2502 Ocean BlvdMyrtle Beach, SC 29577

Property Details for 2502 Ocean Blvd

Year built

1995

Construction

METAL FRAME

Lot size

48.84 AC

Property size (Sq ft)

74,295 SF

Zone code

TA8

Property type

Hospitality properties

Property subtype

Hotels

APN

424-11-04-0495

APU

42411040495

Description

This 26-key, six-story oceanfront hotel in Myrtle Beach, South Carolina boasts 14,964 square feet on a 0.26-acre lot. Built in 1974 and extensively renovated in 2019 (over $1 million invested), the property features upgraded rooms, elevators, HVAC systems, and exterior improvements. Its prime location on North Ocean Boulevard (5,100 vehicles per day) and near North Kings Highway (25,800 vehicles per day) offers high visibility. Financial data, including revenue, NOI, ADR, and occupancy, is available upon request and execution of a confidentiality agreement. The hotel's current occupancy and ADR are below market averages for comparable upscale/upper-midscale oceanfront properties in Myrtle Beach, indicating significant potential for revenue growth under active management. The property is offered fee simple, unencumbered by debt or third-party management, presenting a unique opportunity for an owner-operator to implement aggressive sales and rate management strategies to maximize profitability. Proximity to Charleston and Wilmington provides access to a larger regional market.

• CAP approach

  CAP return

  Valuation

  6%

  $14,823,184

  6.5%

  $13,682,939

  7%

  $12,705,586

• Comparable approach

  Method

  Valuation

  Relative Method

  $18,330,098

  Geo Method

  $40,076,136

• Alternative Use

  Use

  Valuation

  Residential

  $14,937,794

  Hospitality

  $13,682,939

  Educational

  $11,384,045

  Medical

  $11,775,559

  Retail

  $17,708,514

Location Insight

City

Myrtle Beach

County

Horry

State

South Carolina

Latitude

33.7033

Longitude

-78.8672

CBSA code

34820

CBSA name

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

Property Tax & Assessments

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