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    Property profile & analytics

    Farrow Pkwy Myrtle Beach, SC 29588

    • Garden apartment buildings
    • 22,317 SF
    • 18.78 lot acres
    OFF-MARKET
    Value Estimations
    $10,255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US77-2507719
    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 Farrow Pkwy

    Year built
    2016
    Construction
    CONCRETE
    Lot size
    18.78 lot acres
    Property size
    22,317 SF
    Property type
    Garden apartment buildings
    APN
    441-00-00-0570
    APU
    44100000570

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $13,404,000
      Market price range: $1.63M - $13.4M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $9,830,000
      Current use
      COMMERCIAL (GENERAL)
      $11,510,000
      Change: +17% Conversion: Moderate
      RESTAURANT
      $9,715,000
      Change: -1% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $8,420,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.9518
    Latitude
    33.6829
    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
    $585,358
    $127,080
    $2,015,830
    $2,142,910
    -
    $2,118,000
    $33,597,200
    $35,715,200

    Comparable in this City

    • Value Estimation
      $720,000
      1,136 SF

      Maddux Ln

      GARDEN APT, COURT APT (5+ UNITS) • 1,136 SF
      Maddux Ln, Myrtle Beach, SC 29588
      View Details
    • Value Estimation
      $580,000
      1,455 SF

      Myrtle Beach, SC 29588

      GARDEN APT, COURT APT (5+ UNITS) • 1,455 SF
      Myrtle Beach, SC 29588
      View Details
    • Value Estimation
      $5,200,000
      3,360 SF

      1203 Shalom Dr

      GARDEN APT, COURT APT (5+ UNITS) • 3,360 SF
      1203 Shalom Dr, Myrtle Beach, SC 29588-7165
      View Details
    • Value Estimation by Request
      1,800 SF

      Enterprise Rd

      GARDEN APT, COURT APT (5+ UNITS) • 1,800 SF
      Enterprise Rd, Myrtle Beach, SC 29588
      View Details
    • Value Estimation
      $2,785,000
      8,012 SF

      Glenns Bay Rd

      GARDEN APT, COURT APT (5+ UNITS) • 8,012 SF
      Glenns Bay Rd, Myrtle Beach, SC 29588
      View Details
    • Value Estimation
      $690,000
      2,172 SF

      Myrtle Beach, SC 29588

      GARDEN APT, COURT APT (5+ UNITS) • 2,172 SF
      Myrtle Beach, SC 29588
      View Details

    Similar Nearby for Sale

    • $4,600,000

      Myrtle Beach Multifamily Investment

      42-unit apartment complex in Myrtle Beach, fully occupied.
      3170 Holmestown Rd, Myrtle Beach, SC 29588
      View Details
    • $1,250,000
      7.33 Acres

      Myrtle Beach Acreage For Sale

      7.33 acres of commercial land in Myrtle Beach, SC.
      7770 Highway 707, Myrtle Beach, SC 29588
      View Details
    • $319,800
      1.31 Acres

      Queens Harbour Commercial Land

      1.31 Acres, Prime Myrtle Beach Location
      3005 Newcastle Loop Myrtle Bch, Myrtle Beach, SC 29588
      View Details
    • $699,000
      8.22 Acres

      Versatile Acreage in Myrtle Beach

      8.22 acres ideal for building, farming, or investment.
      9201 Freewoods Rd, Myrtle Beach, SC 29588
      View Details
    • $4,500,000
      15.00 Acres

      Highway 707 Commercial Land

      15 Acres, Myrtle Beach, SC - $4.5M
      0 Tbd Hwy 707, Myrtle Beach, SC 29588
      View Details
    • $120,000
      0.15 Acres

      Residential Lot in Gated Community

      Residential lot in gated community with marina and amenities.
      324 Crossing Ct, Myrtle Beach, SC 29588
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Socastee Blvd Retail Opportunity

      Prime Myrtle Beach retail land, two spaces available.
      0 Socastee Blvd & Dick Pond Rd, Myrtle Beach, SC 29588
      View Details
    • $18 SF/Yr
      20,000 SF

      Socastee Blvd Retail Center

      Prime Myrtle Beach retail space.
      4300 Socastee Blvd, Myrtle Beach, SC 29588
      View Details
    • New
      $9,000 /Mo
      2,520 SF

      Myrtle Beach Office with Parking

      Office building with parking, storage, and highway access.
      150 Sun Light Dr, Myrtle Beach, SC 29588
      View Details
    • $8,000 /Mo
      6,000 SF

      Retail and Warehouse Space Available

      Retail/warehouse space with showroom facing HWY 707, high visibility.
      8370 Highway 707, Myrtle Beach, SC 29588
      View Details
    • $5,000 /Mo
      6,000 SF

      Myrtle Beach Office and Warehouse

      6,000 SF office and warehouse space with versatile layout.
      106 Lichen Ct, Myrtle Beach, SC 29588
      View Details
    • New
      $1,250 /Mo
      1,000 SF

      New Storage Executive Centre

      Executive Centre offering storage and business opportunities in Myrtle Beach.
      8390 Highway 707, Myrtle Beach, SC 29588
      View Details
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    Myrtle Beach, SC 29588
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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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