For Sale
$7,900,000

740-794 Oak Forest LnMyrtle Beach, SC 29577

High-traffic, fully occupied retail center.

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a 20,908 square foot, fully occupied shopping center in Myrtle Beach, South Carolina. Located at 740-794 Oak Forest Lane, 29577, this multi-tenant property boasts a prime location shadow-anchored by a high-performing Walmart Supercenter, ranked #1 out of 82 stores in the state. The center benefits from its proximity to major roadways (Hwy 501 and Hwy 17), Coastal Grand Mall, and Myrtle Beach's thriving tourism sector, attracting over 19 million annual visitors. The six tenants operate on long-term NNN leases with a weighted average lease term of 5.28 years, providing a stable and secure income stream. The property features a strong tenant mix of food and service-oriented businesses, with 71% of the gross leasable area occupied by tenants averaging 15 years at this location. A significant value-add component exists with one tenant paying below-market rent, offering near-term upside potential. Furthermore, a 2.5-acre developable lot presents additional opportunities for future growth. The property's 7.50% cap rate and $457,475 NOI, coupled with fixed annual rent increases, ensure steady income growth. Built in 2006, this 4.88-acre property offers a compelling investment prospect in a rapidly growing market. The asking price is $7,900,000.

Highlights

  • Prime location: High-traffic retail center at the intersection of Hwy 501 (65,844 VPD) and Hwy 17 (44,739 VPD), near Walmart, Costco, Home Depot, and 2.1 miles from Myrtle Beach's Ocean Blvd.
  • Fully occupied: 20,908 SF retail center with long-term tenants providing steady income.
  • High-performing anchor: Shadow anchored by South Carolina's #1 most visited Walmart Supercenter (3.9M annual visits).
  • Dominant retail hub: Adjacent to Coastal Grand Mall (1,037,499 SF), featuring diverse retail, dining, and hospitality options.
  • Strong tenant mix: Six food and service tenants on long-term NNN leases with a 5.28-year WALT.
  • Proven tenant success: 71% of GLA occupied by tenants averaging 15 years at this location.

Property Details for 740-794 Oak Forest Ln

Property type
Lifestyle centers, Power centers
Square Feet
20,908 SF
Year Built
2006
Lot Size (sq. ft)
212,573 SF

Location Insight

City
Myrtle Beach
County
Horry
State
South Carolina
Latitude
33.7040647
Longitude
-78.9095689
740-794 Oak Forest Ln, Myrtle Beach, South Carolina

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740-794 Oak Forest Ln
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