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    Oceanfront Condo with Rental Potential Title is generated by Realmo AI

    1501 S Ocean Blvd. #1115, Myrtle Beach, SC 29577

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    For Sale
    $88,000

    Updated oceanfront condo in Myrtle Beach with strong rental demand.

    Type:Condominium
    Added:
    Jul 3, 2025
    Days on Market:
    328
    Last Refresh:
    May 19 at 8:49 pm

    Property Features for 1501 S Ocean Blvd. #1115

    General Information

    Standard status
    Active
    Property subtype
    Condominium

    Building Details

    Year Built
    1973

    We can help!

    Listing Contact
    Brad Emond
    Brad Emond

    Listing agent Brad Emond License #100092

    Listing office Keller Williams Myrtle Beach

    Listing date Jul 3, 2025

    Source Kw

    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

    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.
    • Turn‑key unit with all‑new furniture.
    • Resort‑style amenities including indoor/outdoor pools, hot tub, lazy river, and fitness center, plus on‑site dining.
    • Close proximity to Myrtle Beach attractions, including SkyWheel, Broadway at the Beach, and Barefoot Landing.

    Overview

    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.
    Property Profile Location Intelligence

    Current Use by Public Records

    Surfside Beach 15th ... Parking Lot & Garage After Dune Delight Hotel & Motel Beach Parking Parking Lot & Garage Guest Exclusive - Latitudes ... Restaurant Guest Exclusive - Gazebo ... Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Myrtle Beach
    County
    Horry
    State
    South Carolina
    Longitude
    -78.8751
    Latitude
    33.6968

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    FAQs

    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 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.
    (843) 503-0033
    We can help!
    Listing Contact
    Brad Emond
    Brad Emond
    Real Estate License ID: 100092
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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