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    1275 21st N Ave Myrtle Beach, SC 29577-7514

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    1275 21st N Ave Myrtle Beach, SC 29577-7514

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    • Medical Office Space
    • 12,448 SF
    • 1.86 lot acres
    Off-Market
    Last Sale Dec 31, 2024
    $3,300,000
    Property ID
    US77-0511329
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $3,655,000
    Show details
    Cap Rate Potential
    3.9%
    Medical Office Space
    Location Intelligence

    Current Use by Public Records

    • Rhinoplasty / Medical Clinic
    • Dr. Steven K. White, MD / Physician / Medical Clinic
    • Myrtle Beach Dermatology / Physician / Medical Clinic
    • Richard Hussey, MD / Physician / Medical Clinic
    • Carolina Coastal Plastic Surgery & Medical Spa / Physician / Medical Clinic

    Property Details for 1275 21st N Ave

    Year built
    1994
    Construction
    CONCRETE BLOCKS
    Lot size
    1.86 lot acres
    Property size
    12,448 SF
    Zone code
    PUD
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    425-05-03-0013
    APU
    42505030013

    Description

    This exceptional investment opportunity presents a 12,448 square foot medical office building in Myrtle Beach, South Carolina. The property is situated on a 1.86-acre lot at 1275 21st Avenue North, enjoying high visibility with over 20,000 vehicles passing daily. The building is 100% occupied by Carolina Coastal Plastic Surgery, a well-established tenant operating since 1994, under an absolute triple-net (NNN) lease with 7.1 years remaining. The tenant recently invested over $250,000 in capital improvements and recently extended their lease, demonstrating a strong commitment to the location. The lease features 3% annual rent bumps and two five-year renewal options, extending the lease to December 31, 2031. This prime location is adjacent to Broadway at the Beach, a major tourist attraction drawing over 14 million visitors annually, and is minutes from the beach, Myrtle Beach Boardwalk, Convention Center, and Pelicans Ballpark. The property benefits from strong co-tenancy with national retailers including Lowe's, T.J. Maxx, Target, Sam's Club, Chick-fil-A, Sonic, Bojangles, Wendy's, and Topgolf. The tenant, Carolina Coastal Plastic Surgery Center, is a certified ambulatory surgery center specializing in plastic surgery, led by a highly regarded surgeon. This presents a secure, passive income investment with significant upside potential in a thriving coastal market. The property's strategic location and long-term lease make it an attractive opportunity for discerning investors seeking a stable, high-performing asset.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $4,765,000
      ML approach
      $4,785,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,100,000
      6.5%
      $2,865,000
      7%
      $2,660,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,354,000
      Market price range: $2.66M - $4.71M
      AI Estimate
      $2,205,000
      Market price range: $1.11M - $2.58M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $3,750,000
      Current use
      AUTO REPAIR, GARAGE
      $4,695,000
      Change: +25% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $3,535,000
      Change: -6% Conversion: Moderate
      OFFICE BUILDING
      $3,040,000
      Change: -19% Conversion: Easy

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.8856
    Latitude
    33.7124
    CBSA code
    34820
    CBSA name
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $48,455
    $48,613
    $74,664
    $123,277
    -
    $810,220
    $1,627,800
    $2,438,020

    Comparable in this City

    • Value Estimation
      $2,460,000
      16,472 SF

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      View Details
    • Value Estimation
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      11,520 SF

      4602 Oleander Dr

      MEDICAL BUILDING • 11,520 SF
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      View Details
    • Value Estimation
      $2,740,000
      7,186 SF

      4573 Oleander Dr

      MEDICAL BUILDING • 7,186 SF
      4573 Oleander Dr, Myrtle Beach, SC 29577-5755
      View Details
    • Value Estimation by Request
      2,300 SF

      4712 Oleander Dr

      MEDICAL BUILDING • 2,300 SF
      4712 Oleander Dr, Myrtle Beach, SC 29577-5742
      View Details
    • Value Estimation
      $3,215,000
      14,694 SF

      1220 21st N Ave

      MEDICAL BUILDING • 14,694 SF
      1220 21st N Ave, Myrtle Beach, SC 29577-7401
      View Details
    • Value Estimation
      $520,000
      2,316 SF

      5812 Kings Hwy

      MEDICAL BUILDING • 2,316 SF
      5812 Kings Hwy, Myrtle Beach, SC 29577-2332
      View Details

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    Similar Nearby for Lease

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    Myrtle Beach, SC 29577-7514
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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