211 Prather Park DrMyrtle Beach, SC 29588

Property Details for 211 Prather Park Dr

Year built

2007

Construction

CONCRETE

Property size (Sq ft)

1,207 SF

Property type

Office properties

APN

440-07-01-0024

APU

44007010024

Description

This exceptional investment opportunity presents a fully leased, three-unit office building totaling 3,600 square feet situated on a 0.43-acre lot in Myrtle Beach, South Carolina. Currently boasting 100% occupancy with three separate tenants under three-year leases commencing August 20, 2024, this stabilized investment offers a compelling 9.10% cap rate and a strong NOI of $71,000. The property features a convenient layout including a shared lobby and reception area, 14 individual offices, three kitchens, three bathrooms, and ample storage space. Modern amenities such as a sprinkler system, security cameras, and an alarm system are in place. The building benefits from its prime location, offering easy access to major roadways including Highway 544, Highway 707, and Highway 31, and is poised to benefit from the upcoming Forestbrook Road widening project. With 15 parking spaces available, this turnkey investment is ideal for a passive income strategy. The property is zoned commercial and consists of one single-story building. Detailed floor plans are available upon request. This represents a significant value-add opportunity within a rapidly growing area experiencing a substantial population and housing boom.

• CAP approach

  CAP return

  Valuation

  6%

  $234,085

  6.5%

  $216,079

  7%

  $200,645

• Comparable approach

  Method

  Valuation

  Relative Method

  $117,317

  Geo Method

  $277,055

• Alternative Use

  Use

  Valuation

  Residential

  $267,938

  Hospitality

  $245,430

  Educational

  $204,195

  Medical

  $211,217

  Retail

  $317,636

Location Insight

City

Myrtle Beach

County

Horry

State

South Carolina

Latitude

33.6917

Longitude

-79.006

CBSA code

34820

CBSA name

MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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