Furnished 3-Unit
For Sale
$699,900
509 Hillside Dr. S, North Myrtle Beach, SC 29582
MULTI-FAMILY, North Myrtle Beach, SC
Property Size3,034 SF
Price / SF$230.69
Days on Market235
Property Features for 509 Hillside Dr. S
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Subdivision
K Ward LD
Elementary school
Ocean Drive Elementary
Middle school
North Myrtle Beach Middle School
High school
North Myrtle Beach High School
Standard status
Active
Size
3,034 SF
Amenities
private entrance
private courtyard
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: Feb 12
Changed: Oct 2
Last Checked: Oct 5 at 10:06AM
MLS# 2603831
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 3,034-square-foot triplex comprises two buildings and three furnished units, each with its own entrance. Two units have two bedrooms and one bathroom apiece; the third contains two bedrooms and two bathrooms. The property was built in 1955 and has been remodeled, with a new roof, recently installed HVAC, updated electrical and plumbing, and crawlspace encapsulation. A shared courtyard includes a fountain, swing, outdoor bar, and shower.
At 509 Hillside Dr. S in North Myrtle Beach, the property is a short walk from the beach. It operates as a licensed Airbnb rental. The three-unit configuration also includes a two-bedroom, two-bathroom unit alongside the two-bedroom, one-bathroom layouts.
At 509 Hillside Dr. S in North Myrtle Beach, the property is a short walk from the beach. It operates as a licensed Airbnb rental. The three-unit configuration also includes a two-bedroom, two-bathroom unit alongside the two-bedroom, one-bathroom layouts.
Key Highlights
- 3,034 square feet across two buildings and three private‑entry units
- Unit mix: two 2‑bedroom, 1‑bathroom units and one 2‑bedroom, 2‑bathroom unit
- Furnished; remodeled with a new roof, HVAC, updated electrical and plumbing, and crawlspace encapsulation
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
4.43%
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 4.43%
Second Best
Apartment 5plus
$400.1K
$350.1K – $466.8K
NOI $28,008 @ 7.0% cap · market cap 4.00%
Theoretical Best
Office A
$768.9K
$672.8K – $897.1K
NOI $53,826 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
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
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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?
Triplex - Two separate buildings provide private entrances and a courtyard with outdoor amenities.
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 $699,900.
What are key features of this property?
This property features: 3,034 square feet across two buildings and three private‑entry units; Unit mix: two 2‑bedroom, 1‑bathroom units and one 2‑bedroom, 2‑bathroom unit; Furnished; remodeled with a new roof, HVAC, updated electrical and plumbing, and crawlspace encapsulation
