501 Ocean BlvdMyrtle Beach, SC 29577

Property Details for 501 Ocean Blvd

Year built

1950

Construction

CONCRETE

Lot size

19.28 AC

Property size (Sq ft)

6,008 SF

Zone code

TA8

Property type

Hospitality properties

Property subtype

Hotels

APN

444-08-01-0203

APU

44408010203

Description

This exceptional 26-key boutique hotel, the Lily & Bloom, presents a compelling investment opportunity in Myrtle Beach, South Carolina. Located at 501 N Ocean Blvd, this fully stabilized property boasts a 9.56% cap rate and a strong NOI of $247,708. The 6,008 square foot building, constructed in 1960 and extensively renovated in 2022, features 48 beds across its two stories. The renovation encompassed both exterior and interior updates, ensuring a modern and inviting atmosphere for guests. The hotel benefits from a prime location on Ocean Boulevard, providing direct beach access and proximity to downtown attractions. With 17 parking spaces and permitted R7 zoning, the property offers convenience and flexibility. The hotel is efficiently managed by a third-party company, minimizing operational concerns. The asking price is $2,590,000, translating to a price per key of $99,615.38. This represents a highly competitive price point for a beachfront hospitality asset in this thriving market. The property includes an outdoor pool and benefits from high foot traffic. Detailed financial information is available upon request. This is a rare chance to acquire a well-maintained, high-performing hotel in a desirable location. The property's strong performance and prime location make it an ideal investment for discerning buyers. The Horry County property, APN 44408010203, offers a unique blend of beach access and urban convenience.

• CAP approach

  CAP return

  Valuation

  6%

  $1,198,706

  6.5%

  $1,106,498

  7%

  $1,027,462

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,482,295

  Geo Method

  $3,240,829

• Alternative Use

  Use

  Valuation

  Residential

  $1,207,974

  Hospitality

  $1,106,498

  Educational

  $920,593

  Medical

  $952,254

  Retail

  $1,432,034

Location Insight

City

Myrtle Beach

County

Horry

State

South Carolina

Latitude

33.6882

Longitude

-78.8839

CBSA code

34820

CBSA name

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

Property Tax & Assessments

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