North Myrtle Beach Investment Opportunity

801 12th Ave S., North Myrtle Beach, SC

$799,000

Price

8%

Cap Rate

$63,737.60

NOI

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Overview
Cap Rate
8%
NOI
$63,737.60
Building Size
3,440 sqft
Lot Area
0.31 acres
Occupancy
100%
Class
B
Units
2
Year Built
2017
Floors
1
Parking Spots
12
Description

Don’t miss this rare investment opportunity to own a 3440 ft.²; office building for sale in the highly sought after North Myrtle Beach area offered at a potential 8% CAP rate. CAP rate is based on the May 1, 2024, rent increase for Suite B and option to pass through expenses to tenants in the future. This two-tenant office building is fully leased with a May 1, 2024 NOI of $63,737.60, 3% rental escalations per year on Suite B. Suite A is a value-add short term lease that can be converted to a long-term lease or terminated for a potential owner/ user. Suite A rents are well under market value and has potential for increase. The building was finished in 2017 with hurricane impact windows and is completely updated with modern finishes and has been meticulously maintained. Suite A consists of 1,920 SF open floor plan with kitchen, restrooms, and storage; Suite B is a 1,520 SF office that offers an ideal floorplan with a reception area, boardroom, 4 offices, large storage area, kitchenette/breakroom and restroom complete with a walk-in shower as well as a washer/dryer hookup. The building is located on a 0.31-acre corner lot with close proximity to HWY 17 and features 12 parking spaces. Don't miss your opportunity to own this rare investment property with convenient access to all major thoroughfares. This property is a must see!

Leases and financials available upon signing of CA.



Located just off of HWY 17 in NMB on 12th Ave S.; corner of Madison Drive.

Highlights
  • 8% POTENTIAL CAP RATE
  • 3% RENTAL ESCALATIONS PER YEAR
  • NNN LEASE; LOW OPERATING EXPENSES
  • 3,440 TOTAL SF; OFFICE A 1,920 RSF; OFFICE B 1,520 RSF
  • VALUE-ADD, SUITE A UNDER MARKET RENT/ PASSTHROUGH EXPENSES
  • PRIME LOCATION OFF OF HWY 17 IN NORTH MYRTLE BEACH
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