Oceanfront Income Property with High
For Sale
Contact for pricing
Pending
931 S Ocean Blvd, North Myrtle Beach, SC 29582
Rare oceanfront property with high rental income potential.
Property Size16,916 SF
Days on Market176
Property Features for 931 S Ocean Blvd
General Information
Standard status
Pending
Size
16,916 SF
Class
A
Total Parking Spaces
20
Property subtype
Multifamily
Occupancy
42%
Investment Type
Value Add
Building Details
Year Built
2005
Buildings
1
Stories
2
Units
4
Listing Agency:
Innovate Real Estate
Listed By:
Shayne Steiner · License #130156
Source:
Crexi
Added: Feb 16
Changed: Aug 8
Last Checked: Jul 24 at 6:46AM
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 Innovate Real Estate
Investment Insights
Based on property information with market context.
Located directly on the shores of North Myrtle Beach, the property at 931 S Ocean Blvd is a high-capacity, income-producing asset. The property has undergone extensive renovations, completed in 2025, strategically upgrading it for durability, guest appeal, and long-term operational performance. This unique offering consists of four interconnected units, delivering flexibility for investors. The combined layout features multiple double-king accommodations and an expansive multi-bathroom configuration, with the ability to host up to 128 guests. This makes it ideal for large group rentals, retreats, corporate stays, weddings, and high-volume vacation bookings. Based on historical performance and market projections, the property is estimated to generate approximately $726,000 in annual gross rental revenue. Located moments from Main Street North Myrtle Beach, guests have walkable access to dining, shopping, festivals, and entertainment, supporting consistent year-round occupancy. The property offers unmatched scale, flexibility, and income potential.
Key Highlights
- High‑capacity oceanfront property directly on North Myrtle Beach with potential to host up to 128 guests.
- Estimated to generate approximately $726,000 in annual gross rental revenue.
- Four inter‑connected units offer exceptional flexibility for investors.
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
$172,787
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
2.88%
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%
$3,455,740
$3.5M
Cap Rate 7%
$2,468,386
$2.5M
Cap Rate 9%
$1,919,856
$1.9M
Market Conditions
NOI Build-Up for 16,916 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
$259.8K $15.36/SF
− Vacancy
−$13.0K −$0.77/SF
EGI
$246.8K $14.59/SF
− OpEx
−$74.1K −$4.38/SF
NOI
$172.8K $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%
$3,455,740
Cap Rate 7%
$2,468,386
Cap Rate 9%
$1,919,856
Alternative Uses
Best Use
Multifamily LT 5
$2.47M
$2.16M – $2.88M
NOI $172,787 @ 7.0% cap · market cap 2.88%
Second Best
Apartment 5plus
$2.23M
$1.95M – $2.60M
NOI $156,156 @ 7.0% cap · market cap 2.60%
Theoretical Best
Office A
$4.29M
$3.75M – $5.00M
NOI $300,103 @ 7.0% cap · market cap 5.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
444
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?
Quadplex - Rare oceanfront property with high rental income potential.
Where is this quadplex located?
The property is located at 931 S Ocean Blvd North Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $5,999,500.
What are key features of this property?
This property features: High‑capacity oceanfront property directly on North Myrtle Beach with potential to host up to 128 guests.; Estimated to generate approximately $726,000 in annual gross rental revenue.; Four inter‑connected units offer exceptional flexibility for investors.
