Case Study: 10-Unit Myrtle Beach STR Multifamily — 9% Cap, $92K/yr Modeled Cash Flow

[Brandon Kunasek]

I just finished a CCIM-style breakdown of a 10-unit multifamily near Myrtle Beach that recently traded. In short: $558k gross, ~9% cap, modeled cash-flow of ~$92k/yr with professional management (or ~$140k if self-managed), and conservative 5-yr after-tax proceeds of ~$1.4M.

I’m sharing the math, assumptions, depreciation treatment, and the risks/opportunities I saw (value-add ideas, occupancy sensitivity, and market comps). If you’re curious about the model/assumptions or want a copy of the spreadsheet for educational use, please send me a direct message and I’ll share a read-only version after a quick intro.

This is intended as a learning post for investors evaluating STR vs long-term multifamily economics. Happy to discuss numbers or answer questions here (keeping it high-level).

Disclaimer: All information given is meant to be educational. I am only
passing on historical information shared with me by owners, rental
companies, and various publications. I am not guaranteeing these
numbers, nor can I guarantee future rentals or appreciation. This
information is not intended to replace your own research, or to provide
legal, investment, or financial advice. Please consult an attorney for
legal advice.