1402 Ocean BlvdMyrtle Beach, SC 29577

Property Details for 1402 Ocean Blvd

Year built

2018

Lot size

0.72 AC

Property size (Sq ft)

13,281 SF

Zone code

TA8

Property type

Turn key restaurants

APN

444-02-01-0427

APU

44402010427

Description

This 159-suite oceanfront hotel in Myrtle Beach, South Carolina, presents a compelling value-add investment opportunity. The property boasts 115 feet of prime beachfront access on the Myrtle Beach Boardwalk, with all suites offering unobstructed ocean views and fully equipped kitchens. Built in 1973, the dual-tower hotel comprises two eleven-story buildings on a 2.33-acre lot. All 159 units were previously "condo'd," offering significant flexibility for business plan execution, including potential for individual condo sales, rental pool programs, or fractional ownership. The hotel's location in a Qualified Opportunity Zone (QOZ) provides potential tax advantages for investors. Myrtle Beach's rapid population growth and designation as a top relocation destination create a high-demand market with a high barrier to entry. The unbranded nature of the hotel allows for flexible repositioning and management strategies to maximize value. Amenities include two outdoor pools, four whirlpools, and a shuffleboard court. The property's proximity to the Myrtle Beach airport and popular attractions further enhances its appeal. This is a rare opportunity to acquire a well-positioned, high-potential asset in a thriving market.

• CAP approach

  CAP return

  Valuation

  6%

  $3,034,910

  6.5%

  $2,801,450

  7%

  $2,601,350

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,450,110

  Geo Method

  $3,170,460

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $5,869,500

  Mixed-Use / Specialty

  $2,627,240

  Hospitality / Lodging

  $1,713,710

  Office

  $2,440,580

  Institutional / Educational

  $2,672,580

  Residential Income

  $3,126,920

  Multifamily

  $4,660,680

  Automotive / Energy

  $2,290,780

  Parking / Income-Based Land

  $952,770

  Restaurant / Food Service

  $1,015,970

  Healthcare / Senior Housing

  $2,862,590

Location Insight

City

Myrtle Beach

County

Horry

State

South Carolina

Latitude

33.6961

Longitude

-78.8749

CBSA code

34820

CBSA name

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

Property Tax & Assessments

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