1301 Kings HwyMyrtle Beach, SC 29577

Property Details for 1301 Kings Hwy

Year built

1987

Construction

CONCRETE

Lot size

0.22 AC

Property size (Sq ft)

3,420 SF

Zone code

C2

Property type

Retail properties

Property subtype

Retail space

APN

443-11-04-0057

APU

44311040057

Description

This exceptional investment opportunity presents a 1,136 square foot, single-tenant net-leased (NNN) property occupied by Starbucks in Myrtle Beach, South Carolina. The property boasts a strong 6.00% cap rate and a substantial net operating income (NOI) of $166,662. The lease, with a corporate guarantee, features a remaining term of 10 years, extending to November 26, 2034, with four, five-year renewal options. Rent increases of 10% are built into the lease every five years, ensuring consistent income growth. The property is strategically located on N Kings Highway, a major thoroughfare in Myrtle Beach, with over 28,800 vehicles per day, and just three miles from US-17, which sees over 30,000 vehicles daily. This high-traffic location benefits from its proximity to the Myrtle Beach Sky Wheel, a top tourist attraction on the Myrtle Beach Pier and Boardwalk. The affluent Myrtle Beach MSA boasts an average household income of $94,106 within one mile of the property, and the area attracts nearly 17 million visitors annually. The 0.6-acre lot provides ample space, and the tenant is responsible for all taxes, common area maintenance (CAM), and insurance, minimizing landlord responsibilities. This passive ownership opportunity offers significant long-term value and strong cash flow potential. The property is 100% occupied.

• CAP approach

  CAP return

  Valuation

  6%

  $883,110

  6.5%

  $815,179

  7%

  $756,952

• Comparable approach

  Method

  Valuation

  Relative Method

  $904,818

  Geo Method

  $1,978,268

• Alternative Use

  Use

  Valuation

  Residential

  $687,634

  Hospitality

  $629,869

  Educational

  $524,043

  Medical

  $542,066

  Retail

  $815,179

Location Insight

City

Myrtle Beach

County

Horry

State

South Carolina

Latitude

33.6771

Longitude

-78.9015

CBSA code

34820

CBSA name

MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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