For Sale
$1,600,000

1102 Kings HwyMyrtle Beach, SC 29577

10,700 SF Retail Center, 7.25% Cap Rate

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional 10,700 square foot shopping center in Myrtle Beach, South Carolina, presents a compelling investment opportunity. Located at 1102 S Kings Hwy, this multi-tenant property boasts 100% occupancy and a strong net operating income (NOI) of $116,150, yielding a 7.25% cap rate. Built in 1986, the center features a nationally top-performing Papa John's restaurant, consistently ranking in the top 91st percentile nationally and 95th percentile statewide, ensuring stable income. The property benefits from its prime location on a major Myrtle Beach thoroughfare, less than 10 minutes from The Market Commons, and surrounded by a dense residential population including single-family homes, multifamily residences, and condos. Myrtle Beach's thriving tourism industry, attracting over 20 million visitors annually, further enhances the property's value. An added advantage is a four-bedroom, three-bathroom residential unit above the shopping center, currently leased month-to-month, offering potential for rental income growth. The tenant mix is resistant to online competition, focusing on service and restaurant businesses. This irreplaceable beach real estate presents a rare chance to acquire a high-performing, well-located shopping center with significant upside potential. The asking price is $1,600,000, translating to $149.53 per square foot.

Highlights

  • $1,600,000 asking price for a 10,700 SF shopping center in Myrtle Beach, SC.
  • 7.25% cap rate with a $116,150 NOI.
  • 100% occupancy, multi-tenant retail property built in 1986.
  • Features a top-performing Papa John's (nationally ranked) as an anchor tenant.
  • Located on a high-traffic corridor near residential areas and major attractions in a densely populated tourist destination.
  • Includes a 4-bed, 3-bath residential unit above the retail space, offering additional income potential.

Property Details for 1102 Kings Hwy

Property type
Lifestyle centers, Power centers
Year Built
1986

Location Insight

City
Myrtle Beach
County
Horry
State
South Carolina
Latitude
33.6785494
Longitude
-78.9005885
1102 Kings Hwy, Myrtle Beach, South Carolina

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1102 Kings Hwy
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