Updated Apartment
New
For Sale
$899,900
800 Burroughs St., Conway, SC 29526
Nine-unit apartment property with refreshed interiors, private laundry hookups, and convenient access to downtown Conway.
Property Size7,793 SF
Price / SF$115.48
Days on Market4
Property Features for 800 Burroughs St.
General Information
Standard status
Active
Size
7,793 SF
Property subtype
Multi-Family
Units
Unit Mix
8 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
9
Amenities
washer/dryer hookups
sunroom
Building Details
Year Built
1949
Listing Agency:
Diamond Shores Realty
(843) 488-2900
Listed By:
Patrick Tole
(843) 833-1937
Source:
Pawleysislandproperties
Added: Sep 5
Last Checked: Sep 8 at 5:41AM
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 Diamond Shores Realty
Investment Insights
Based on property information with market context.
This 9-unit apartment building, constructed in 1949, offers 7,793 square feet of residential space in a character-rich configuration. The property includes eight 2-bedroom, 1-bath apartments and one 1-bedroom, 1-bath apartment. Interior features include hardwood flooring, tiled bathrooms, sunrooms in most units, and washer and dryer hookups throughout. Unit updates have been completed over the last several years, with new windows installed in 2023 and new roofs in 2026.
The property is located at 800 Burroughs St. in Conway, SC, just blocks from downtown and near shopping and dining. On-site parking is available for residents.
The property is located at 800 Burroughs St. in Conway, SC, just blocks from downtown and near shopping and dining. On-site parking is available for residents.
Key Highlights
- 9 apartments total: 8 two‑bedroom, one‑bath units and 1 one‑bedroom, one‑bath unit
- 7,793 square feet on a 1949‑built property
- New windows installed in 2023
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
$71,939
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
7.99%
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%
$1,438,780
$1.4M
Cap Rate 7%
$1,027,700
$1.0M
Cap Rate 9%
$799,322
$799.3K
Market Conditions
NOI Build-Up for 7,793 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
$136.5K $17.52/SF
− Vacancy
−$5.7K −$0.74/SF
EGI
$130.8K $16.78/SF
− OpEx
−$58.9K −$7.55/SF
NOI
$71.9K $9.23/SF
Area
Horry County, SC
Vacancy
4.20%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
45.00%
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%
$1,438,780
Cap Rate 7%
$1,027,700
Cap Rate 9%
$799,322
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$899.2K – $1.20M
NOI $71,939 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.98M
$1.73M – $2.30M
NOI $138,254 @ 7.0% cap · market cap 15.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Location Intelligence
Trade Area within ½ mile
1,291
Businesses Nearby
Explore this area
Business Placement
Demographics for 29526, SC
51,403
Population
20,301
Households
2.5
Avg Household Size
40
Median Age
23%
College-Educated
89%
High-School Grad
175.0 sq mi
ZIP Area
294
Density / Sq Mi
$66,490
Median Household Income
$28,341
Median Earnings
$943
Median Rent
$232,100
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?
Apartment building - Nine-unit apartment property with refreshed interiors, private laundry hookups, and convenient access to downtown Conway.
Where is this apartment building located?
The property is located at 800 Burroughs St. Conway, SC.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 9 apartments total: 8 two‑bedroom, one‑bath units and 1 one‑bedroom, one‑bath unit; 7,793 square feet on a 1949‑built property; New windows installed in 2023
