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 type

Retail properties & Spaces

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