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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    6501 Somerset Dr Myrtle Beach, SC 29572-3505

    • Garden apartment buildings
    • 4,960 SF
    • 0.29 lot acres
    OFF-MARKET
    Last Sale
    Mar 28, 2022
    $900,000
    Value Estimations
    $1,230,000
    Show details
    Cap Rate Potential
    3.6%
    Garden apartment buildings
    Location Intelligence
    Property ID
    US77-2049913
    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.

    Current Use by Public Records

    • Garden apartment buildings

    Property Details for 6501 Somerset Dr

    Year built
    1971
    Lot size
    0.29 lot acres
    Property size
    4,960 SF
    Zone code
    RM2
    Property type
    Garden apartment buildings
    APN
    421-06-01-0133
    APU
    42106010133

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,270,000
      ML approach
      $1,225,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,111,000
      Market price range: $939k - $5.97M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $1,870,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.832
    Latitude
    33.7411
    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
    $0.00
    $6,129
    $7,404
    $13,533
    -
    $102,150
    $123,400
    $225,550

    Comparable in this City

    • Value Estimation
      $375,000
      6,144 SF

      6716 Jefferson Pl

      GARDEN APT, COURT APT (5+ UNITS) • 6,144 SF
      6716 Jefferson Pl, Myrtle Beach, SC 29572-3762
      View Details
    • Value Estimation
      $500,000
      4,888 SF

      7515 Porcher Dr

      GARDEN APT, COURT APT (5+ UNITS) • 4,888 SF
      7515 Porcher Dr, Myrtle Beach, SC 29572-4249
      View Details
    • Value Estimation
      $875,000
      3,968 SF

      7200 Porcher Dr, Unit 5

      GARDEN APT, COURT APT (5+ UNITS) • 3,968 SF
      7200 Porcher Dr, Myrtle Beach, SC 29572-3858
      View Details
    • Value Estimation
      $250,000
      1,158 SF

      705 67th N Ave

      GARDEN APT, COURT APT (5+ UNITS) • 1,158 SF
      705 67th N Ave, Myrtle Beach, SC 29572-3763
      View Details
    • Value Estimation
      $350,000
      2,142 SF

      605 Wagon Wheel Rd

      GARDEN APT, COURT APT (5+ UNITS) • 2,142 SF
      605 Wagon Wheel Rd, Myrtle Beach, SC 29572-6622
      View Details
    • Value Estimation
      $1,135,000
      6,970 SF

      610 63rd N Ave

      GARDEN APT, COURT APT (5+ UNITS) • 6,970 SF
      610 63rd N Ave, Myrtle Beach, SC 29572-3229
      View Details

    Similar Nearby for Sale

    • $228,800

      Updated Condo with Golf Course View

      Move-in ready, updated condo with golf course views and amenities.
      501 Maison Dr, Myrtle Beach, SC 29572
      View Details
    • $599,900
      1,246 SF

      Brighton Tower Furnished Condo

      Meticulously maintained, fully furnished 2-bedroom condo with ocean views.
      8560 Queensway Blvd, Myrtle Beach, SC 29572
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    • $334,900
      1,248 SF

      Ocean View Condo in Myrtle Beach

      Serene 3-bedroom condo with ocean views and community amenities.
      9580 Shore Dr, Myrtle Beach, SC 29572
      View Details
    • $295,000

      Ocean-View Condo in Sands Ocean

      Bright, airy 2-bedroom condo with ocean views and resort amenities.
      9550 Shore Dr, Myrtle Beach, SC 29572
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    • $799,000
      Pending

      Six Condo Units Package

      Six individually deeded condo units near shopping and the beach.
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      View Details
    • $240,000

      Furnished Condo Near the Beach

      Three-bedroom condo with ocean views, pool, and hot tub.
      311 69Th Ave N, Myrtle Beach, SC 29572
      View Details

    Similar Nearby for Lease

    • $1,450 /Mo

      Furnished Rental with Ocean Views

      Luxury furnished rental with ocean views available monthly.
      215 77Th Ave N, Myrtle Beach, SC 29572
      View Details
    • $1,300 /Mo

      Furnished Oceanview Condo Rental

      Furnished 2-bedroom condo with waterpark, pools, and arcade.
      7100 N Ocean Blvd, Myrtle Beach, SC 29572
      View Details
    • $18 SF/Yr
      2,400 SF

      Retail Space in Myrtle Beach

      Retail opportunity in Kroger-anchored shopping center near popular attractions.
      9650 N Kings Hwy, Myrtle Beach, SC 29572
      View Details
    • Contact for pricing

      Freestanding Retail Building Available Now

      Freestanding retail building in Myrtle Beach with high visibility.
      7815 North Kings Highway Ext, Myrtle Beach, SC 29572
      View Details
    • $3,000 /Mo
      2,400 SF

      Office Suites Near Grande Dunes

      Upstairs office suites in desirable Myrtle Beach trade area.
      7712 N Kings Hwy, Myrtle Beach, SC 29572
      View Details
    • $14 SF/Yr
      168,517 SF

      Galleria Shopping Center: Myrtle Beach

      Kroger-anchored retail center; 8 spaces available.
      9610 Kings Hwy, Myrtle Beach, SC 29572
      View Details
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    6501 Somerset Dr
    Myrtle Beach, SC 29572-3505
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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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