Fully Renovated
For Sale
$445,000
831 Bay St., Myrtle Beach, SC 29577
MULTI_FAMILY - Myrtle Beach, SC
Property Size2,016 SF
Price / SF$220.73
Days on Market280
Property Features for 831 Bay St.
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Assigned
Elementary school
Myrtle Beach Elementary School
Middle school
Myrtle Beach Middle School
High school
Myrtle Beach High School
Subdivision
16E Myrtle Beach Area--29th Ave N to 48th Ave N
Standard status
Active
Size
2,016 SF
Building Details
Year built
1970
Number of units
3
Listing Agency:
Own Myrtle Real Estate
(516) 233-0601
Listed By:
Ester Esti Simantov
(843) 457-9780
Added: Nov 5, 2025
Changed: Aug 1
Last Checked: Aug 12 at 1:06AM
MLS# 2526740
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 fully renovated triplex at 831 Bay St. includes three rental units. Each unit features two bedrooms and one bathroom. The property totals 2,016 square feet and was built in 1970. Assigned parking is included, and all units are currently rented.
The building is located in Myrtle Beach, SC 29577, in Horry County. The existing tenant base provides immediate occupancy at the time of sale.
If you’re looking to expand, this triplex can be purchased together with an additional 6-unit building at 818 Bay Street, owned by the same seller.
The building is located in Myrtle Beach, SC 29577, in Horry County. The existing tenant base provides immediate occupancy at the time of sale.
If you’re looking to expand, this triplex can be purchased together with an additional 6-unit building at 818 Bay Street, owned by the same seller.
Key Highlights
- Fully renovated 3‑unit triplex with all units currently rented
- Each unit has 2 bedrooms and 1 bathroom
- 2,016 square feet total
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
$20,592
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
4.63%
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%
$411,840
$411.8K
Cap Rate 7%
$294,171
$294.2K
Cap Rate 9%
$228,800
$228.8K
Market Conditions
NOI Build-Up for 2,016 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
$31.0K $15.36/SF
− Vacancy
−$1.5K −$0.77/SF
EGI
$29.4K $14.59/SF
− OpEx
−$8.8K −$4.38/SF
NOI
$20.6K $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%
$411,840
Cap Rate 7%
$294,171
Cap Rate 9%
$228,800
Alternative Uses
Best Use
Multifamily LT 5
$294.2K
$257.4K – $343.2K
NOI $20,592 @ 7.0% cap · market cap 4.63%
Second Best
Apartment 5plus
$265.9K
$232.6K – $310.2K
NOI $18,610 @ 7.0% cap · market cap 4.18%
Theoretical Best
Office A
$510.9K
$447.1K – $596.1K
NOI $35,765 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,032
Businesses Nearby
Explore this area
Business Placement
Demographics for 29577, SC
34,109
Population
22,630
Households
1.5
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
22.8 sq mi
ZIP Area
1,496
Density / Sq Mi
$48,561
Median Household Income
$33,591
Median Earnings
$1,130
Median Rent
$273,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Fully renovated 3-unit triplex with 2-bedroom, 1-bath units and assigned parking, with all units currently rented.
Where is this triplex located?
The property is located at 831 Bay St. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: Fully renovated 3‑unit triplex with all units currently rented; Each unit has 2 bedrooms and 1 bathroom; 2,016 square feet total
