Five-Unit Oceanfront Rental
New
For Sale
$2,285,000
2007 S Ocean Blvd., Myrtle Beach, SC 29577
Furnished condominium residences with private balconies, resort amenities, and lockout flexibility for select larger floor plans.
Property Size7,446 SF
Price / SF$306.88
Days on Market3
Property Features for 2007 S Ocean Blvd.
General Information
Standard status
Active
Size
7,446 SF
Property subtype
Multi-Family
Building Details
Year Built
2006
Listing Agency:
Realty ONE Group Dockside
(843) 222-6357
Listed By:
Liat Edri · License #6170
Source:
Surfsiderealtysales
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 7:24AM
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 Realty ONE Group Dockside
Investment Insights
Based on property information with market context.
This five-condominium short-term rental portfolio at The Grand Atlantic Resort includes three four-bedroom, three-bath residences and two two-bedroom, two-bath residences. Units 1207, 701, and 907 measure approximately 1,800 square feet each and include oceanfront balconies, full kitchens, furnishings, and a lockout arrangement with a separate fourth bedroom, bathroom, side-view balcony, and connecting door. Units 904 and 905 are each approximately 1,050 square feet, positioned on the ninth floor, and provide two bedrooms, two full bathrooms, furnished interiors, full kitchens, private oceanfront balconies, and in-unit washers and dryers.
Resort amenities include indoor and outdoor heated pools, an oceanfront pool, kiddie pools, a lazy river, hot tub, fitness center, arcade and game room, restaurant, ice cream shop, convenience store, meeting room, covered parking, and on-premises management. Enclosed climate-controlled corridors serve the resort. The property is located at 2007 S. Ocean Blvd. in Myrtle Beach, near restaurants, shopping, golf, entertainment, Broadway at the Beach, and Market Common.
Resort amenities include indoor and outdoor heated pools, an oceanfront pool, kiddie pools, a lazy river, hot tub, fitness center, arcade and game room, restaurant, ice cream shop, convenience store, meeting room, covered parking, and on-premises management. Enclosed climate-controlled corridors serve the resort. The property is located at 2007 S. Ocean Blvd. in Myrtle Beach, near restaurants, shopping, golf, entertainment, Broadway at the Beach, and Market Common.
Key Highlights
- Five condominiums: three 4‑bedroom, 3‑bath units and two 2‑bedroom, 2‑bath units
- Units 1207, 701, and 907 are approximately 1,800 square feet each
- Units 904 and 905 are approximately 1,050 square feet each on the 9th floor
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
$68,736
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
3.01%
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%
$1,374,720
$1.4M
Cap Rate 7%
$981,943
$981.9K
Cap Rate 9%
$763,733
$763.7K
Market Conditions
NOI Build-Up for 7,446 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
$130.5K $17.52/SF
− Vacancy
−$5.5K −$0.74/SF
EGI
$125.0K $16.78/SF
− OpEx
−$56.2K −$7.55/SF
NOI
$68.7K $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 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%
$1,374,720
Cap Rate 7%
$981,943
Cap Rate 9%
$763,733
Alternative Uses
Best Use
Apartment 5plus
$981.9K
$859.2K – $1.15M
NOI $68,736 @ 7.0% cap · market cap 3.01%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.89M
$1.65M – $2.20M
NOI $132,098 @ 7.0% cap · market cap 5.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
486
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
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Frequently Asked Questions
What type of property is this?
Short term rental property - Furnished condominium residences with private balconies, resort amenities, and lockout flexibility for select larger floor plans.
Where is this short term rental property located?
The property is located at 2007 S Ocean Blvd. Myrtle Beach, SC.
What is the asking price?
The asking price for this property is $2,285,000.
What are key features of this property?
This property features: Five condominiums: three 4‑bedroom, 3‑bath units and two 2‑bedroom, 2‑bath units; Units 1207, 701, and 907 are approximately 1,800 square feet each; Units 904 and 905 are approximately 1,050 square feet each on the 9th floor
