Brick Ranch Duplex Near
For Sale
$519,900
608 22nd Ave. S, North Myrtle Beach, SC 29582
Two residential units offer updated finishes, rear storage, and convenient access to North Myrtle Beach’s oceanfront and amenities.
Property Size1,800 SF
Price / SF$288.83
Days on Market213
Property Features for 608 22nd Ave. S
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Duplex
Amenities
Central Air, Electric
Crawl
3
Brick Trim/Veneer
Rectangular
Rectangular.
Building Details
Year Built
1980
Listing Agency:
CHICORA REAL ESTATE LLC
(843) 449-9494
Listed By:
Dean Nikodemski · License #190821
(704) 904-4767
Source:
Xome
Added: Jan 31
Changed: Aug 30
Last Checked: Aug 31 at 12:51PM
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 CHICORA REAL ESTATE LLC
Investment Insights
Based on property information with market context.
This duplex is configured as a full-brick ranch with two separate apartments, each offering 2 bedrooms and 1 bath. The property contains 1,800 square feet and was built in 1980. Both units feature upgraded LVP flooring, while Unit A also includes substantial kitchen, paint, and ceiling-fan improvements. A metal roof and rear storage rooms add to the physical improvements, and central air is provided.
Located at 608 22nd Ave. S in North Myrtle Beach, the property is within walking distance of the ocean and has a slight ocean view from the street. Dining, entertainment, and other North Myrtle Beach amenities are nearby. Both apartments are currently leased through May 2027.
Located at 608 22nd Ave. S in North Myrtle Beach, the property is within walking distance of the ocean and has a slight ocean view from the street. Dining, entertainment, and other North Myrtle Beach amenities are nearby. Both apartments are currently leased through May 2027.
Key Highlights
- Full‑brick ranch duplex with 1,800 square feet
- Two apartments, each with 2 bedrooms and 1 bath
- Both units leased through May 2027
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
$18,386
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
3.54%
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%
$367,720
$367.7K
Cap Rate 7%
$262,657
$262.7K
Cap Rate 9%
$204,289
$204.3K
Market Conditions
NOI Build-Up for 1,800 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
$27.6K $15.36/SF
− Vacancy
−$1.4K −$0.77/SF
EGI
$26.3K $14.59/SF
− OpEx
−$7.9K −$4.38/SF
NOI
$18.4K $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%
$367,720
Cap Rate 7%
$262,657
Cap Rate 9%
$204,289
Alternative Uses
Best Use
Multifamily LT 5
$262.7K
$229.8K – $306.4K
NOI $18,386 @ 7.0% cap · market cap 3.54%
Second Best
Apartment 5plus
$237.4K
$207.7K – $276.9K
NOI $16,616 @ 7.0% cap · market cap 3.20%
Theoretical Best
Office A
$456.2K
$399.2K – $532.2K
NOI $31,933 @ 7.0% cap · market cap 6.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
553
Businesses Nearby
Explore this area
Business Placement
Demographics for 29582, SC
18,897
Population
27,559
Households
0.7
Avg Household Size
62
Median Age
38%
College-Educated
94%
High-School Grad
21.9 sq mi
ZIP Area
863
Density / Sq Mi
$71,030
Median Household Income
$36,906
Median Earnings
$1,194
Median Rent
$370,700
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?
Duplex - Two residential units offer updated finishes, rear storage, and convenient access to North Myrtle Beach’s oceanfront and amenities.
Where is this duplex located?
The property is located at 608 22nd Ave. S North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $519,900.
What are key features of this property?
This property features: Full‑brick ranch duplex with 1,800 square feet; Two apartments, each with 2 bedrooms and 1 bath; Both units leased through May 2027
