All-Brick Two-Unit
For Sale
$630,000
520 Boundary Ave., Murrells Inlet, SC 29576
MULTI-FAMILY, Murrells Inlet, SC
Property Size2,781 SF
Price / SF$226.54
Days on Market47
Property Features for 520 Boundary Ave.
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Lot features
Rectangular, East of Bus. 17
Elementary school
Seaside Elementary School
Middle school
Saint James Middle School
High school
Saint James High School
Subdivision
27A Garden City Mainland & Pennisula
Standard status
Active
Size
2,781 SF
Utilities
Utilities
Cable Available
Building Details
Year built
1984
Number of units
2
Listing Agency:
Century 21 The Harrelson Group · Century 21 Real Estate
(843) 903-3550
Listed By:
Adam Levy · License #133902
(843) 995-7868
Added: Jul 31
Changed: Sep 3
Last Checked: Sep 15 at 12:06AM
MLS# 2618992
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.
Built in 1984, this 2,781-square-foot duplex contains two two-bedroom, two-bath residences within an all-brick structure. One unit measures approximately 1,300 square feet and the other approximately 1,500 square feet. Both include spacious kitchens with substantial cabinet and counter space. Separate electric meters serve the units, while a shared water meter supports the property.
The residences are occupied by established long-term tenants under month-to-month leases. Short-term rentals are permitted, providing an additional leasing format for the property. There is no HOA. The duplex is located at 520 Boundary Ave. in Murrells Inlet, near beaches, shopping, dining, and entertainment in the surrounding Grand Strand area. Cable is available.
The residences are occupied by established long-term tenants under month-to-month leases. Short-term rentals are permitted, providing an additional leasing format for the property. There is no HOA. The duplex is located at 520 Boundary Ave. in Murrells Inlet, near beaches, shopping, dining, and entertainment in the surrounding Grand Strand area. Cable is available.
Key Highlights
- Two‑unit duplex with two 2‑bedroom, 2‑bath residences
- 2,781 square feet total; units measure approximately 1,300 SF and 1,500 SF
- All‑brick construction, built in 1984
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
$28,406
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
4.51%
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%
$568,120
$568.1K
Cap Rate 7%
$405,800
$405.8K
Cap Rate 9%
$315,622
$315.6K
Market Conditions
NOI Build-Up for 2,781 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
$42.7K $15.36/SF
− Vacancy
−$2.1K −$0.77/SF
EGI
$40.6K $14.59/SF
− OpEx
−$12.2K −$4.38/SF
NOI
$28.4K $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%
$568,120
Cap Rate 7%
$405,800
Cap Rate 9%
$315,622
Alternative Uses
Best Use
Multifamily LT 5
$405.8K
$355.1K – $473.4K
NOI $28,406 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$366.7K
$320.9K – $427.9K
NOI $25,672 @ 7.0% cap · market cap 4.07%
Theoretical Best
Office A
$704.8K
$616.7K – $822.3K
NOI $49,337 @ 7.0% cap · market cap 7.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
464
Businesses Nearby
Explore this area
Business Placement
Demographics for 29576, SC
32,476
Population
22,097
Households
1.5
Avg Household Size
61
Median Age
32%
College-Educated
96%
High-School Grad
30.5 sq mi
ZIP Area
1,065
Density / Sq Mi
$70,343
Median Household Income
$36,352
Median Earnings
$1,467
Median Rent
$315,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Duplex - Two-bedroom, two-bath residences offer separate electric meters and flexible lease options.
Where is this duplex located?
The property is located at 520 Boundary Ave. Murrells Inlet, SC.
What is the asking price?
The asking price for this property is $630,000.
What are key features of this property?
This property features: Two‑unit duplex with two 2‑bedroom, 2‑bath residences; 2,781 square feet total; units measure approximately 1,300 SF and 1,500 SF; All‑brick construction, built in 1984
