1102 Kings Hwy Myrtle Beach, SC 29577
- Lifestyle centers
Current Use by Public Records
- Papa John's Pizza / Pizza Restaurant
Property Details for 1102 Kings Hwy
- Year built
- 1986
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 10,700 square foot shopping center in Myrtle Beach, South Carolina, presents a compelling investment opportunity. Located at 1102 S Kings Hwy, this multi-tenant property boasts 100% occupancy and a strong net operating income (NOI) of $116,150, yielding a 7.25% cap rate. Built in 1986, the center features a nationally top-performing Papa John's restaurant, consistently ranking in the top 91st percentile nationally and 95th percentile statewide, ensuring stable income. The property benefits from its prime location on a major Myrtle Beach thoroughfare, less than 10 minutes from The Market Commons, and surrounded by a dense residential population including single-family homes, multifamily residences, and condos. Myrtle Beach's thriving tourism industry, attracting over 20 million visitors annually, further enhances the property's value. An added advantage is a four-bedroom, three-bathroom residential unit above the shopping center, currently leased month-to-month, offering potential for rental income growth. The tenant mix is resistant to online competition, focusing on service and restaurant businesses. This irreplaceable beach real estate presents a rare chance to acquire a high-performing, well-located shopping center with significant upside potential. The asking price is $1,600,000, translating to $149.53 per square foot.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Myrtle Beach
- County
- Horry
- State
- South Carolina
- Longitude
- -78.9006
- Latitude
- 33.6786
