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    Myrtle Beach Multifamily Investment Title is generated by Realmo AI

    606-608 37th Ave. N, Myrtle Beach, SC 29577

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    For Sale
    $1,980,000

    MULTI_FAMILY - Myrtle Beach, SC

    Type:Apartment
    Property size:
    13,600 SF
    Price / SF:
    $145/SF
    Added:
    Feb 9, 2026
    Days on Market:
    113
    Last Refresh:
    Jun 2 at 3:06 am

    Property Features for 606-608 37th Ave. N

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Apartment
    Parking features
    Assigned
    Standard status
    Active
    Size
    13,600 SF

    Utilities

    Utilities
    Cable Available

    Building Details

    Year built
    1982
    Number of units
    17

    We can help!

    Listing Contact
    Jeff Forman
    Jeff Forman

    Listing agent Jeff Forman License #111037

    Listing office Keller Williams The Forturro Group Myrtle Beach, SC

    Listing date Feb 9, 2026

    MLS# 2603492 Listing URL

    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.

    HighLights

    • High‑demand Myrtle Beach rental corridor location.
    • Seventeen 2‑bedroom units, known for stronger tenant retention.
    • Potential to increase rents through interior renovations.
    • Opportunity to improve NOI via expense controls and professional management.
    • Consolidated footprint for operational efficiency (one location, centralized maintenance).
    • Strong potential to standardize finishes for streamlined unit turnovers.

    Overview

    This 17-unit multifamily property is located in a high-demand rental corridor of Myrtle Beach. The property consists of seventeen 2-bedroom units, which may drive stronger long-term tenant retention and reduced turnover. The combined footprint of the two properties, one containing 12 units and the other containing 6, allows for operational efficiency through consolidated maintenance and management. Nearby employment, retail options, and coastal lifestyle amenities support consistent occupancy. The 13,600 square foot property offers potential for increased rents through interior renovations, improved net operating income via expense controls and professional management, and enhanced curb appeal. The concentrated 2-bedroom portfolio allows for standardized finishes. The connected portfolio nature of the asset may support long-term value through improved financing options, future operational consolidation, and optional disposition strategies once stabilized. The property is located in Myrtle Beach, South Carolina.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $238.3k $17.52
    − Vacancy −$10.0k −$0.74
    EGI $228.3k $16.78
    − OpEx −$102.7k −$7.55
    NOI $125.5k $9.23
    13,600 SF · lease $17.52/SF/yr · vacancy 4.20% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $1.79M
    $1.57M – $2.09M (±1% cap)
    NOI $125,546 @ 7.0% cap · market cap 6.34%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $3.45M
    $3.02M – $4.02M (±1% cap)
    NOI $241,275 @ 7.0% cap · market cap 12.19%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Restaurant Dental Office Law Firm Spa & Massage Center Real Estate Agency Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.8601
    Latitude
    33.717381

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    FAQs

    What type of property is this?
    Apartment building - Seventeen 2-bedroom units in high-demand Myrtle Beach rental corridor.
    Where is this apartment building located?
    The property is located at 606-608 37th Ave. N Myrtle Beach, SC.
    What is the asking price?
    The asking price for this property is $1,980,000.
    What are key features of this property?
    This property features: High‑demand Myrtle Beach rental corridor location.; Seventeen 2‑bedroom units, known for stronger tenant retention.; Potential to increase rents through interior renovations.
    (843) 902-4325
    We can help!
    Listing Contact
    Jeff Forman
    Jeff Forman
    Real Estate License ID: 111037
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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