5400 Ocean BlvdMyrtle Beach, SC 29577

Property Details for 5400 Ocean Blvd

Year built

1971

Construction

CONCRETE

Lot size

0.51 AC

Property size (Sq ft)

28,551 SF

Zone code

TA8

Property type

Hospitality properties

Property subtype

Hotels

APN

421-15-03-0095

APU

42115030095

Description

The Mermaid Inn, a newly renovated oceanfront boutique hotel in Myrtle Beach, SC, presents a rare investment opportunity. This 57-key, 28,551 square foot property sits on a prime 1-acre oceanfront lot at 5400 N Ocean Blvd, 29577. Completely renovated in 2023, the three-story building boasts 102 beds and offers elegantly designed rooms, a pool deck, vending machines, and guest laundry facilities. Its location provides tranquil surroundings while remaining close to attractions and the airport. Currently operating and generating steady cash flow under third-party management, this stabilized investment offers immediate use or redevelopment potential due to its size and prime location. The property features unobstructed ocean views and represents a chance to own a piece of Myrtle Beach's coastline. Asking price is $6,490,000 ($227.31/sq ft). Built in 1971, the property's APN is 42115030095.

• CAP approach

  CAP return

  Valuation

  6%

  $5,696,398

  6.5%

  $5,258,213

  7%

  $4,882,626

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,044,146

  Geo Method

  $15,400,952

• Alternative Use

  Use

  Valuation

  Residential

  $5,740,441

  Hospitality

  $5,258,213

  Educational

  $4,374,772

  Medical

  $4,525,227

  Retail

  $6,805,200

Location Insight

City

Myrtle Beach

County

Horry

State

South Carolina

Latitude

33.7258

Longitude

-78.8388

CBSA code

34820

CBSA name

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

Property Tax & Assessments

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