative Uses
Best Use
Multifamily LT 5
$442.7K
$387.4K – $516.5K
NOI $30,990 @ 7.0% cap · market cap 4.31%
Second Best
Apartment 5plus
$400.1K
$350.1K – $466.8K
NOI $28,008 @ 7.0% cap · market cap 3.89%
Theoretical Best
Office A
$768.9K
$672.8K – $897.1K
NOI $53,826 @ 7.0% cap · market cap 7.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
593
Businesses Nearby
Explore this area
Business Placement
Demographics for 29582, SC
18,897
Population
27,559
Households
0.7
Avg Household Size
62
Median Age
38%
College-Educated
94%
High-School Grad
21.9 sq mi
ZIP Area
863
Density / Sq Mi
$71,030
Median Household Income
$36,906
Median Earnings
$1,194
Median Rent
$370,700
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?
Triplex - Three private units with separate entrances in a remodeled, fully furnished cabin-style triplex a short walk to the beach.
Where is this triplex located?
The property is located at 509 Hillside Dr. S North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $719,500.
What are key features of this property?
This property features: Two structures with three private units, each with its own entrance; Remodeled triplex offered fully furnished and operating as a licensed Airbnb rental; Owner holds Airbnb Superhost status
