Renovated Three-Unit
New
For Sale
$649,900
520 1st Ave. N, Surfside Beach, SC 29575
MULTI-FAMILY, Surfside Beach, SC
Property Size3,366 SF
Price / SF$193.08
Days on Market2
Property Features for 520 1st Ave. N
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Lot features
East of Bus. 17, Inside City Limits
Elementary school
Seaside Elementary School
Middle school
Saint James Middle School
High school
Saint James High School
Subdivision
29A Surfside Beach--East of 17 & north of Surfside Drive
Standard status
Active
Size
3,366 SF
Building Details
Year built
1997
Number of units
3
Listing Agency:
Garden City Realty, Inc
(843) 651-0900
Listed By:
Drew Dellinger · License #12099
(843) 446-2893
Added: Sep 4
Last Checked: Sep 5 at 5:06AM
MLS# 2622003
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 three-unit residential income property contains 3,366 total heated square feet, with each unit configured as a three-bedroom residence. One bedroom in each unit is non-conforming because it lacks a closet. Separate utilities serve all three units, supporting distinct household arrangements and operating setups. The two front residences have updated kitchens, appliances, and bathrooms, while new HVAC systems serve the property. A metal roof and 1997 construction round out the major physical features.
The property is positioned within walking distance of the beach, Surfside Pier, Surfside Park, and downtown Surfside Beach. It is located in Flood Zone X and carries no HOA designation. The layout supports leasing all three residences, occupying one while leasing two, or accommodating multiple household members across separate units.
The property is positioned within walking distance of the beach, Surfside Pier, Surfside Park, and downtown Surfside Beach. It is located in Flood Zone X and carries no HOA designation. The layout supports leasing all three residences, occupying one while leasing two, or accommodating multiple household members across separate units.
Key Highlights
- Three‑unit property with 3,366 total heated square feet
- Each unit includes 3 bedrooms; 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
Yes
Utilities to site
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 - No-HOA income property near the beach, pier, park, and downtown Surfside Beach.
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: Three‑unit property with 3,366 total heated square feet; Each unit includes 3 bedrooms; one bedroom per unit is non‑conforming due to no closet; Separate utilities serve each of the three units
