740-794 Oak Forest Ln Myrtle Beach, SC 29577
- Lifestyle centers
- 20,908 SF
- 4.88 lot acres
Current Use by Public Records
- Lifestyle centers
Property Details for 740-794 Oak Forest Ln
- Year built
- 2006
- Lot size
- 4.88 lot acres
- Property size
- 20,908 SF
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional investment opportunity presents a 20,908 square foot, fully occupied shopping center in Myrtle Beach, South Carolina. Located at 740-794 Oak Forest Lane, 29577, this multi-tenant property boasts a prime location shadow-anchored by a high-performing Walmart Supercenter, ranked #1 out of 82 stores in the state. The center benefits from its proximity to major roadways (Hwy 501 and Hwy 17), Coastal Grand Mall, and Myrtle Beach's thriving tourism sector, attracting over 19 million annual visitors. The six tenants operate on long-term NNN leases with a weighted average lease term of 5.28 years, providing a stable and secure income stream. The property features a strong tenant mix of food and service-oriented businesses, with 71% of the gross leasable area occupied by tenants averaging 15 years at this location. A significant value-add component exists with one tenant paying below-market rent, offering near-term upside potential. Furthermore, a 2.5-acre developable lot presents additional opportunities for future growth. The property's 7.50% cap rate and $457,475 NOI, coupled with fixed annual rent increases, ensure steady income growth. Built in 2006, this 4.88-acre property offers a compelling investment prospect in a rapidly growing market. The asking price is $7,900,000.
Value Estimation
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Myrtle Beach
- County
- Horry
- State
- South Carolina
- Longitude
- -78.9096
- Latitude
- 33.7041
