Apartment Community with
For Sale
$5,450,000
1500 S Ocean Blvd., Myrtle Beach, SC 29577
Updated in 2025, the 41-unit property is configured for long-term residential use.
Property Size27,594 SF
Price / SF$197.51
Days on Market123
Property Features for 1500 S Ocean Blvd.
General Information
Standard status
Active
Size
27,594 SF
Property subtype
Multi Family Home
Zoning
MHU
Lease Term
12 Months
Tenancy & Operations
Currently Operating
Yes
Tenant in Place
Yes
Additional Details
Multifamily Units
41
Amenities
resort-style pool
courtyard grilling oasis
lounge and coworking areas
lush tropical landscaping
on-site parking
high-speed WiFi
full kitchens
Building Details
Building Size
27,594 SF
Year Built
1962
Year Renovated
2025
Units
41
Construction
mid-century modern
Listing Agency:
RE/MAX Southern Shores
Listed By:
Richard Singleton · License #26622
(843) 839-0200
Source:
Gabrielfinancial
Added: Jul 2
Changed: Oct 29
Last Checked: Oct 29 at 10:57PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Southern Shores
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Investment Insights
Based on property information with market context.
The 41-unit apartment property at 1500 S Ocean Blvd. in Myrtle Beach was built in 1962 and renovated in 2025. Units include full kitchens equipped with ovens and stoves, dishwashers, microwaves, and refrigerator-freezer combinations. Property amenities include a pool, courtyard grilling area, lounge and coworking spaces, on-site parking, and WiFi throughout. More than 50 palm trees are part of the tropical landscaping, and the property is zoned MHU.
The address is steps from the ocean and within minutes of dining, shopping, entertainment, and golf. The property is designed for long-term residential occupancy rather than short-term rentals.
The address is steps from the ocean and within minutes of dining, shopping, entertainment, and golf. The property is designed for long-term residential occupancy rather than short-term rentals.
Key Highlights
- 41 apartment units; built in 1962 and renovated in 2025
- Full kitchens include an oven/stove, dishwasher, microwave, and refrigerator/freezer combination
- Pool, courtyard grilling area, lounge, coworking spaces, and on‑site parking
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$254,728
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,094,560
$5.1M
Cap Rate 7%
$3,638,971
$3.6M
Cap Rate 9%
$2,830,311
$2.8M
Market Conditions
NOI Build-Up for 27,594 SF
Gross rent
$483.4K $17.52/SF
− Vacancy
−$20.3K −$0.74/SF
EGI
$463.1K $16.78/SF
− OpEx
−$208.4K −$7.55/SF
NOI
$254.7K $9.23/SF
Area
Horry County, SC
Vacancy
4.20%
Lease Rate
$17.52 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$5,094,560
Cap Rate 7%
$3,638,971
Cap Rate 9%
$2,830,311
Alternative Uses
Best Use
Apartment 5plus
$3.64M
$3.18M – $4.25M
NOI $254,728 @ 7.0% cap · market cap 4.67%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$6.99M
$6.12M – $8.16M
NOI $489,540 @ 7.0% cap · market cap 8.98%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
41
Residential units
Location Intelligence
Trade Area within ½ mile
602
Businesses Nearby
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Business Placement
Demographics for 29577, SC
34,109
Population
22,630
Households
1.5
Avg Household Size
48
Median Age
30%
College-Educated
91%
High-School Grad
22.8 sq mi
ZIP Area
1,496
Density / Sq Mi
$48,561
Median Household Income
$33,591
Median Earnings
$1,130
Median Rent
$273,700
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Apartment building - Updated in 2025, the 41-unit property is configured for long-term residential use.
Where is this apartment building located?
The property is located at 1500 S Ocean Blvd. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $5,450,000.
What are key features of this property?
This property features: 41 apartment units; built in 1962 and renovated in 2025; Full kitchens include an oven/stove, dishwasher, microwave, and refrigerator/freezer combination; Pool, courtyard grilling area, lounge, coworking spaces, and on‑site parking
