1703 Ocean BlvdMyrtle Beach, SC 29577

Property Details for 1703 Ocean Blvd

Year built

1967

Lot size

17.91 AC

Property size (Sq ft)

1,890 SF

Zone code

TA8

Property type

Land

Property subtype

Commercial land

APN

424-15-04-0188

APU

42415040188

Description

This exceptional oceanfront Myrtle Beach motel presents a unique investment opportunity. The property boasts two buildings, each featuring 48 rooms, totaling 98 keys across 25,000 square feet and two stories. Currently operating at 50% occupancy, the motel has been partially converted into 14 apartments generating $2,900 monthly rent. The property's prime location ensures high demand for weekly and monthly rentals, commanding rates between $400 and $450, inclusive of utilities. New owners can capitalize on this demand by converting the remaining rooms into long-term apartments, studios, or extended-stay units, potentially achieving 100% occupancy. The scarcity of available oceanfront land in this area further enhances the property's value. Significant recent improvements include a roof replacement within the last five years, eliminating immediate major expenses. The seller is motivated and offering attractive seller financing: 50% down payment, 7% interest, 30-year amortization, and a 3-5 year balloon payment. This presents a rare chance to acquire a highly profitable oceanfront property with significant upside potential. The property also offers the added benefit of potential HOA fee collection within the existing apartment complex.

• Alternative Use

  Use

  Valuation

  Residential

  $380,005

  Hospitality

  $348,083

  Educational

  $289,601

  Medical

  $299,560

  Retail

  $450,490

Location Insight

City

Myrtle Beach

County

Horry

State

South Carolina

Latitude

33.6983

Longitude

-78.8736

CBSA code

34820

CBSA name

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

Property Tax & Assessments

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