1890 Mr. Joe White Ave Myrtle Beach, SC 29577

Property Details for 1890 Mr. Joe White Ave

Year built

2001

Lot size

1.49 lot acres

Property size

18,232 SF

Property type

Retail properties

Property subtype

Retail space

Description

This exceptional investment opportunity presents a fee-simple ownership (land and building) of a 18,232 square foot storefront and lab in Myrtle Beach, South Carolina. The property, built in 2001, sits on a 1.49-acre lot and boasts 68 parking spaces. Currently 100% occupied by Grifols Plasma under a triple-net (NNN) lease with 7.4 years remaining, the lease features a 10-year initial term commencing May 1, 2022, and expiring May 1, 2032, with four 5-year renewal options including 10% rental increases at the start of each option. The lease is guaranteed by Grifols Shared Services North America, Inc., minimizing landlord responsibilities. The property enjoys a strong location on Mr. Joe White Avenue, benefiting from high visibility and daily traffic of 16,200 vehicles. Its proximity to major roadways like US Highway 501 (65,600 VPD) and Robert M Grissom Parkway (28,000 VPD) ensures excellent accessibility. The strategic location within a dense retail area, adjacent to Seaboard Commons (354,000+ sq ft) and near Broadway at the Beach (447,000+ sq ft) and Coastal Grand Mall (1.38M+ sq ft), provides significant synergy with strong national tenants including Target, Lowe's, T.J. Maxx, and others. The property also benefits from a substantial residential population within a 5-mile radius, exceeding 98,900 residents and 55,200 daytime employees, with an average household income of $91,193. The property's current Net Operating Income (NOI) is $293,760, representing a 7.25% cap rate, and the asking price is $4,052,000. The property is zoned HC-1.

Location Insight

City

Myrtle Beach

County

Horry

State

South Carolina

Longitude

-78.8957

Latitude

33.7084