Renovated Triplex Near
New
For Sale
$649,900
520 1st Ave. N, Surfside Beach, SC 29575
Three separately metered units offer flexible occupancy and rental configurations without HOA restrictions.
Property Size3,366 SF
Price / SF$193.08
Days on Market3
Property Features for 520 1st Ave. N
General Information
Standard status
Active
Size
3,366 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 3BR
Multifamily Units
3
Building Details
Year Built
1997
Listing Agency:
Innovate Real Estate
(843) 839-3325
Listed By:
Greg Harrelson
(843) 405-3515
Source:
Gregharrelson
Added: Sep 6
Changed: Sep 7
Last Checked: Sep 7 at 7:17AM
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 Innovate Real Estate
Investment Insights
Based on property information with market context.
Built in 1997, this triplex contains 3,366 total heated square feet across three units, with three bedrooms in each unit. One bedroom per unit is non-conforming because it lacks a closet. Separate utilities serve each residence, while the two front units have received kitchen, appliance, and bathroom updates. New HVAC systems and a metal roof add to the property’s existing improvements.
The property is located at 520 1st Ave. N in Surfside Beach, within walking distance of the beach, Surfside Pier, Surfside Park, and downtown Surfside Beach. The asset is in Flood Zone X and has no HOA. Its three-unit configuration supports owner occupancy, rental use, or a combination of the two.
The property is located at 520 1st Ave. N in Surfside Beach, within walking distance of the beach, Surfside Pier, Surfside Park, and downtown Surfside Beach. The asset is in Flood Zone X and has no HOA. Its three-unit configuration supports owner occupancy, rental use, or a combination of the two.
Key Highlights
- 3,366 total heated square feet across three units
- Three bedrooms in each unit; one bedroom per unit is non‑conforming due to no closet
- Separate utilities serve each of the three units
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
$34,382
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
5.29%
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%
$687,640
$687.6K
Cap Rate 7%
$491,171
$491.2K
Cap Rate 9%
$382,022
$382.0K
Market Conditions
NOI Build-Up for 3,366 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
$51.7K $15.36/SF
− Vacancy
−$2.6K −$0.77/SF
EGI
$49.1K $14.59/SF
− OpEx
−$14.7K −$4.38/SF
NOI
$34.4K $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%
$687,640
Cap Rate 7%
$491,171
Cap Rate 9%
$382,022
Alternative Uses
Best Use
Multifamily LT 5
$491.2K
$429.8K – $573.0K
NOI $34,382 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$443.9K
$388.4K – $517.9K
NOI $31,073 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$853.1K
$746.5K – $995.3K
NOI $59,716 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
749
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three separately metered units offer flexible occupancy and rental configurations without HOA restrictions.
Where is this triplex located?
The property is located at 520 1st Ave. N Surfside Beach, SC.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 3,366 total heated square feet across three units; Three bedrooms in each unit; one bedroom per unit is non‑conforming due to no closet; Separate utilities serve each of the three units
