Furnished Multi-Level Rental
For Sale
Contact for pricing
Pending
510 Ocean Blvd S, Surfside Beach, SC 29575
Fully furnished 10-bedroom property near the ocean with a pool.
Property Size5,363 SF
Days on Market781
Property Features for 510 Ocean Blvd S
General Information
Standard status
Pending
Size
5,363 SF
Property subtype
Multifamily
Zoning
RES
Investment Type
Owner/User
Building Details
Year Built
1982
Year Renovated
2022
Buildings
1
Stories
3
Units
3
Listing Agency:
Keller Williams Innovate South
Listed By:
Jeff Forman · License #111037
(843) 443-9400
Source:
Crexi
Added: Jul 17, 2024
Changed: Aug 8
Last Checked: Jul 24 at 5:19PM
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 Keller Williams Innovate South
Investment Insights
Based on property information with market context.
This fully furnished 10-bedroom property spans three levels, each equipped with a full kitchen, living area, and washer/dryer. Each level has its own exterior access, allowing for flexible rental options. The first and second floors each feature 4 bedrooms and 2 bathrooms, while the third floor offers 2 bedrooms and 2 bathrooms. Situated on a double corner lot, this property offers proximity to the ocean and a private pool. Ocean views are available from most parts of the building. Covered parking is included.
Key Highlights
- Fully furnished 10‑bedroom property with three separate levels.
- Each level includes a full kitchen, living area, and washer/dryer.
- Each level has its own exterior access, allowing for flexible rental options (triplex, duplex, or single unit).
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
$54,780
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
3.24%
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%
$1,095,600
$1.1M
Cap Rate 7%
$782,571
$782.6K
Cap Rate 9%
$608,667
$608.7K
Market Conditions
NOI Build-Up for 5,363 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
$82.4K $15.36/SF
− Vacancy
−$4.1K −$0.77/SF
EGI
$78.3K $14.59/SF
− OpEx
−$23.5K −$4.38/SF
NOI
$54.8K $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%
$1,095,600
Cap Rate 7%
$782,571
Cap Rate 9%
$608,667
Alternative Uses
Best Use
Multifamily LT 5
$782.6K
$684.8K – $913.0K
NOI $54,780 @ 7.0% cap · market cap 3.24%
Second Best
Apartment 5plus
$707.2K
$618.8K – $825.1K
NOI $49,507 @ 7.0% cap · market cap 2.93%
Theoretical Best
Office A
$1.36M
$1.19M – $1.59M
NOI $95,144 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Explore this area
Business Placement
Demographics for 29575, SC
18,135
Population
16,761
Households
1.1
Avg Household Size
57
Median Age
33%
College-Educated
96%
High-School Grad
10.2 sq mi
ZIP Area
1,778
Density / Sq Mi
$72,029
Median Household Income
$38,182
Median Earnings
$1,234
Median Rent
$278,800
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Fully furnished 10-bedroom property near the ocean with a pool.
Where is this multifamily property located?
The property is located at 510 Ocean Blvd S Surfside Beach, SC.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Fully furnished 10‑bedroom property with three separate levels.; Each level includes a full kitchen, living area, and washer/dryer.; Each level has its own exterior access, allowing for flexible rental options (triplex, duplex, or single unit).
