Oceanfront Condo with Rental
For Sale
$88,000
1501 S Ocean Blvd. #1115 Myrtle, Myrtle Beach, SC 29577
Updated oceanfront condo in Myrtle Beach with strong rental demand.
Property Size360 SF
Days on Market403
Property Features for 1501 S Ocean Blvd. #1115 Myrtle
General Information
Standard status
Active
Size
360 SF
Property subtype
Condominium
Amenities
Cable Ready
Wall/Window Unit(s)
Electric
Range
Refrigerator
Deck, Pool, Cable Available, Electricity Available, Phone Available, Sewer Available, Septic Available, Water Available, High Speed Internet Available, Trash Collection
Building Details
Building Size
360 SF
Year Built
1973
Listing Agency:
Keller Williams Myrtle Beach
(843) 503-0033
Listed By:
Brad Emond · License #100092
(843) 503-0033
Source:
Kw
Added: Jul 3, 2025
Changed: Aug 8
Last Checked: May 19 at 8:49PM
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 Keller Williams Myrtle Beach
Investment Insights
Based on property information with market context.
Located at 1501 S Ocean Blvd in Myrtle Beach, this resort-style condo presents an investment opportunity in a high-performing vacation rental property. The unit, updated in 2022, features renovations that add style and value. Updates include removal of the popcorn ceiling, fresh paint throughout, and new vinyl flooring. A custom-built fireplace serves as a modern focal point, while a sliding barn door adds charm to the bathroom. The hallway includes cabinets and a quartz countertop for extra storage. The unit also features new furniture. Amenities include indoor and outdoor pools, a hot tub, a lazy river, a fitness center, and on-site dining. Top attractions are minutes away, including the SkyWheel, Boardwalk, Broadway at the Beach, and Barefoot Landing. The location provides access to golf, live entertainment, amusement parks, and water sports.
Key Highlights
- Oceanfront location in Myrtle Beach with direct beach access.
- High‑performing vacation rental property with strong rental demand.
- Updated in 2022 with new flooring, paint, custom fireplace, and bathroom improvements.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$3,323
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.78%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$66,460
$66.5K
Cap Rate 7%
$47,471
$47.5K
Cap Rate 9%
$36,922
$36.9K
Market Conditions
NOI Build-Up for 360 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$6.3K $17.52/SF
− Vacancy
−$265 −$0.74/SF
EGI
$6.0K $16.78/SF
− OpEx
−$2.7K −$7.55/SF
NOI
$3.3K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$66,460
Cap Rate 7%
$47,471
Cap Rate 9%
$36,922
Alternative Uses
Best Use
Apartment 5plus
$47.5K
$41.5K – $55.4K
NOI $3,323 @ 7.0% cap · market cap 3.78%
Second Best
Hotel Hospitality
$33.0K
$28.9K – $38.5K
NOI $2,309 @ 7.0% cap · market cap 2.62%
Theoretical Best
Office A
$91.2K
$79.8K – $106.5K
NOI $6,387 @ 7.0% cap · market cap 7.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - Updated oceanfront condo in Myrtle Beach with strong rental demand.
Where is this short term rental property located?
The property is located at 1501 S Ocean Blvd. #1115 Myrtle Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $88,000.
What are key features of this property?
This property features: Oceanfront location in Myrtle Beach with direct beach access.; High‑performing vacation rental property with strong rental demand.; Updated in 2022 with new flooring, paint, custom fireplace, and bathroom improvements.
